Amgen Inc. $AMGN Stock Acquired by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Amgen stake by 32.5% in the third quarter, acquiring 20,421 additional shares and bringing its holdings to 83,227 shares valued at approximately $35.1 million.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $387.93; price targets ranged from $430 to $470, while UBS upgraded the stock to “Buy.”
• Amgen reported stronger-than-expected quarterly results, with earnings of $6.29 per share and revenue of $10.05 billion, and pays a quarterly dividend of $2.52 per share, representing a 2.3% yield.

State of Alaska Department of Revenue boosted its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 32.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 83,227 shares of the medical research company's stock after purchasing an additional 20,421 shares during the quarter. State of Alaska Department of Revenue's holdings in Amgen were worth $35,081,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp grew its position in Amgen by 38.2% in the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company's stock valued at $15,283,363,000 after purchasing an additional 11,656,755 shares during the period. Bank of America Corp DE acquired a new stake in shares of Amgen in the 2nd quarter worth about $1,831,903,000. Wellington Management Group LLP boosted its stake in Amgen by 1,102.7% during the 2nd quarter. Wellington Management Group LLP now owns 2,742,271 shares of the medical research company's stock valued at $993,031,000 after purchasing an additional 2,514,254 shares during the last quarter. BlackRock Inc. raised its stake in shares of Amgen by 4.8% in the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company's stock worth $17,874,974,000 after purchasing an additional 2,261,544 shares during the last quarter. Finally, Corient Private Wealth LP bought a new position in shares of Amgen in the second quarter valued at approximately $187,401,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of analyst reports. Oppenheimer reaffirmed an "outperform" rating on shares of Amgen in a report on Wednesday, September 23rd. Wells Fargo & Company decreased their price target on shares of Amgen from $435.00 to $430.00 and set an "equal weight" rating for the company in a research note on Monday. Cantor Fitzgerald lifted their price target on shares of Amgen from $400.00 to $440.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. UBS Group upped their price objective on Amgen from $430.00 to $470.00 and gave the company a "buy" rating in a research note on Friday, October 9th. Finally, Weiss Ratings raised Amgen from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, sixteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $387.93.

Amgen Stock Performance

NASDAQ AMGN traded up $15.04 during trading on Thursday, hitting $441.15. 1,188,957 shares of the company's stock traded hands, compared to its average volume of 2,741,502. 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 stock has a market capitalization of $238.50 billion, a price-to-earnings ratio of 27.41, a PEG ratio of 3.02 and a beta of 0.41. Amgen Inc. has a 12-month low of $288.00 and a 12-month high of $447.03. The business has a 50 day moving average of $414.53 and a 200-day moving average of $373.75.

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

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 21st were issued a dividend of $2.52 per share. 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 payout ratio is presently 62.65%.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 1,252 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $416.43, for a total transaction of $521,370.36. Following the sale, the senior vice president owned 6,404 shares of the company's stock, valued at approximately $2,666,817.72. This represents a 16.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Nancy A. Grygiel sold 2,970 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the transaction, the senior vice president owned 7,340 shares of the company's stock, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,222 shares of company stock worth $2,540,926 in the last three months. Insiders own 0.85% of the company's stock.

Amgen Company Profile

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen's portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

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