It can be done using setResolution
, but you need to do it before loading an image.
Try something like this:
// instantiate Imagick
$im = new Imagick();
$im->setResolution(300,300);
$im->readimage('document.pdf[0]');
$im->setImageFormat('jpeg');
$im->writeImage('thumb.jpg');
$im->clear();
$im->destroy();