Russell Investments Group Ltd. Reduces Position in Amgen Inc. (NASDAQ:AMGN)

Key Points

• Russell Investments Group Ltd. reduced its position in Amgen Inc. by 0.4%, now holding 269,408 shares valued at approximately $83.7 million.
• Amgen reported $6.02 earnings per share for the latest quarter, exceeding estimates, with revenue of $9.18 billion, up 9.4% year-over-year.
• The company declared a quarterly dividend of $2.38 per share, representing an annualized yield of 3.3%.

Russell Investments Group Ltd. cut its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 0.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 269,408 shares of the medical research company's stock after selling 1,152 shares during the period. Russell Investments Group Ltd. owned approximately 0.05% of Amgen worth $83,729,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of AMGN. Resona Asset Management Co. Ltd. grew its stake in Amgen by 8.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 180,081 shares of the medical research company's stock worth $55,978,000 after buying an additional 13,390 shares in the last quarter. Rathbones Group PLC grew its stake in Amgen by 11.0% during the first quarter. Rathbones Group PLC now owns 12,959 shares of the medical research company's stock worth $4,037,000 after buying an additional 1,285 shares in the last quarter. Callan Family Office LLC grew its stake in Amgen by 5.5% during the first quarter. Callan Family Office LLC now owns 14,709 shares of the medical research company's stock worth $4,583,000 after buying an additional 764 shares in the last quarter. Stone House Investment Management LLC bought a new position in shares of Amgen in the first quarter worth about $68,000. Finally, Capital Planning Advisors LLC bought a new position in shares of Amgen in the first quarter worth about $225,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Stock Up 2.1%

Shares of NASDAQ AMGN traded up $6.18 during trading on Friday, hitting $296.47. The stock had a trading volume of 2,167,753 shares, compared to its average volume of 2,128,585. The company has a market capitalization of $159.61 billion, a PE ratio of 24.24, a PEG ratio of 2.50 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. The firm has a fifty day moving average of $293.30 and a two-hundred day moving average of $292.96. 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 quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping analysts' consensus estimates of $5.28 by $0.74. The company had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.97 EPS. As a group, equities research analysts forecast that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, August 22nd. Amgen's payout ratio is 77.84%.

Insider Buying and Selling at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were 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. The trade was a 15.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMGN. UBS Group dropped their target price on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada lowered their price target on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Guggenheim began coverage on shares of Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price target for the company. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research note on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen presently has a consensus rating of "Hold" and a consensus 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.