Amgen Inc. (NASDAQ:AMGN) Shares Sold by Arrow Financial Corp

Arrow Financial Corp cut its position in Amgen Inc. (NASDAQ:AMGN) by 30.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,822 shares of the medical research company’s stock after selling 4,775 shares during the quarter. Arrow Financial Corp’s holdings in Amgen were worth $3,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Pinney & Scofield Inc. purchased a new position in Amgen in the fourth quarter worth approximately $26,000. First Pacific Financial lifted its stake in Amgen by 304.5% during the first quarter. First Pacific Financial now owns 89 shares of the medical research company’s stock worth $28,000 after purchasing an additional 67 shares during the last quarter. Ritter Daniher Financial Advisory LLC DE lifted its stake in Amgen by 66.2% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company’s stock worth $33,000 after purchasing an additional 51 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in Amgen during the fourth quarter worth approximately $36,000. Finally, Legacy Investment Solutions LLC lifted its stake in Amgen by 46.9% during the fourth quarter. Legacy Investment Solutions LLC now owns 141 shares of the medical research company’s stock worth $37,000 after purchasing an additional 45 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMGN. Mizuho boosted 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. Piper Sandler reissued an “overweight” rating and issued a $328.00 target price on shares of Amgen in a report on Friday, June 27th. UBS Group reaffirmed a “neutral” rating and set a $315.00 price objective (down from $319.00) on shares of Amgen in a research note on Friday, May 2nd. Royal Bank Of Canada reduced their price objective on Amgen from $324.00 to $320.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Amgen in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $307.82.

Insider Buying and Selling

In related 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 sale, the senior vice president owned 8,162 shares of the company’s stock, valued at $2,364,368.16. The trade was 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 at the SEC website. 0.69% of the stock is currently owned by insiders.

Amgen Stock Up 0.1%

Shares of Amgen stock opened at $295.06 on Monday. The business has a 50-day moving average of $285.90 and a 200-day moving average of $289.56. 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 has a market capitalization of $158.65 billion, a PE ratio of 26.93, a P/E/G ratio of 2.66 and a beta of 0.49. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $346.85.

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