Pinnacle Financial Partners Inc Increases Stock Position in Amgen Inc. (NASDAQ:AMGN)

Pinnacle Financial Partners Inc lifted its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 0.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,954 shares of the medical research company’s stock after purchasing an additional 532 shares during the period. Pinnacle Financial Partners Inc’s holdings in Amgen were worth $18,673,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Meyer Handelman Co. lifted its stake in shares of Amgen by 7.2% during the second quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock valued at $40,566,000 after buying an additional 8,700 shares during the period. EP Wealth Advisors LLC boosted its stake in Amgen by 11.0% in the 1st quarter. EP Wealth Advisors LLC now owns 23,769 shares of the medical research company’s stock worth $6,758,000 after buying an additional 2,353 shares during the last quarter. Cornerstone Capital Inc. grew its holdings in Amgen by 3.2% in the 3rd quarter. Cornerstone Capital Inc. now owns 106,538 shares of the medical research company’s stock valued at $34,328,000 after buying an additional 3,260 shares during the period. Stanley Laman Group Ltd. acquired a new position in shares of Amgen during the 2nd quarter valued at about $3,354,000. Finally, Verity & Verity LLC lifted its holdings in shares of Amgen by 2.7% during the 2nd quarter. Verity & Verity LLC now owns 82,368 shares of the medical research company’s stock worth $25,736,000 after acquiring an additional 2,182 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analysts Set New Price Targets

AMGN has been the topic of a number of research analyst reports. Robert W. Baird reiterated an “underperform” rating and issued a $215.00 price target on shares of Amgen in a report on Wednesday, September 25th. Oppenheimer reiterated an “outperform” rating and set a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $362.00 price objective on shares of Amgen in a research report on Thursday, September 26th. Finally, Bank of America upped their target price on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $333.50.

Amgen Stock Performance

Shares of AMGN stock opened at $298.84 on Wednesday. The business has a 50 day simple moving average of $322.74 and a 200 day simple moving average of $318.27. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 38.26, a price-to-earnings-growth ratio of 2.87 and a beta of 0.60. Amgen Inc. has a 12-month low of $260.52 and a 12-month high of $346.85.

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

Amgen Dividend Announcement

The company also recently announced 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. This represents a $9.00 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Monday, November 18th. Amgen’s payout ratio is 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.