Amgen Inc. $AMGN Shares Bought by Granite Bay Wealth Management LLC

Key Points

• Granite Bay Wealth Management LLC has increased its stake in Amgen Inc. by 16.1%, now holding 20,711 shares valued at approximately $5.78 million.
• Amgen's recent quarterly earnings showed a significant increase, reporting $6.02 EPS against analyst expectations of $5.28, with revenue up 9.4% year-over-year.
• The company's stock is currently trading at $276.39, down 2.2% recently, with a 52-week range between $253.30 and $339.17.

Granite Bay Wealth Management LLC boosted its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 16.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,711 shares of the medical research company's stock after buying an additional 2,879 shares during the quarter. Amgen accounts for 1.9% of Granite Bay Wealth Management LLC's investment portfolio, making the stock its 21st largest position. Granite Bay Wealth Management LLC's holdings in Amgen were worth $5,783,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AMGN. Brighton Jones LLC boosted its position in shares of Amgen by 23.5% during the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after acquiring an additional 5,226 shares in the last quarter. Forum Financial Management LP increased its position in Amgen by 0.7% in the 4th quarter. Forum Financial Management LP now owns 352,784 shares of the medical research company's stock valued at $91,950,000 after acquiring an additional 2,411 shares during the period. Tema Etfs LLC purchased a new stake in Amgen during the 4th quarter valued at approximately $2,914,000. Strive Asset Management LLC acquired a new stake in Amgen during the 4th quarter worth approximately $652,000. Finally, Strategic Wealth Partners Ltd. grew its position in Amgen by 1.2% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 12,491 shares of the medical research company's stock valued at $3,256,000 after buying an additional 153 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen Stock Down 2.2%

AMGN stock opened at $276.39 on Monday. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 7.24. The company has a market capitalization of $148.80 billion, a price-to-earnings ratio of 22.60, a price-to-earnings-growth ratio of 2.40 and a beta of 0.49. The firm's 50-day moving average is $292.54 and its two-hundred day moving average is $291.56. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $339.17.

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

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, August 22nd. Amgen's payout ratio is 77.84%.

Insider Buying and Selling at Amgen

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were 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 represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Raymond James Financial started coverage on Amgen in a research report on Wednesday, September 3rd. They issued a "market perform" rating for the company. Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research note on Tuesday, June 24th. Bank of America lifted their price target on shares of Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded Amgen from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, William Blair reiterated an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Amgen currently has an average rating of "Hold" and an average target price of $304.43.

Amgen Company 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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