Cresset Asset Management LLC Lowers Holdings in Amgen Inc. (NASDAQ:AMGN)

Cresset Asset Management LLC reduced its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 39.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,896 shares of the medical research company’s stock after selling 33,170 shares during the quarter. Cresset Asset Management LLC’s holdings in Amgen were worth $13,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Beck Mack & Oliver LLC boosted its holdings in Amgen by 0.7% in the 4th quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company’s stock valued at $1,205,000 after purchasing an additional 34 shares during the period. Blossom Wealth Management raised its stake in Amgen by 3.5% during the fourth quarter. Blossom Wealth Management now owns 1,090 shares of the medical research company’s stock worth $284,000 after acquiring an additional 37 shares in the last quarter. Zullo Investment Group Inc. lifted its holdings in Amgen by 2.8% during the 4th quarter. Zullo Investment Group Inc. now owns 1,364 shares of the medical research company’s stock valued at $356,000 after purchasing an additional 37 shares during the last quarter. Trillium Asset Management LLC boosted its holdings in shares of Amgen by 4.2% in the 4th quarter. Trillium Asset Management LLC now owns 911 shares of the medical research company’s stock worth $237,000 after acquiring an additional 37 shares in the last quarter. Finally, Evermay Wealth Management LLC increased its stake in shares of Amgen by 1.5% in the fourth quarter. Evermay Wealth Management LLC now owns 2,650 shares of the medical research company’s stock valued at $691,000 after buying an additional 38 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Insider Transactions at Amgen

In other news, EVP Murdo Gordon sold 8,771 shares of Amgen stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $294.79, for a total transaction of $2,585,603.09. Following the sale, the executive vice president now directly owns 44,186 shares of the company’s stock, valued at approximately $13,025,590.94. This trade represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David M. Reese sold 25,225 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $304.44, for a total value of $7,679,499.00. Following the completion of the transaction, the executive vice president now directly owns 36,922 shares of the company’s stock, valued at $11,240,533.68. This represents a 40.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,752 shares of company stock valued at $20,160,532. Corporate insiders own 0.69% of the company’s stock.

Amgen Price Performance

Amgen stock opened at $270.56 on Wednesday. The firm has a market cap of $145.47 billion, a PE ratio of 35.84, a price-to-earnings-growth ratio of 2.63 and a beta of 0.51. The company has a debt-to-equity ratio of 9.62, a current ratio of 1.26 and a quick ratio of 0.95. The stock’s fifty day moving average price is $298.42 and its two-hundred day moving average price is $290.64. Amgen Inc. has a one year low of $253.30 and a one year high of $346.85.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.18 by $0.72. The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. Amgen had a net margin of 12.24% and a return on equity of 176.32%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.96 earnings per share. As a group, research analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a $2.38 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $9.52 annualized dividend and a dividend yield of 3.52%. Amgen’s payout ratio is 86.86%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AMGN shares. Citigroup reiterated a “neutral” rating on shares of Amgen in a report on Wednesday, February 5th. Truist Financial decreased their price target on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a report on Wednesday, January 8th. Cantor Fitzgerald assumed coverage on Amgen in a research report on Tuesday, April 22nd. They issued a “neutral” rating and a $305.00 price objective for the company. Johnson Rice set a $294.00 target price on shares of Amgen in a research note on Wednesday, March 5th. Finally, StockNews.com upgraded Amgen from a “buy” rating to a “strong-buy” rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $308.18.

Amgen Profile

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.