Ellis Investment Partners LLC Sells 316 Shares of Amgen Inc. (NASDAQ:AMGN)

Ellis Investment Partners LLC trimmed its holdings in Amgen Inc. (NASDAQ:AMGN) by 9.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,969 shares of the medical research company’s stock after selling 316 shares during the quarter. Ellis Investment Partners LLC’s holdings in Amgen were worth $925,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AMGN. Tallon Kerry Patrick bought a new position in Amgen in the 4th quarter worth approximately $270,000. Brighton Jones LLC raised its holdings in shares of Amgen by 23.5% during the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company’s stock worth $7,159,000 after acquiring an additional 5,226 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Amgen during the 4th quarter worth approximately $25,000. Compass Capital Corp MA ADV purchased a new stake in shares of Amgen during the 4th quarter worth approximately $227,000. Finally, Blackston Financial Advisory Group LLC raised its holdings in shares of Amgen by 13.0% during the 4th quarter. Blackston Financial Advisory Group LLC now owns 1,058 shares of the medical research company’s stock worth $276,000 after acquiring an additional 122 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors.

Insider Transactions at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the sale, the senior vice president now owns 8,162 shares of the company’s stock, valued at $2,364,368.16. This trade represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho upped their price objective on Amgen from $235.00 to $280.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. UBS Group restated a “neutral” rating and set a $315.00 price target (down previously from $319.00) on shares of Amgen in a report on Friday, May 2nd. Guggenheim assumed coverage on Amgen in a report on Tuesday, May 20th. They set a “neutral” rating and a $288.00 price target on the stock. Piper Sandler decreased their price target on Amgen from $329.00 to $328.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Amgen in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $309.22.

Amgen Price Performance

AMGN opened at $289.33 on Friday. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $346.85. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. The business’s fifty day simple moving average is $281.82 and its 200-day simple moving average is $286.02. The company has a market capitalization of $155.58 billion, a price-to-earnings ratio of 26.40, a PEG ratio of 2.62 and a beta of 0.51.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results 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. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. During the same quarter in the prior year, the company earned $3.96 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

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.