Beacon Harbor Wealth Advisors Inc. Buys 13,354 Shares of Amgen Inc. (NASDAQ:AMGN)

Beacon Harbor Wealth Advisors Inc. boosted its position in shares of Amgen Inc. (NASDAQ:AMGN) by 98.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,902 shares of the medical research company’s stock after buying an additional 13,354 shares during the quarter. Amgen accounts for approximately 1.9% of Beacon Harbor Wealth Advisors Inc.’s investment portfolio, making the stock its 14th largest position. Beacon Harbor Wealth Advisors Inc.’s holdings in Amgen were worth $8,381,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AMGN. Beck Mack & Oliver LLC lifted its stake in Amgen by 0.7% during the fourth quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company’s stock worth $1,205,000 after purchasing an additional 34 shares during the last quarter. Continuum Advisory LLC increased its holdings in shares of Amgen by 0.7% in the fourth quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company’s stock valued at $1,343,000 after purchasing an additional 35 shares during the period. Octavia Wealth Advisors LLC grew its holdings in Amgen by 1.5% during the first quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company’s stock worth $759,000 after acquiring an additional 35 shares during the period. Affinity Capital Advisors LLC lifted its position in shares of Amgen by 4.5% in the first quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company’s stock valued at $246,000 after acquiring an additional 37 shares in the last quarter. Finally, Accredited Investors Inc. lifted its position in shares of Amgen by 1.7% in the first quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company’s stock valued at $674,000 after acquiring an additional 37 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AMGN. Piper Sandler restated an “overweight” rating and issued a $328.00 price objective on shares of Amgen in a research report on Friday, June 27th. Mizuho upped their price objective on Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Royal Bank Of Canada reduced their price objective on Amgen from $324.00 to $320.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Bank of America lifted their price target on Amgen from $252.00 to $261.00 and gave the company an “underperform” rating in a report on Wednesday, July 23rd. Finally, Erste Group Bank downgraded 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 assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $307.23.

Insider Activity

In related news, SVP Rachna Khosla sold 1,500 shares of the firm’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 value of $434,520.00. Following the sale, the senior vice president owned 8,162 shares of the company’s stock, valued at approximately $2,364,368.16. This trade 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. Company insiders own 0.76% of the company’s stock.

Amgen Price Performance

Shares of AMGN opened at $284.67 on Thursday. The firm has a market cap of $153.07 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 2.60 and a beta of 0.49. The stock has a 50 day moving average of $293.18 and a 200-day moving average of $292.39. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $339.17.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, August 5th. The medical research company reported $6.02 EPS for the quarter, topping the consensus estimate of $5.28 by $0.74. The company had revenue of $9.18 billion during the quarter, compared to analyst estimates of $8.86 billion. Amgen had a return on equity of 180.66% and a net margin of 18.96%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $4.97 EPS. As a group, analysts forecast that Amgen Inc. will post 20.62 EPS for the current year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a $2.38 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 annualized dividend and a dividend yield of 3.3%. Amgen’s dividend payout ratio (DPR) is 77.84%.

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.