Patton Fund Management Inc. Lowers Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Patton Fund Management Inc. reduced its position in Amgen Inc. (NASDAQ:AMGN) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,430 shares of the medical research company’s stock after selling 619 shares during the quarter. Patton Fund Management Inc.’s holdings in Amgen were worth $3,683,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Grassi Investment Management purchased a new position in Amgen in the 1st quarter valued at approximately $2,283,000. Meyer Handelman Co. increased its holdings in Amgen by 7.2% during the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock worth $40,566,000 after purchasing an additional 8,700 shares during the period. Royal Fund Management LLC raised its position in Amgen by 20.1% in the 1st quarter. Royal Fund Management LLC now owns 17,378 shares of the medical research company’s stock valued at $4,960,000 after purchasing an additional 2,914 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Amgen by 37.4% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 11,642 shares of the medical research company’s stock valued at $3,310,000 after acquiring an additional 3,168 shares in the last quarter. Finally, Oak Harvest Investment Services raised its holdings in shares of Amgen by 19.1% in the 1st quarter. Oak Harvest Investment Services now owns 38,067 shares of the medical research company’s stock valued at $10,823,000 after purchasing an additional 6,116 shares in the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMGN has been the subject of several recent analyst reports. Bank of America boosted their target price on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Robert W. Baird reissued an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Royal Bank of Canada restated an “outperform” rating and set a $362.00 price target on shares of Amgen in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $305.00 price target (down previously from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.48.

Amgen Price Performance

AMGN traded up $0.78 during midday trading on Thursday, reaching $322.41. 447,090 shares of the company’s stock were exchanged, compared to its average volume of 2,446,521. Amgen Inc. has a 1-year low of $249.70 and a 1-year high of $346.85. The stock has a market capitalization of $172.95 billion, a PE ratio of 45.95, a P/E/G ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. The business’s 50-day moving average price is $326.15 and its 200 day moving average price is $311.56.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). The company had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. Amgen’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $5.00 EPS. As a group, equities analysts anticipate that Amgen Inc. will post 19.49 EPS for the current fiscal year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s payout ratio is 128.57%.

Amgen 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.