Amgen Inc. $AMGN Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Amgen Inc. by 25.9%, owning 225,868 shares valued at $70.37 million after selling 78,859 shares in the first quarter.
• Several other large investors have also modified their holdings in Amgen, with KPP Advisory Services increasing their stake by 87.1% during the same period.
• Amgen recently announced a quarterly dividend of $2.38 per share, translating to an annualized dividend of $9.52 and a yield of 3.3%, with a payout ratio of 77.84%.

Adage Capital Partners GP L.L.C. lowered its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 25.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 225,868 shares of the medical research company's stock after selling 78,859 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Amgen were worth $70,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in Amgen during the first quarter valued at about $25,000. First Pacific Financial grew its stake in shares of Amgen by 304.5% during the first quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after buying an additional 67 shares during the last quarter. Pinney & Scofield Inc. bought a new position in shares of Amgen during the fourth quarter valued at about $26,000. Activest Wealth Management grew its stake in shares of Amgen by 3,433.3% during the first quarter. Activest Wealth Management now owns 106 shares of the medical research company's stock valued at $33,000 after buying an additional 103 shares during the last quarter. Finally, Global Wealth Strategies & Associates grew its stake in shares of Amgen by 1,388.9% during the first quarter. Global Wealth Strategies & Associates now owns 134 shares of the medical research company's stock valued at $42,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company's stock.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the sale, the senior vice president directly owned 7,209 shares in the company, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by company insiders.

Amgen Stock Up 1.3%

Shares of AMGN stock traded up $3.54 during trading hours on Friday, hitting $283.64. 2,299,355 shares of the company's stock traded hands, compared to its average volume of 1,790,560. The stock has a market cap of $152.70 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 2.46 and a beta of 0.49. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $339.17. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. The stock's fifty day simple moving average is $293.85 and its two-hundred day simple moving average is $292.60.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. The business had revenue of $9.18 billion during the quarter, compared to analyst estimates of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.97 EPS. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. On average, analysts expect that Amgen Inc. will post 20.62 EPS for the current year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given a dividend of $2.38 per share. The ex-dividend date is Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a yield of 3.4%. Amgen's dividend payout ratio is 77.84%.

Analyst Ratings Changes

Several analysts recently issued reports on AMGN shares. Bank of America raised their target price on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 23rd. Wall Street Zen cut Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Raymond James Financial started coverage on Amgen in a research note on Wednesday. They issued a "market perform" rating on the stock. Morgan Stanley raised their target price on Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $304.43.

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.