Drive Wealth Management LLC Invests $236,000 in Amgen Inc. (NASDAQ:AMGN)

Drive Wealth Management LLC bought a new position in shares of Amgen Inc. (NASDAQ:AMGN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 906 shares of the medical research company’s stock, valued at approximately $236,000.

Other hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in Amgen during the third quarter worth approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Amgen during the third quarter worth approximately $29,000. Hershey Financial Advisers LLC acquired a new stake in Amgen during the second quarter worth approximately $30,000. Matrix Trust Co acquired a new stake in Amgen during the third quarter worth approximately $36,000. Finally, Livelsberger Financial Advisory acquired a new stake in Amgen during the third quarter worth approximately $56,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Price Performance

Shares of NASDAQ:AMGN opened at $282.95 on Tuesday. 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 Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The firm has a 50-day simple moving average of $271.39 and a 200 day simple moving average of $305.81. The company has a market cap of $152.09 billion, a PE ratio of 36.23, a P/E/G ratio of 2.78 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter in the prior year, the firm earned $4.96 EPS. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Amgen Inc. will post 19.56 EPS for the current year.

Amgen Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $2.38 per share. This represents a $9.52 dividend on an annualized basis and a yield of 3.36%. This is a positive change from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date is Friday, February 14th. Amgen’s payout ratio is presently 115.24%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup decreased their price target on shares of Amgen from $335.00 to $310.00 in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Amgen from $305.00 to $285.00 in a report on Wednesday, November 27th. Piper Sandler decreased their price target on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, January 2nd. Bank of America reiterated an “underperform” rating and issued a $256.00 price target on shares of Amgen in a report on Tuesday, December 10th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $380.00 price target on shares of Amgen in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $314.65.

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.