Allstate Corp Buys 2,430 Shares of Amgen Inc. $AMGN

Key Points

• Allstate Corp increased its stake in Amgen Inc. by 15.2%, owning 18,378 shares valued at $5,726,000 after purchasing an additional 2,430 shares in the first quarter.
• Several hedge funds have also raised their positions in Amgen, with notable increases including Brighton Jones LLC at 23.5% and Dark Forest Capital Management LP at 33.6% during recent quarters.
• Amgen recently announced a quarterly dividend of $2.38, reflecting an annualized dividend of $9.52 and a yield of 3.2%, with a payout ratio of 77.84%.

Allstate Corp grew its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 15.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,378 shares of the medical research company's stock after acquiring an additional 2,430 shares during the quarter. Allstate Corp's holdings in Amgen were worth $5,726,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMGN. Pinney & Scofield Inc. bought a new stake in shares of Amgen during the fourth quarter valued at approximately $26,000. First Pacific Financial boosted its position 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. Heck Capital Advisors LLC purchased a new position in shares of Amgen during the fourth quarter valued at approximately $36,000. South Plains Financial Inc. purchased a new position in shares of Amgen during the fourth quarter valued at approximately $37,000. Finally, Global Wealth Strategies & Associates boosted its position 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. Institutional investors own 76.50% of the company's stock.

Amgen Stock Performance

Amgen stock traded down $2.04 during mid-day trading on Friday, reaching $293.72. 1,643,970 shares of the company's stock were exchanged, compared to its average volume of 2,113,760. The business's fifty day simple moving average is $293.43 and its 200 day simple moving average is $293.14. The firm has a market capitalization of $158.13 billion, a PE ratio of 24.02, a P/E/G ratio of 2.53 and a beta of 0.49. Amgen Inc. has a one year low of $253.30 and a one year 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.

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

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, August 22nd. Amgen's dividend payout ratio (DPR) is currently 77.84%.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president directly owned 7,209 shares of the company's stock, valued at $2,141,000.91. This trade represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Rachna Khosla sold 1,500 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AMGN shares. Wall Street Zen cut Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. Mizuho lifted their target price on Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler reaffirmed an "overweight" rating and set a $328.00 target price on shares of Amgen in a research report on Friday, June 27th. Finally, Bank of America lifted their target price on Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $303.76.

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.