Western Pacific Wealth Management LP Buys 380 Shares of Amgen Inc. (NASDAQ:AMGN)

Western Pacific Wealth Management LP boosted its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 245.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 535 shares of the medical research company’s stock after acquiring an additional 380 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Amgen were worth $172,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. raised its position in Amgen by 5.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,427 shares of the medical research company’s stock valued at $18,318,000 after purchasing an additional 3,246 shares during the last quarter. AIA Group Ltd acquired a new position in shares of Amgen during the first quarter worth approximately $612,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Amgen by 33.0% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 7,498 shares of the medical research company’s stock valued at $2,132,000 after purchasing an additional 1,860 shares in the last quarter. Nelson Capital Management LLC raised its position in Amgen by 18.4% in the 1st quarter. Nelson Capital Management LLC now owns 18,654 shares of the medical research company’s stock worth $5,304,000 after purchasing an additional 2,901 shares during the last quarter. Finally, Capital Wealth Planning LLC lifted its holdings in Amgen by 28,684.1% during the 1st quarter. Capital Wealth Planning LLC now owns 833,300 shares of the medical research company’s stock worth $236,924,000 after buying an additional 830,405 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AMGN shares. Royal Bank of Canada restated an “outperform” rating and set a $362.00 target price on shares of Amgen in a research report on Thursday, September 26th. Dbs Bank raised Amgen to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Morgan Stanley cut their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Finally, Sanford C. Bernstein initiated coverage on Amgen in a research note on Thursday, October 17th. They set an “outperform” rating and a $380.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Amgen presently has an average rating of “Moderate Buy” and a consensus target price of $333.50.

Amgen Price Performance

Shares of AMGN opened at $321.91 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The company’s fifty day simple moving average is $323.96 and its 200 day simple moving average is $316.68. Amgen Inc. has a 1-year low of $260.52 and a 1-year high of $346.85. The company has a market cap of $173.04 billion, a price-to-earnings ratio of 41.22, a PEG ratio of 2.79 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. Amgen’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.96 EPS. On average, research analysts forecast that Amgen Inc. will post 19.51 earnings per share for the current fiscal year.

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be issued a $2.25 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a dividend yield of 2.80%. Amgen’s dividend payout ratio is currently 115.24%.

Amgen Company 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.