Amgen Inc. $AMGN Shares Bought by Parcion Private Wealth LLC

Key Points

• Parcion Private Wealth LLC drastically increased its holdings in Amgen Inc. by 1,771.9% during Q2, acquiring a total of 31,804 shares valued at approximately $8.88 million.
• Amgen recently reported Q2 earnings of $6.02 EPS, surpassing estimates, and the company's revenue increased by 9.4% year-over-year.
• Amgen's quarterly dividend was declared at $2.38 per share, resulting in an annualized dividend yield of 3.2%.

Parcion Private Wealth LLC grew its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 1,771.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 31,804 shares of the medical research company's stock after buying an additional 30,105 shares during the period. Parcion Private Wealth LLC's holdings in Amgen were worth $8,880,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in shares of Amgen in the first quarter valued at about $25,000. First Pacific Financial raised its holdings in shares of Amgen by 304.5% in the first quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after buying an additional 67 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in shares of Amgen by 1,214.3% in the first quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company's stock valued at $29,000 after buying an additional 85 shares during the last quarter. Activest Wealth Management raised its holdings in shares of Amgen by 3,433.3% in the first quarter. Activest Wealth Management now owns 106 shares of the medical research company's stock valued at $33,000 after buying an additional 103 shares during the last quarter. Finally, Nova Wealth Management Inc. raised its holdings in shares of Amgen by 12,200.0% in the first quarter. Nova Wealth Management Inc. now owns 123 shares of the medical research company's stock valued at $38,000 after buying an additional 122 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 sale, the senior vice president directly owned 7,209 shares in the company, 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 is available through the SEC website. 0.69% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AMGN shares. Bank of America increased their price target on shares of Amgen from $261.00 to $272.00 and gave the stock an "underperform" rating in a report on Friday, September 26th. Piper Sandler increased their price target on shares of Amgen from $328.00 to $342.00 and gave the stock an "overweight" rating in a report on Monday, August 25th. UBS Group cut their price target on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Weiss Ratings raised shares of Amgen from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Amgen from a "hold" rating to a "buy" rating in a report on Sunday. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Amgen has a consensus rating of "Hold" and a consensus price target of $300.94.

Amgen Trading Down 0.7%

Shares of Amgen stock opened at $301.14 on Wednesday. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $335.88. 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 stock has a market cap of $162.12 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 2.68 and a beta of 0.49. The company has a 50-day moving average of $287.83 and a two-hundred day moving average of $287.15.

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

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 22nd were given a $2.38 dividend. The ex-dividend date was Friday, August 22nd. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. Amgen's dividend payout ratio is currently 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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