Amgen Inc. $AMGN Holdings Lowered by Sitrin Capital Management LLC

Key Points

• Sitrin Capital Management LLC reduced its stake in Amgen Inc. by 11.8%, now holding 19,922 shares valued at approximately $5.56 million, making it the company’s 20th largest position.
• Various institutional investors have increased their holdings in Amgen, with Brighton Jones LLC expanding by 23.5% and SG Americas Securities LLC raising its stake by a remarkable 348.5% during recent quarters.
• Amgen's latest earnings report showed a profit of $6.02 per share, surpassing analyst estimates, and it declared a quarterly dividend of $2.38 per share, reflecting an annualized yield of 3.2%.

Sitrin Capital Management LLC trimmed its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 11.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,922 shares of the medical research company's stock after selling 2,678 shares during the quarter. Amgen comprises 2.8% of Sitrin Capital Management LLC's holdings, making the stock its 20th biggest position. Sitrin Capital Management LLC's holdings in Amgen were worth $5,562,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC raised its holdings in shares of Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after purchasing an additional 5,226 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Amgen by 40.2% in the 1st quarter. GAMMA Investing LLC now owns 11,753 shares of the medical research company's stock worth $3,662,000 after purchasing an additional 3,369 shares in the last quarter. Simplicity Wealth LLC bought a new stake in shares of Amgen in the 1st quarter worth approximately $390,000. Accurate Wealth Management LLC raised its holdings in shares of Amgen by 3.9% in the 1st quarter. Accurate Wealth Management LLC now owns 2,935 shares of the medical research company's stock worth $839,000 after purchasing an additional 111 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Amgen by 348.5% in the 1st quarter. SG Americas Securities LLC now owns 47,798 shares of the medical research company's stock worth $14,891,000 after purchasing an additional 37,140 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total transaction of $376,286.33. Following the transaction, the senior vice president directly owned 7,209 shares of the company's stock, valued at approximately $2,141,000.91. The trade was a 14.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AMGN shares. Piper Sandler boosted their target price on shares of Amgen from $328.00 to $342.00 and gave the stock an "overweight" rating in a report on Monday, August 25th. Bank of America boosted their target price on shares of Amgen from $261.00 to $272.00 and gave the stock an "underperform" rating in a report on Friday, September 26th. Weiss Ratings upgraded shares of Amgen from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. Citigroup lifted their target price on shares of Amgen from $310.00 to $315.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Amgen currently has a consensus rating of "Hold" and an average price target of $309.42.

Amgen Stock Performance

Amgen stock opened at $294.62 on Thursday. The firm's 50 day simple moving average is $286.90 and its 200-day simple moving average is $287.93. The company has a market cap of $158.61 billion, a P/E ratio of 24.09, a price-to-earnings-growth ratio of 2.57 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $335.88.

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

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 22nd were given a dividend of $2.38 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a yield of 3.2%. Amgen's payout ratio is presently 77.84%.

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.

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