Amgen Inc. $AMGN Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management cut its Amgen position by 42.5% in the third quarter, selling 6,227 shares and retaining 8,429 shares valued at approximately $3.55 million. Institutional investors still own 76.5% of the company.
• Analyst sentiment remains mixed, with Amgen receiving an average “Hold” rating and a consensus price target of $388.64, despite several firms raising targets and UBS assigning a “Buy” rating with a $470 target.
• Amgen reported quarterly earnings and revenue above expectations, with revenue up 9.5% year over year. Shares opened at $447.28, near their 52-week high, while the company maintains a quarterly dividend of $2.52, or a 2.3% annualized yield.

Axxcess Wealth Management LLC reduced its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 42.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,429 shares of the medical research company's stock after selling 6,227 shares during the period. Axxcess Wealth Management LLC's holdings in Amgen were worth $3,553,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. MW Advisory LLC purchased a new position in Amgen in the second quarter valued at about $1,054,000. Baird Financial Group Inc. boosted its stake in shares of Amgen by 1.6% during the 2nd quarter. Baird Financial Group Inc. now owns 339,825 shares of the medical research company's stock valued at $123,057,000 after buying an additional 5,496 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in shares of Amgen by 50.5% during the 1st quarter. Integrated Advisors Network LLC now owns 18,941 shares of the medical research company's stock valued at $6,664,000 after buying an additional 6,356 shares during the last quarter. KBC Group NV grew its position in shares of Amgen by 51.7% during the second quarter. KBC Group NV now owns 382,676 shares of the medical research company's stock worth $138,574,000 after buying an additional 130,497 shares in the last quarter. Finally, Nilsine Partners LLC acquired a new position in Amgen in the second quarter worth about $3,329,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AMGN. Guggenheim lowered their price target on Amgen from $388.00 to $378.00 and set a "neutral" rating for the company in a report on Tuesday, October 13th. Royal Bank Of Canada increased their target price on shares of Amgen from $400.00 to $430.00 and gave the stock an "outperform" rating in a report on Thursday, October 8th. Piper Sandler raised their price target on shares of Amgen from $427.00 to $457.00 and gave the stock an "overweight" rating in a research report on Thursday, August 20th. Canaccord Genuity Group raised their target price on Amgen from $366.00 to $384.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Finally, UBS Group boosted their price target on shares of Amgen from $430.00 to $470.00 and gave the company a "buy" rating in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Amgen has an average rating of "Hold" and a consensus target price of $388.64.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Piper Sandler maintained a Buy rating and set a $457 price target, leaving additional upside from the stock’s latest 52-week high. Piper Sandler Remains a Buy on Amgen
• Positive Sentiment: Amgen reached a new 52-week high at $447.28, roughly 55% above its October lows, highlighting strong investor momentum and demand for the stock. Amgen Reaches a New 52-Week High
• Positive Sentiment: Amgen and AstraZeneca reported Phase III Tezspire data in eosinophilic esophagitis, a potential expansion opportunity for the drug and a catalyst for the companies’ respiratory-immunology portfolios. Amgen and AstraZeneca Report Phase III Tezspire Data
• Positive Sentiment: Recent fundamentals remain supportive: Amgen’s latest reported quarter exceeded analyst expectations for both earnings and revenue, with revenue increasing year over year. Its diversified oncology, rare-disease, and inflammation portfolio also provides a steadier cash-flow profile than some high-growth biotech peers.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the sale, the senior vice president owned 7,340 shares in the company, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Rachna Khosla sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the transaction, the senior vice president owned 6,404 shares in the company, valued at approximately $2,642,098.28. This represents a 23.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 6,222 shares of company stock worth $2,540,926. 0.85% of the stock is currently owned by insiders.

Amgen Stock Up 2.0%

AMGN opened at $447.28 on Friday. The company has a debt-to-equity ratio of 4.44, a quick ratio of 1.13 and a current ratio of 1.37. The company has a market capitalization of $241.81 billion, a PE ratio of 19.59, a P/E/G ratio of 3.21 and a beta of 0.41. The stock's fifty day moving average is $417.22 and its 200-day moving average is $377.39. Amgen Inc. has a one year low of $288.00 and a one year high of $450.98.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.62 by $0.67. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The business had revenue of $10.05 billion during the quarter, compared to analysts' expectations of $9.43 billion. During the same quarter last year, the business posted $6.02 earnings per share. The company's quarterly revenue was up 9.5% on a year-over-year basis. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, equities analysts predict that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 21st were paid a $2.52 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $10.08 dividend on an annualized basis and a yield of 2.3%. Amgen's dividend payout ratio (DPR) is currently 62.65%.

About Amgen

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience.

The company's products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.

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