Traders Buy Shares of Amgen Inc. (AMGN) on Weakness on Analyst Downgrade

Traders bought shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading on Thursday after Morgan Stanley lowered their price target on the stock from $196.00 to $193.00. $283.24 million flowed into the stock on the tick-up and $231.79 million flowed out of the stock on the tick-down, for a money net flow of $51.45 million into the stock. Of all equities tracked, Amgen had the 15th highest net in-flow for the day. Amgen traded down ($0.98) for the day and closed at $176.52

AMGN has been the subject of several other reports. Royal Bank Of Canada lowered their price objective on Amgen from $192.00 to $188.00 and set a “sector perform” rating for the company in a research report on Thursday. BMO Capital Markets lowered Amgen from an “outperform” rating to a “market perform” rating and set a $199.00 target price for the company. in a research report on Friday, July 21st. They noted that the move was a valuation call. Credit Suisse Group reaffirmed a “neutral” rating and issued a $186.00 target price (up from $177.00) on shares of Amgen in a research report on Friday, September 29th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $203.00 target price on shares of Amgen in a research report on Thursday, September 7th. Finally, UBS Group AG set a $180.00 target price on Amgen and gave the company a “hold” rating in a research report on Wednesday, July 26th. Twelve equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $189.59.

In other news, EVP Sean E. Harper sold 1,525 shares of the business’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $185.95, for a total value of $283,573.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.19% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. TrimTabs Asset Management LLC boosted its stake in shares of Amgen by 88.9% in the 1st quarter. TrimTabs Asset Management LLC now owns 612 shares of the medical research company’s stock worth $100,000 after buying an additional 288 shares during the last quarter. Alpha Omega Wealth Management LLC boosted its stake in shares of Amgen by 19.0% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 625 shares of the medical research company’s stock worth $103,000 after buying an additional 100 shares during the last quarter. Jackson Grant Investment Advisers Inc. lifted its stake in Amgen by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 636 shares of the medical research company’s stock valued at $104,000 after purchasing an additional 4 shares during the last quarter. American Beacon Advisors Inc. purchased a new position in Amgen in the first quarter valued at approximately $106,000. Finally, Baker Ellis Asset Management LLC purchased a new position in Amgen in the third quarter valued at approximately $108,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

The company’s 50-day moving average is $185.07 and its 200-day moving average is $172.01. The stock has a market cap of $128.80 billion, a price-to-earnings ratio of 16.08 and a beta of 1.36.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Wednesday, October 25th. The medical research company reported $3.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.11 by $0.16. The business had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.75 billion. Amgen had a net margin of 35.46% and a return on equity of 29.85%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the company posted $3.02 EPS. Analysts expect that Amgen Inc. will post $12.58 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Thursday, November 16th. Amgen’s dividend payout ratio is presently 41.93%.

Amgen declared that its Board of Directors has authorized a stock buyback program on Wednesday, October 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the medical research company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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About Amgen

Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).

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