Bridgewater Associates LP Reduces Position in Amgen Inc. (NASDAQ:AMGN)

Bridgewater Associates LP lessened its position in shares of Amgen Inc. (NASDAQ:AMGN) by 61.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,372 shares of the medical research company’s stock after selling 5,354 shares during the quarter. Bridgewater Associates LP’s holdings in Amgen were worth $1,086,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in Amgen by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock worth $3,393,718,000 after buying an additional 251,876 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in Amgen by 33,125.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock worth $1,437,115,000 after acquiring an additional 4,446,757 shares during the period. FMR LLC lifted its position in Amgen by 4.5% during the 3rd quarter. FMR LLC now owns 4,247,304 shares of the medical research company’s stock worth $1,368,524,000 after acquiring an additional 181,703 shares during the period. Dimensional Fund Advisors LP lifted its position in Amgen by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,701,631 shares of the medical research company’s stock worth $844,137,000 after acquiring an additional 162,223 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Amgen by 6,812.4% during the 3rd quarter. International Assets Investment Management LLC now owns 2,523,387 shares of the medical research company’s stock worth $8,130,610,000 after acquiring an additional 2,486,882 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Stock Performance

Amgen stock opened at $282.87 on Monday. The firm has a market capitalization of $152.05 billion, a P/E ratio of 36.22, a PEG ratio of 2.52 and a beta of 0.60. The stock has a fifty day moving average price of $311.37 and a 200 day moving average price of $317.16. Amgen Inc. has a 52 week low of $257.80 and a 52 week high of $346.85. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

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. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. During the same period in the prior year, the firm posted $4.96 earnings per share. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. Equities research analysts anticipate that Amgen Inc. will post 19.51 earnings per share for the current year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. TD Cowen increased their price objective on Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada reduced their price target on Amgen from $360.00 to $330.00 and set an “outperform” rating for the company in a report on Wednesday, November 27th. Dbs Bank raised Amgen to a “strong-buy” rating in a report on Monday, September 16th. Truist Financial cut Amgen from a “buy” rating to a “hold” rating and raised their price target for the company from $320.00 to $333.00 in a report on Monday, October 14th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $380.00 price target on shares of Amgen in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $323.05.

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.