Cornerstone Capital Inc. Buys 1,470 Shares of Amgen Inc. (AMGN)
Cornerstone Capital Inc. increased its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,304 shares of the medical research company’s stock after buying an additional 1,470 shares during the quarter. Amgen comprises approximately 1.7% of Cornerstone Capital Inc.’s holdings, making the stock its 27th largest position. Cornerstone Capital Inc.’s holdings in Amgen were worth $8,836,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Waldron LP bought a new position in shares of Amgen in the first quarter worth $444,000. Greenleaf Trust boosted its stake in Amgen by 21.0% during the first quarter. Greenleaf Trust now owns 10,015 shares of the medical research company’s stock valued at $1,643,000 after buying an additional 1,737 shares in the last quarter. Linscomb & Williams Inc. boosted its stake in Amgen by 8.6% during the first quarter. Linscomb & Williams Inc. now owns 22,569 shares of the medical research company’s stock valued at $3,703,000 after buying an additional 1,788 shares in the last quarter. Adams Diversified Equity Fund Inc. boosted its stake in Amgen by 21.5% during the first quarter. Adams Diversified Equity Fund Inc. now owns 127,000 shares of the medical research company’s stock valued at $20,837,000 after buying an additional 22,500 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Amgen by 31.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,029,961 shares of the medical research company’s stock valued at $168,986,000 after buying an additional 248,900 shares in the last quarter. Hedge funds and other institutional investors own 78.13% of the company’s stock.
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In other news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $185.95, for a total transaction of $283,573.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.
Several equities research analysts have recently commented on the company. Zacks Investment Research downgraded Amgen from a “buy” rating to a “hold” rating in a report on Monday. Mizuho set a $198.00 price objective on Amgen and gave the stock a “buy” rating in a research note on Sunday. BMO Capital Markets reissued a “market perform” rating and issued a $198.00 price objective on shares of Amgen in a research note on Thursday, October 26th. Morgan Stanley cut their price target on Amgen from $196.00 to $193.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Finally, Royal Bank Of Canada cut their price target on Amgen from $192.00 to $188.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. Twelve investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Amgen has a consensus rating of “Buy” and an average target price of $190.03.
Amgen Inc. (NASDAQ:AMGN) opened at 174.59 on Tuesday. The stock has a 50 day moving average price of $184.70 and a 200-day moving average price of $172.36. Amgen Inc. has a 52 week low of $133.64 and a 52 week high of $191.10. The company has a market capitalization of $127.39 billion, a PE ratio of 15.90 and a beta of 1.36.
Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Wednesday, October 25th. The medical research company reported $3.27 earnings per share for the quarter, topping the consensus estimate of $3.11 by $0.16. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.75 billion. Amgen had a net margin of 35.54% and a return on equity of 29.90%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the firm posted $3.02 earnings per share. On average, equities analysts predict that Amgen Inc. will post $12.67 earnings per share for the current fiscal year.
The company also recently disclosed 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 2.64%. The ex-dividend date is Thursday, November 16th. Amgen’s dividend payout ratio (DPR) is 41.63%.
Amgen announced that its Board of Directors has authorized a share buyback program on Wednesday, October 25th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical research company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
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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