Amgen Inc. (NASDAQ:AMGN) Shares Acquired by AlphaCore Capital LLC

Key Points

• AlphaCore Capital LLC significantly increased its position in Amgen Inc. by 107.9% in Q1, owning 8,735 shares valued at $2.72 million.
• Institutional investors now control 76.50% of Amgen's stock, with several firms making notable investments and adjustments to their holdings recently.
• Amgen reported adjusted earnings of $6.02 per share for the previous quarter, surpassing estimates and reflecting a 9.4% year-over-year revenue increase.

AlphaCore Capital LLC raised its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 107.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,735 shares of the medical research company's stock after buying an additional 4,534 shares during the period. AlphaCore Capital LLC's holdings in Amgen were worth $2,721,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMGN. First Pacific Financial lifted its position in shares of Amgen by 304.5% during the 1st 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. Pinney & Scofield Inc. purchased a new stake in shares of Amgen during the 4th quarter worth $26,000. Global Wealth Strategies & Associates lifted its position 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 last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Amgen during the 4th quarter worth $36,000. Finally, Legacy Investment Solutions LLC lifted its position in shares of Amgen by 46.9% during the 4th 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. Hedge funds and other institutional investors own 76.50% of the company's stock.

Amgen Stock Performance

Shares of NASDAQ:AMGN traded up $3.53 during midday trading on Friday, hitting $288.23. The stock had a trading volume of 1,802,960 shares, compared to its average volume of 2,050,777. The company has a current ratio of 1.31, a quick ratio of 0.88 and a debt-to-equity ratio of 7.24. The stock has a 50 day moving average price of $293.23 and a two-hundred day moving average price of $292.71. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $339.17. The company has a market capitalization of $155.17 billion, a PE ratio of 23.57, a P/E/G ratio of 2.47 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.28 by $0.74. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.86 billion. During the same period in the prior year, the business posted $4.97 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business 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 dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, August 22nd. Amgen's dividend payout ratio is presently 77.84%.

Insiders Place Their Bets

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president directly owned 8,162 shares in the company, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.76% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Cantor Fitzgerald reiterated a "neutral" rating and set a $305.00 price target on shares of Amgen in a research note on Tuesday, June 24th. Piper Sandler reiterated an "overweight" rating and set a $328.00 price target on shares of Amgen in a research note on Friday, June 27th. Morgan Stanley lifted their price target on shares of Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Royal Bank Of Canada cut their price target on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Amgen has an average rating of "Hold" and a consensus price target of $303.76.

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.