Cornerstone Wealth Group LLC Purchases 5,584 Shares of Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Group LLC raised its position in shares of Amgen Inc. (NASDAQ:AMGN) by 42.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,891 shares of the medical research company’s stock after purchasing an additional 5,584 shares during the period. Cornerstone Wealth Group LLC’s holdings in Amgen were worth $5,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its holdings in 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 purchasing an additional 5,226 shares in the last quarter. MONECO Advisors LLC grew its holdings in Amgen by 44.6% during the 4th quarter. MONECO Advisors LLC now owns 3,711 shares of the medical research company’s stock valued at $967,000 after buying an additional 1,145 shares in the last quarter. World Equity Group Inc. grew its holdings in Amgen by 19.7% during the 4th quarter. World Equity Group Inc. now owns 983 shares of the medical research company’s stock valued at $256,000 after buying an additional 162 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Amgen during the 4th quarter valued at about $694,000. Finally, Y Intercept Hong Kong Ltd grew its holdings in Amgen by 470.5% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 15,809 shares of the medical research company’s stock valued at $4,120,000 after buying an additional 13,038 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on AMGN shares. Morgan Stanley reaffirmed an “equal weight” rating on shares of Amgen in a report on Friday, May 2nd. Mizuho lifted their target price on Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. UBS Group reaffirmed a “neutral” rating and set a $315.00 target price (down previously from $319.00) on shares of Amgen in a report on Friday, May 2nd. Cantor Fitzgerald initiated coverage on Amgen in a research report on Tuesday, April 22nd. They set a “neutral” rating and a $305.00 price target for the company. Finally, Bank of America lifted their price target on Amgen from $275.00 to $294.00 and gave the company an “underperform” rating in a research report on Wednesday, March 5th. 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $309.22.

Insider Activity

In other news, SVP Rachna Khosla sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president now directly owns 8,162 shares of the company’s stock, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.69% of the company’s stock.

Amgen Stock Performance

Shares of AMGN stock opened at $272.44 on Tuesday. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.88 and a current ratio of 1.17. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The company has a market capitalization of $146.49 billion, a P/E ratio of 24.86, a PEG ratio of 2.62 and a beta of 0.51. The stock has a 50 day moving average price of $281.39 and a two-hundred day moving average price of $286.10.

Amgen (NASDAQ:AMGN) last posted its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The firm had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.05 billion. During the same period in the previous year, the firm earned $3.96 earnings per share. The business’s revenue was up 9.4% compared to the same quarter last year. Analysts expect that Amgen Inc. will post 20.62 earnings per share for the current 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.