Traders Buy Amgen (AMGN) on Weakness

Investors purchased shares of Amgen (NASDAQ:AMGN) on weakness during trading hours on Thursday. $102.44 million flowed into the stock on the tick-up and $65.46 million flowed out of the stock on the tick-down, for a money net flow of $36.98 million into the stock. Of all stocks tracked, Amgen had the 25th highest net in-flow for the day. Amgen traded down ($2.18) for the day and closed at $172.93

A number of equities analysts have commented on the stock. Mizuho boosted their target price on shares of Amgen from $192.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Leerink Swann reiterated a “market perform” rating on shares of Amgen in a report on Friday, February 2nd. Morgan Stanley reduced their target price on shares of Amgen from $204.00 to $196.00 and set an “overweight” rating for the company in a report on Friday, February 2nd. TheStreet downgraded shares of Amgen from a “b-” rating to a “c+” rating in a report on Wednesday, April 11th. Finally, BMO Capital Markets boosted their target price on shares of Amgen from $192.00 to $202.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $190.57.

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The company has a debt-to-equity ratio of 1.35, a quick ratio of 5.17 and a current ratio of 5.49. The firm has a market cap of $116,867.15, a PE ratio of 13.75, a PEG ratio of 2.14 and a beta of 1.36.

Amgen (NASDAQ:AMGN) last issued its earnings results on Thursday, February 1st. The medical research company reported $2.89 EPS for the quarter, missing the Zacks’ consensus estimate of $3.03 by ($0.14). The firm had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Amgen had a net margin of 8.66% and a return on equity of 30.87%. Amgen’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.89 EPS. research analysts forecast that Amgen will post 13.28 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 17th will be given a $1.32 dividend. The ex-dividend date of this dividend is Wednesday, May 16th. This represents a $5.28 dividend on an annualized basis and a yield of 3.05%. Amgen’s dividend payout ratio is currently 41.97%.

Amgen announced that its Board of Directors has approved a share buyback plan on Thursday, February 1st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $174.18, for a total value of $265,624.50. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 4,575 shares of company stock worth $818,330. 0.19% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Amgen by 110.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 647 shares of the medical research company’s stock worth $113,000 after purchasing an additional 340 shares in the last quarter. Taylor Hoffman Wealth Management purchased a new stake in Amgen in the 4th quarter worth approximately $127,000. Salem Investment Counselors Inc. boosted its position in Amgen by 4.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 809 shares of the medical research company’s stock worth $139,000 after purchasing an additional 36 shares in the last quarter. Welch Group LLC purchased a new stake in Amgen in the 4th quarter worth approximately $148,000. Finally, Horan Capital Advisors LLC. purchased a new stake in Amgen in the 3rd quarter worth approximately $150,000. Hedge funds and other institutional investors own 79.54% of the company’s stock.

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Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.

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