Traders Sell Amgen (AMGN) on Strength Following Insider Selling

Investors sold shares of Amgen (NASDAQ:AMGN) on strength during trading hours on Tuesday after an insider sold shares in the company. $97.83 million flowed into the stock on the tick-up and $150.54 million flowed out of the stock on the tick-down, for a money net flow of $52.71 million out of the stock. Of all equities tracked, Amgen had the 20th highest net out-flow for the day. Amgen traded up $3.50 for the day and closed at $174.88Specifically, EVP Sean E. Harper sold 1,525 shares of the stock in a transaction on Friday, March 16th. The shares were sold at an average price of $189.75, for a total transaction of $289,368.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 4,575 shares of company stock worth $818,330 over the last three months. Company insiders own 0.19% of the company’s stock.

AMGN has been the topic of several analyst reports. Argus raised shares of Amgen from a “hold” rating to a “buy” rating and increased their target price for the stock from $192.33 to $220.00 in a research report on Tuesday, January 23rd. Citigroup downgraded shares of Amgen to a “neutral” rating in a research report on Monday, December 18th. JPMorgan Chase restated a “hold” rating and set a $191.00 price target on shares of Amgen in a report on Sunday, February 4th. Mizuho set a $192.00 price target on shares of Amgen and gave the company a “buy” rating in a report on Friday, December 22nd. Finally, Vetr cut shares of Amgen from a “buy” rating to a “hold” rating and set a $184.25 price target for the company. in a report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $190.57.

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The company has a debt-to-equity ratio of 1.35, a quick ratio of 5.17 and a current ratio of 5.49. The company has a market cap of $114,595.02, a price-to-earnings ratio of 13.90, a PEG ratio of 2.10 and a beta of 1.36.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, February 1st. The medical research company reported $2.89 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.03 by ($0.14). Amgen had a net margin of 8.66% and a return on equity of 30.87%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same quarter in the previous year, the business posted $2.89 EPS. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. equities analysts expect that Amgen will post 13.26 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 17th will be paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Wednesday, May 16th. Amgen’s payout ratio is presently 41.97%.

Amgen announced that its board has authorized a stock buyback plan on Thursday, February 1st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. South Texas Money Management Ltd. lifted its stake in Amgen by 0.7% during the second quarter. South Texas Money Management Ltd. now owns 3,223 shares of the medical research company’s stock worth $555,000 after purchasing an additional 22 shares during the period. Glenview Trust Co lifted its stake in Amgen by 0.4% during the second quarter. Glenview Trust Co now owns 6,137 shares of the medical research company’s stock worth $1,057,000 after purchasing an additional 25 shares during the period. Roberts Glore & Co. Inc. IL lifted its stake in Amgen by 0.4% during the second quarter. Roberts Glore & Co. Inc. IL now owns 7,425 shares of the medical research company’s stock worth $1,279,000 after purchasing an additional 27 shares during the period. Salem Investment Counselors Inc. lifted its stake in Amgen by 4.7% during the second quarter. Salem Investment Counselors Inc. now owns 809 shares of the medical research company’s stock worth $139,000 after purchasing an additional 36 shares during the period. Finally, Keel Point LLC lifted its stake in Amgen by 1.2% during the second quarter. Keel Point LLC now owns 3,509 shares of the medical research company’s stock worth $604,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 79.54% of the company’s stock.

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Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.

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