Private Advisor Group LLC Reduces Holdings in Amgen Inc. (NASDAQ:AMGN)

Private Advisor Group LLC decreased its position in shares of Amgen Inc. (NASDAQ:AMGN) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,390 shares of the medical research company’s stock after selling 1,871 shares during the period. Private Advisor Group LLC’s holdings in Amgen were worth $16,011,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew 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 acquiring an additional 5,226 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in Amgen by 35.0% during the 4th quarter. Proficio Capital Partners LLC now owns 1,806 shares of the medical research company’s stock worth $471,000 after acquiring an additional 468 shares in the last quarter. Madison Investment Advisors LLC acquired a new position in Amgen during the 4th quarter worth $1,948,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Amgen in the 4th quarter valued at about $219,000. Finally, Royal London Asset Management Ltd. boosted its holdings in shares of Amgen by 0.6% in the 4th quarter. Royal London Asset Management Ltd. now owns 230,790 shares of the medical research company’s stock valued at $60,153,000 after buying an additional 1,424 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AMGN. Morgan Stanley reaffirmed an “equal weight” rating on shares of Amgen in a report on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $328.00 price target on shares of Amgen in a report on Friday, June 27th. Mizuho lifted their price target on shares of Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $305.00 price target on shares of Amgen in a report on Tuesday, June 24th. Finally, Erste Group Bank lowered shares of Amgen from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $307.82.

Amgen Stock Down 1.2%

NASDAQ AMGN opened at $294.76 on Friday. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The company’s 50 day simple moving average is $285.90 and its 200 day simple moving average is $289.15. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $346.85. The company has a market capitalization of $158.50 billion, a P/E ratio of 26.89, a PEG ratio of 2.70 and a beta of 0.49.

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

Insider Buying and Selling at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president directly owned 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.76% of the stock is currently owned by company insiders.

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.