Connor Clark & Lunn Investment Management Ltd. Purchases 7,536 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Amgen Inc. by 13.9%, owning a total of 61,712 shares valued at approximately $19.23 million.
• Amgen's recent financial results showed a quarterly earnings per share (EPS) of $6.02, exceeding analyst expectations, with a revenue increase of 9.4% year-over-year.
• The company announced a quarterly dividend of $2.38 per share, which represents an annualized amount of $9.52 and a dividend yield of 3.3%.

Connor Clark & Lunn Investment Management Ltd. grew its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 13.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,712 shares of the medical research company's stock after acquiring an additional 7,536 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Amgen were worth $19,226,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. KPP Advisory Services LLC raised its stake in shares of Amgen by 87.1% in the first quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock valued at $1,817,000 after acquiring an additional 2,716 shares during the last quarter. Advisor Resource Council bought a new position in Amgen in the 1st quarter worth approximately $1,331,000. DLK Investment Management LLC raised its position in Amgen by 7.3% in the 1st quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock worth $6,384,000 after purchasing an additional 1,387 shares during the last quarter. Founders Financial Alliance LLC raised its position in Amgen by 2.7% in the 1st quarter. Founders Financial Alliance LLC now owns 1,577 shares of the medical research company's stock worth $491,000 after purchasing an additional 42 shares during the last quarter. Finally, Mariner LLC raised its position in Amgen by 2.2% in the 4th quarter. Mariner LLC now owns 914,380 shares of the medical research company's stock worth $238,316,000 after purchasing an additional 19,250 shares during the last quarter. Institutional investors own 76.50% of the company's stock.

Amgen Stock Performance

Shares of AMGN stock traded up $4.35 on Wednesday, reaching $289.33. The stock had a trading volume of 1,751,456 shares, compared to its average volume of 2,881,747. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. The firm's 50-day moving average is $293.07 and its two-hundred day moving average is $292.82. The firm has a market capitalization of $155.76 billion, a price-to-earnings ratio of 23.66, a P/E/G ratio of 2.46 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 Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. The company had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. Amgen's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.97 EPS. On average, research analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given a dividend of $2.38 per share. The ex-dividend date is Friday, August 22nd. This represents a $9.52 annualized dividend and a yield of 3.3%. Amgen's dividend payout ratio (DPR) is 77.84%.

Insider Transactions at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the sale, the senior vice president directly owned 8,162 shares in the company, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. William Blair restated an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Wall Street Zen cut shares of Amgen from a "buy" rating to a "hold" rating in a research report on Saturday. Cantor Fitzgerald restated a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research report on Tuesday, June 24th. Finally, Mizuho upped their target price on shares of Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $303.76.

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.