Alpha Cubed Investments LLC Has $6.11 Million Holdings in Amgen Inc. (NASDAQ:AMGN)

Alpha Cubed Investments LLC lowered its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,610 shares of the medical research company's stock after selling 918 shares during the period. Alpha Cubed Investments LLC's holdings in Amgen were worth $6,110,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Pacific Financial increased its position in Amgen by 304.5% in the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after acquiring an additional 67 shares during the period. Pinney & Scofield Inc. purchased a new stake in Amgen in the 4th quarter valued at approximately $26,000. Ritter Daniher Financial Advisory LLC DE lifted its stake in Amgen by 66.2% in the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company's stock valued at $33,000 after buying an additional 51 shares in the last quarter. Atala Financial Inc purchased a new stake in Amgen in the 4th quarter valued at approximately $34,000. Finally, Global Wealth Strategies & Associates lifted its stake in shares of Amgen by 1,388.9% during the 1st quarter. Global Wealth Strategies & Associates now owns 134 shares of the medical research company's stock worth $42,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of recent analyst reports. Piper Sandler reissued an "overweight" rating and set a $328.00 price target on shares of Amgen in a research note on Friday, June 27th. Wall Street Zen upgraded Amgen from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 18th. UBS Group restated a "neutral" rating and set a $315.00 target price (down from $319.00) on shares of Amgen in a research note on Friday, May 2nd. William Blair restated an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Finally, Royal Bank Of Canada reduced their price target on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Two 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 stock currently has an average rating of "Hold" and a consensus target price of $307.82.

Insider Buying and Selling

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 shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.69% of the company's stock.

Amgen Price Performance

Shares of NASDAQ AMGN traded up $3.64 during mid-day trading on Tuesday, reaching $296.59. 342,127 shares of the company traded hands, compared to its average volume of 2,836,478. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. 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 firm has a market cap of $159.48 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 2.70 and a beta of 0.49. The stock has a fifty day simple moving average of $282.66 and a 200-day simple moving average of $287.38.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.18 by $0.72. The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $3.96 earnings per share. Equities research analysts anticipate that Amgen Inc. will post 20.62 EPS for the current fiscal year.

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.