Range Financial Group LLC Increases Stake in Amgen Inc.

Range Financial Group LLC has significantly increased its stake in Amgen Inc. (NASDAQ:AMGN) by 515.0% during the fourth quarter. This information comes from the most recent Form 13F filing that the firm submitted to the Securities and Exchange Commission (SEC). Following this increase, Range Financial Group LLC now owns 9,133 shares of Amgen after purchasing an additional 7,648 shares throughout the quarter. Amgen now represents approximately 1.1% of the Group's entire investment portfolio, making it the firm's 23rd largest holding. The value of Range Financial Group LLC's holdings in Amgen was estimated at $2,380,000 based on the latest SEC filing.

Other Institutional Investors' Activities

In addition to Range Financial Group LLC, several other hedge funds have also recently adjusted their positions in Amgen. For instance, Lantz Financial LLC increased its holdings in the medical research company by 5.1% during the second quarter. As of now, Lantz Financial owns 1,779 shares, valued at $556,000, after acquiring 87 additional shares. Similarly, Strategic Financial Concepts LLC took a new position in Amgen worth $26,000 during the same quarter. Certuity LLC added a notable 72.7% to its stake, now holding 2,249 shares valued at $703,000, with an additional acquisition of 947 shares. HCR Wealth Advisors also grew its position by 3.3%, owning 4,761 shares valued at $1,488,000. Lastly, Ashton Thomas Private Wealth LLC increased its holdings by 2.5%, now owning 83,206 shares valued at approximately $25,998,000. Overall, hedge funds and other institutional investors collectively own about 76.50% of Amgen's stock.

Latest Analyst Ratings

Several research firms have recently updated their ratings on Amgen shares. Jefferies Financial Group reaffirmed a "buy" rating, setting a price target of $380.00. Meanwhile, Robert W. Baird maintained an "underperform" rating with a price target of $215.00. In a report from Redburn Partners, the price target for Amgen was lowered from $200.00 to $195.00. Royal Bank of Canada also reduced their price target from $360.00 to $330.00 while keeping an "outperform" rating. Additionally, Bank of America reiterated an "underperform" rating with a price target of $256.00. Currently, two analysts have given the stock a sell rating, twelve analysts have placed a hold rating, while thirteen have assigned a buy rating and one has given a strong buy rating. According to MarketBeat.com, Amgen has an overall consensus rating of "Hold" with an average price target of $318.83.

Amgen's Stock Performance

On the trading floor, Amgen's stock increased by 1.3%, reaching $262.06 during midday trading. About 3,171,241 shares exchanged hands, which is slightly lower than the average trading volume of 3,277,652 shares. Over the last year, Amgen's stock has seen a 52-week low of $253.30 and a high of $346.85. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96, and a current ratio of 1.32. Within the last 50 days, the moving average for Amgen has been $283.46, while the 200-day moving average is $310.11. Market capitalization stands at approximately $140.87 billion, with a price-to-earnings ratio of 33.55 and a P/E/G ratio of 2.91. The stock has a beta value of 0.56, indicating less volatility compared to the market.

Quarterly Earnings Report

Amgen recently announced its quarterly earnings on October 30th, where the company reported earnings per share (EPS) of $5.58, surpassing analysts’ expectations of $5.11 by $0.47. The company recorded a stunning return on equity of 168.35% with a net margin of 13.00%. Revenue for the quarter reached $8.50 billion, aligning with the consensus estimate. Comparatively, during the same quarter from the previous year, Amgen reported an EPS of $4.96. This year the company experienced a 23.2% growth in quarterly revenue.

Upcoming Dividend Announcement

Amgen has also declared a quarterly dividend set to be paid on March 7th. Stockholders who are on record as of February 14th will receive a dividend of $2.38 per share, which represents an increase from the $2.25 paid previously. The ex-dividend date is also set for February 14th, resulting in an annualized dividend payout of $9.52, contributing to a dividend yield of 3.63%. However, it's important to note that the dividend payout ratio is currently at 121.90%.

About Amgen

Amgen Inc. engages in discovering, developing, manufacturing, and delivering human therapeutics on a global scale. Its leading products include Enbrel for treating plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for adult patients with plaque psoriasis and psoriatic arthritis; Prolia for postmenopausal women with osteoporosis; and several others targeting various medical conditions. Amgen aims to fulfill a critical role in the healthcare industry by providing innovative therapies to improve patient outcomes.

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