Truist Financial Corp Cuts Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Truist Financial Corp lowered its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 11.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 670,942 shares of the medical research company's stock after selling 90,913 shares during the quarter. Truist Financial Corp owned about 0.13% of Amgen worth $193,245,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Briaud Financial Planning Inc bought a new stake in Amgen in the third quarter worth $26,000. BOK Financial Private Wealth Inc. bought a new stake in shares of Amgen in the 4th quarter worth about $29,000. OFI Invest Asset Management purchased a new stake in Amgen during the third quarter valued at approximately $26,000. Planned Solutions Inc. purchased a new stake in Amgen during the 4th quarter valued at $30,000. Finally, Providence Capital Advisors LLC purchased a new stake in shares of Amgen in the third quarter valued at $30,000. Institutional investors own 76.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AMGN shares. Raymond James began coverage on Amgen in a research note on Thursday, March 28th. They issued a "market perform" rating on the stock. Truist Financial reiterated a "buy" rating and issued a $320.00 price target on shares of Amgen in a report on Friday, April 12th. Leerink Partnrs downgraded shares of Amgen from an "outperform" rating to a "market perform" rating in a report on Wednesday, February 7th. UBS Group cut their price target on shares of Amgen from $314.00 to $284.00 and set a "neutral" rating on the stock in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group boosted their price target on Amgen from $313.00 to $350.00 and gave the stock a "buy" rating in a research note on Wednesday, February 7th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Amgen currently has a consensus rating of "Moderate Buy" and an average target price of $296.95.

Amgen Price Performance

AMGN traded up $0.60 during trading on Friday, hitting $269.98. The company's stock had a trading volume of 2,436,947 shares, compared to its average volume of 2,822,655. The firm has a market capitalization of $144.81 billion, a price-to-earnings ratio of 21.62, a P/E/G ratio of 2.54 and a beta of 0.58. Amgen Inc. has a twelve month low of $211.71 and a twelve month high of $329.72. The business's fifty day simple moving average is $275.10 and its 200 day simple moving average is $281.45. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 10.14.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, topping analysts' consensus estimates of $4.66 by $0.05. The company had revenue of $8.20 billion during the quarter, compared to analysts' expectations of $8.13 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The firm's revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the business posted $4.09 earnings per share. On average, equities research analysts forecast that Amgen Inc. will post 19.43 EPS for the current fiscal year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen's dividend payout ratio is currently 72.06%.

About Amgen

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.

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