Amgen Inc. (NASDAQ:AMGN) Stock Position Decreased by Malaga Cove Capital LLC

Key Points

• Malaga Cove Capital LLC has reduced its stake in Amgen Inc. by 11.8%, now owning 13,886 shares worth approximately $4.33 million.
• Several institutional investors have adjusted their holdings in Amgen, with Banco Santander S.A. increasing its position by 235.3%, totaling 8,720 shares valued at around $2.72 million.
• Amgen recently declared a quarterly dividend of $2.38 per share, representing a 3.2% dividend yield with a payout ratio of 86.86%.

Malaga Cove Capital LLC lowered its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 11.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,886 shares of the medical research company's stock after selling 1,853 shares during the quarter. Amgen accounts for about 1.9% of Malaga Cove Capital LLC's investment portfolio, making the stock its 8th largest position. Malaga Cove Capital LLC's holdings in Amgen were worth $4,326,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. KPP Advisory Services LLC boosted its position in shares of Amgen by 87.1% during the first quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock worth $1,817,000 after buying an additional 2,716 shares during the period. Advisor Resource Council bought a new position in shares of Amgen during the first quarter worth approximately $1,331,000. DLK Investment Management LLC grew its position in Amgen by 7.3% during the first quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock worth $6,384,000 after buying an additional 1,387 shares in the last quarter. Mariner LLC boosted its holdings in shares of Amgen by 2.2% in the 4th quarter. Mariner LLC now owns 914,380 shares of the medical research company's stock valued at $238,316,000 after purchasing an additional 19,250 shares in the last quarter. Finally, Nutshell Asset Management Ltd bought a new position in shares of Amgen in the 4th quarter valued at $2,763,000. Institutional investors and hedge funds own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

AMGN has been the subject of several research analyst reports. Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research report on Tuesday, June 24th. Erste Group Bank downgraded Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Guggenheim began coverage on Amgen in a research report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 target price on the stock. Citigroup upped their price target on shares of Amgen from $300.00 to $305.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Royal Bank Of Canada reduced their target price on Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $307.00.

Insider Buying and Selling at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president directly owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.76% of the company's stock.

Amgen Trading Down 5.1%

Shares of NASDAQ AMGN traded down $15.41 during trading hours on Wednesday, hitting $284.67. 4,564,693 shares of the company traded hands, compared to its average volume of 2,909,786. The company's 50 day moving average price is $293.06 and its 200 day moving average price is $292.45. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $339.17. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. The stock has a market capitalization of $153.07 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 2.61 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.28 by $0.74. The business had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.86 billion. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $4.97 EPS. On average, equities research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be issued a $2.38 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.3%. Amgen's dividend payout ratio is currently 77.84%.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.