Amgen Inc. $AMGN Holdings Cut by CX Institutional

Key Points

• CX Institutional reduced its Amgen stake by 32% in the second quarter, selling 12,252 shares and retaining 25,985 shares valued at approximately $9.41 million. Institutional investors and hedge funds collectively own 76.5% of Amgen.
• Amgen’s newer medicines are expected to offset declines in its legacy portfolio, while the early-stage AMG 127 diabetes program could provide longer-term growth. The company also licensed auto-injector technology from Kaléo, though financial terms were not disclosed.
• A reported data breach involving patient and proprietary information is a key near-term risk, potentially exposing Amgen to regulatory costs, litigation, remediation expenses and reputational damage. Analysts maintain a consensus “Hold” rating with a $357 price target, while Amgen declared a quarterly dividend of $2.52 per share.

CX Institutional cut its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 32.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,985 shares of the medical research company's stock after selling 12,252 shares during the quarter. CX Institutional's holdings in Amgen were worth $9,410,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Anfield Capital Management LLC lifted its stake in Amgen by 1,000.0% in the fourth quarter. Anfield Capital Management LLC now owns 77 shares of the medical research company's stock valued at $25,000 after buying an additional 70 shares during the last quarter. Dogwood Wealth Management LLC grew its position in Amgen by 275.0% in the 4th quarter. Dogwood Wealth Management LLC now owns 75 shares of the medical research company's stock worth $25,000 after purchasing an additional 55 shares during the last quarter. Tower View Wealth Management LLC raised its holdings in shares of Amgen by 331.6% during the first quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company's stock valued at $29,000 after buying an additional 63 shares during the last quarter. Manning & Napier Advisors LLC boosted its position in shares of Amgen by 49.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 97 shares of the medical research company's stock worth $32,000 after buying an additional 32 shares during the period. Finally, Ares Financial Consulting LLC acquired a new position in Amgen during the 4th quarter worth $34,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen’s second-quarter outlook calls for newer medicines to offset declines in parts of its legacy portfolio. Analysts are also assessing whether the company can exceed quarterly earnings expectations, which could support the shares if management delivers strong results or raises its outlook. Amgen Q2 preview: growth from newer drugs to offset legacy portfolio declines Are These 5 Pharma Stocks Set to Surpass Q2 Earnings Forecasts?
• Positive Sentiment: An early-stage AMG 127 study signals Amgen’s expansion into type 2 diabetes, potentially opening another large market. However, the program remains preliminary and is not yet a near-term revenue driver. Amgen’s AMG 127 Trial Signals a New Push Into Type 2 Diabetes
• Neutral Sentiment: Amgen obtained a license to Kaléo’s patented auto-injector technology. The deal could improve drug-device capabilities and patient convenience, but financial terms were undisclosed, limiting its immediate valuation impact. Kaléo Announces License Agreement with Amgen for Auto-Injector Technology
• Negative Sentiment: Amgen is investigating a data breach involving patient health information and proprietary company data. The scope and consequences remain unclear, but potential regulatory costs, litigation, remediation expenses and reputational damage are significant risks. This appears to be the principal near-term overhang ahead of earnings. Amgen contends with data breach, exposing patient information Amgen reveals material cyber breach with patient data stolen

Amgen Stock Performance

NASDAQ:AMGN opened at $378.87 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 1.01 and a debt-to-equity ratio of 5.65. The firm's fifty day simple moving average is $357.39 and its 200 day simple moving average is $354.35. The firm has a market capitalization of $204.48 billion, a PE ratio of 26.37, a PEG ratio of 3.90 and a beta of 0.41. Amgen Inc. has a 1 year low of $269.77 and a 1 year high of $398.00.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 21st will be issued a dividend of $2.52 per share. The ex-dividend date is Friday, August 21st. This represents a $10.08 dividend on an annualized basis and a yield of 2.7%. Amgen's dividend payout ratio (DPR) is presently 70.15%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AMGN. Canaccord Genuity Group assumed coverage on shares of Amgen in a research note on Monday, April 20th. They set a "hold" rating and a $366.00 price objective on the stock. Mizuho boosted their target price on Amgen from $295.00 to $303.00 and gave the stock a "neutral" rating in a report on Tuesday, June 16th. Guggenheim boosted their price objective on Amgen from $340.00 to $343.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Morgan Stanley reduced their price objective on shares of Amgen from $340.00 to $333.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 8th. Finally, Daiwa Securities Group dropped their price target on Amgen from $410.00 to $390.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Amgen has a consensus rating of "Hold" and a consensus price target of $357.00.

Amgen Profile

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

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