Amgen (NASDAQ:AMGN) Shares Down 2.7% After Insider Selling

Amgen Inc. (NASDAQ:AMGN) shares dropped 2.7% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $301.09 and last traded at $302.91. Approximately 971,665 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,868,695 shares. The stock had previously closed at $311.29.

Specifically, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the transaction, the senior vice president now owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AMGN shares. Truist Financial reaffirmed a “buy” rating and issued a $320.00 target price on shares of Amgen in a research report on Friday, April 12th. Raymond James assumed coverage on Amgen in a report on Thursday, March 28th. They issued a “market perform” rating for the company. William Blair raised Amgen from a “market perform” rating to an “outperform” rating in a report on Friday, May 3rd. SVB Leerink downgraded Amgen from an “outperform” rating to a “market perform” rating and cut their price target for the company from $324.00 to $318.00 in a research note on Wednesday, February 7th. Finally, Barclays upgraded shares of Amgen from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $230.00 to $300.00 in a research note on Friday, May 3rd. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $305.05.

Amgen Trading Up 0.3 %

The stock has a fifty day moving average price of $275.65 and a 200 day moving average price of $281.74. The stock has a market cap of $161.07 billion, a PE ratio of 42.90, a PEG ratio of 3.00 and a beta of 0.60. The company has a debt-to-equity ratio of 11.96, a quick ratio of 0.98 and a current ratio of 1.42.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping the consensus estimate of $3.76 by $0.20. The company had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. Amgen had a net margin of 12.74% and a return on equity of 156.21%. Amgen’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.98 earnings per share. Equities analysts expect that Amgen Inc. will post 19.46 EPS for the current year.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s payout ratio is currently 128.57%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. lifted its position in shares of Amgen by 1.7% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 11,658 shares of the medical research company’s stock worth $3,133,000 after purchasing an additional 193 shares during the last quarter. Diversified Trust Co boosted its position in Amgen by 76.8% in the 4th quarter. Diversified Trust Co now owns 37,695 shares of the medical research company’s stock valued at $10,857,000 after buying an additional 16,376 shares during the period. Provence Wealth Management Group grew its stake in Amgen by 11.9% in the 4th quarter. Provence Wealth Management Group now owns 1,445 shares of the medical research company’s stock worth $416,000 after acquiring an additional 154 shares in the last quarter. Nicolet Advisory Services LLC increased its position in shares of Amgen by 4.4% during the third quarter. Nicolet Advisory Services LLC now owns 2,805 shares of the medical research company’s stock worth $745,000 after acquiring an additional 117 shares during the period. Finally, Platform Technology Partners increased its stake in shares of Amgen by 7.4% during the third quarter. Platform Technology Partners now owns 5,830 shares of the medical research company’s stock valued at $1,567,000 after buying an additional 402 shares during the period. Institutional investors own 76.50% of the company’s stock.

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.