Chevy Chase Trust Holdings LLC Cuts Stake in Amgen Inc. (NASDAQ:AMGN)

Chevy Chase Trust Holdings LLC decreased its stake in Amgen Inc. (NASDAQ:AMGN) by 1.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 294,506 shares of the medical research company’s stock after selling 3,920 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Amgen were worth $94,893,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Coastwise Capital Group LLC lifted its position in Amgen by 4.9% during the 3rd quarter. Coastwise Capital Group LLC now owns 2,247 shares of the medical research company’s stock worth $724,000 after acquiring an additional 105 shares in the last quarter. Ascent Group LLC boosted its stake in shares of Amgen by 5.1% in the third quarter. Ascent Group LLC now owns 11,512 shares of the medical research company’s stock valued at $3,709,000 after purchasing an additional 563 shares during the period. Beacon Investment Advisory Services Inc. increased its stake in Amgen by 1.8% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 42,439 shares of the medical research company’s stock worth $13,674,000 after buying an additional 746 shares during the period. Benjamin Edwards Inc. lifted its holdings in Amgen by 682.0% in the 3rd quarter. Benjamin Edwards Inc. now owns 50,663 shares of the medical research company’s stock worth $16,340,000 after buying an additional 44,184 shares in the last quarter. Finally, Atlas Wealth LLC purchased a new position in Amgen in the 3rd quarter valued at about $208,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

Analysts Set New Price Targets

AMGN has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $405.00 price target on shares of Amgen in a report on Tuesday, October 22nd. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $320.00 to $335.00 in a research note on Wednesday, August 7th. Redburn Partners decreased their price objective on shares of Amgen from $200.00 to $195.00 in a report on Wednesday, November 27th. Truist Financial lowered shares of Amgen from a “buy” rating to a “hold” rating and upped their target price for the company from $320.00 to $333.00 in a research note on Monday, October 14th. Finally, Leerink Partners decreased their price target on Amgen from $349.00 to $302.00 in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $323.05.

Amgen Price Performance

Shares of NASDAQ AMGN opened at $282.87 on Monday. The stock has a market cap of $152.05 billion, a P/E ratio of 36.22, a P/E/G ratio of 2.52 and a beta of 0.60. The firm’s 50-day simple moving average is $311.37 and its 200 day simple moving average is $317.16. Amgen Inc. has a fifty-two week low of $257.80 and a fifty-two week high of $346.85. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55.

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

Amgen Announces Dividend

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 given a $2.25 dividend. The ex-dividend date is Monday, November 18th. This represents a $9.00 dividend on an annualized basis and a yield of 3.18%. Amgen’s dividend payout ratio (DPR) is 115.24%.

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.