Grassi Investment Management Sells 3,630 Shares of Amgen Inc. (NASDAQ:AMGN)

Grassi Investment Management trimmed its position in Amgen Inc. (NASDAQ:AMGN) by 45.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,400 shares of the medical research company’s stock after selling 3,630 shares during the period. Grassi Investment Management’s holdings in Amgen were worth $1,418,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Keynote Financial Services LLC increased its position in Amgen by 0.6% in the 2nd quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock valued at $1,530,000 after buying an additional 30 shares in the last quarter. Ascent Group LLC increased its position in Amgen by 0.3% in the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after buying an additional 31 shares in the last quarter. RFP Financial Group LLC increased its position in Amgen by 17.1% in the 1st quarter. RFP Financial Group LLC now owns 219 shares of the medical research company’s stock valued at $62,000 after buying an additional 32 shares in the last quarter. Hofer & Associates. Inc increased its position in Amgen by 0.5% in the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock valued at $2,024,000 after buying an additional 32 shares in the last quarter. Finally, Cadinha & Co. LLC increased its position in Amgen by 0.6% in the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock valued at $1,678,000 after buying an additional 32 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Amgen Price Performance

Amgen stock opened at $315.11 on Thursday. Amgen Inc. has a 12 month low of $249.70 and a 12 month high of $346.85. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The business’s 50 day simple moving average is $325.77 and its 200 day simple moving average is $313.12. The company has a market cap of $169.04 billion, a price-to-earnings ratio of 44.99, a PEG ratio of 2.86 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). Amgen had a net margin of 10.12% and a return on equity of 161.72%. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. During the same quarter in the previous year, the company posted $5.00 EPS. Amgen’s revenue for the quarter was up 20.1% on a year-over-year basis. Sell-side analysts forecast that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were issued a dividend of $2.25 per share. The ex-dividend date was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.86%. Amgen’s payout ratio is 128.57%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AMGN. Royal Bank of Canada reiterated an “outperform” rating and set a $362.00 price target on shares of Amgen in a research note on Thursday, September 26th. Truist Financial downgraded Amgen from a “buy” rating to a “hold” rating and lifted their price target for the company from $320.00 to $333.00 in a research note on Monday, October 14th. Oppenheimer reiterated an “outperform” rating and set a $380.00 price target on shares of Amgen in a research note on Wednesday, August 7th. Robert W. Baird reiterated an “underperform” rating and set a $215.00 price target on shares of Amgen in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $332.55.

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.