Summit X LLC Cuts Holdings in Amgen Inc. (NASDAQ:AMGN)

Summit X LLC decreased its holdings in Amgen Inc. (NASDAQ:AMGN) by 22.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,360 shares of the medical research company’s stock after selling 385 shares during the period. Summit X LLC’s holdings in Amgen were worth $424,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AMGN. Mechanics Financial Corp lifted its position in Amgen by 12.2% during the first quarter. Mechanics Financial Corp now owns 4,587 shares of the medical research company’s stock valued at $1,429,000 after purchasing an additional 500 shares during the period. SeaBridge Investment Advisors LLC grew its holdings in shares of Amgen by 3.2% in the first quarter. SeaBridge Investment Advisors LLC now owns 22,632 shares of the medical research company’s stock worth $7,051,000 after acquiring an additional 698 shares during the period. Cullen Frost Bankers Inc. grew its stake in shares of Amgen by 4.5% during the 1st quarter. Cullen Frost Bankers Inc. now owns 95,988 shares of the medical research company’s stock valued at $29,905,000 after purchasing an additional 4,162 shares during the period. Victory Capital Management Inc. increased its position in shares of Amgen by 15.4% during the 1st quarter. Victory Capital Management Inc. now owns 950,893 shares of the medical research company’s stock valued at $296,251,000 after purchasing an additional 126,602 shares during the last quarter. Finally, BIP Wealth LLC lifted its stake in shares of Amgen by 4.1% in the 1st quarter. BIP Wealth LLC now owns 1,605 shares of the medical research company’s stock worth $500,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 1,500 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president directly owned 8,162 shares in the company, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.76% of the stock is owned by company insiders.

Amgen Price Performance

Amgen stock opened at $299.02 on Thursday. Amgen Inc. has a 52-week low of $253.30 and a 52-week high of $346.85. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70. The firm’s fifty day moving average is $284.80 and its 200 day moving average is $288.65. The company has a market cap of $160.79 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 2.64 and a beta of 0.49.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Thursday, May 1st. The medical research company reported $4.90 EPS for the quarter, topping 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 company had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.05 billion. During the same quarter last year, the business posted $3.96 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on AMGN shares. Mizuho upped their target price on shares of Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Erste Group Bank downgraded shares of Amgen from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $305.00 target price on shares of Amgen in a report on Tuesday, June 24th. Royal Bank Of Canada lowered their target price on Amgen from $324.00 to $320.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Guggenheim began coverage on Amgen in a research report on Tuesday, May 20th. They issued a “neutral” rating and a $288.00 price target for the company. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $307.82.

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.