Malaga Cove Capital LLC Decreases Holdings in Amgen Inc. (NASDAQ:AMGN)

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 the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 biggest position. Malaga Cove Capital LLC's holdings in Amgen were worth $4,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors boosted its stake in Amgen by 40.1% in the fourth quarter. Capital International Investors now owns 12,212,065 shares of the medical research company's stock valued at $3,182,843,000 after acquiring an additional 3,495,503 shares during the last quarter. Capital World Investors raised its holdings in Amgen by 1,292.0% in the fourth quarter. Capital World Investors now owns 6,495,710 shares of the medical research company's stock worth $1,693,042,000 after purchasing an additional 6,029,058 shares during the period. Northern Trust Corp raised its holdings in Amgen by 15.8% in the fourth quarter. Northern Trust Corp now owns 6,431,029 shares of the medical research company's stock worth $1,676,183,000 after purchasing an additional 875,254 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Amgen by 15.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,128,328 shares of the medical research company's stock worth $1,336,647,000 after purchasing an additional 685,785 shares during the period. Finally, Capital Research Global Investors raised its holdings in Amgen by 20.7% in the fourth quarter. Capital Research Global Investors now owns 4,890,092 shares of the medical research company's stock worth $1,274,553,000 after purchasing an additional 839,686 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the completion of the transaction, the senior vice president owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.69% of the company's stock.

Analyst Upgrades and Downgrades

AMGN has been the topic of several analyst reports. Wall Street Zen upgraded shares of Amgen from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 18th. Bank of America raised their price objective on shares of Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a report on Wednesday, July 23rd. Erste Group Bank lowered shares of Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. UBS Group raised their price objective on shares of Amgen from $315.00 to $326.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Piper Sandler restated an "overweight" rating and set a $328.00 price objective on shares of Amgen in a report on Friday, June 27th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $307.27.

Amgen Stock Performance

Shares of NASDAQ AMGN traded up $5.06 during mid-day trading on Monday, hitting $301.94. The company had a trading volume of 2,315,958 shares, compared to its average volume of 1,828,628. The firm's 50 day simple moving average is $292.04 and its two-hundred day simple moving average is $292.19. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The stock has a market cap of $162.36 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 2.57 and a beta of 0.49. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $339.17.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The business had revenue of $8.15 billion for the quarter, compared to analysts' expectations of $8.05 billion. During the same period in the previous year, the firm posted $3.96 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, August 22nd. Amgen's dividend payout ratio is 86.86%.

Amgen 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.