Amgen Inc. $AMGN Stock Position Boosted by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management increased its Amgen position by 64.1% in the third quarter, holding 120,771 shares worth approximately $50.9 million. Institutional investors collectively own 76.5% of Amgen’s stock.
• Analyst sentiment is mixed, with Amgen receiving an average “Hold” rating and a consensus price target of $388.29, below its reported share price of $417.57.
• Amgen exceeded quarterly earnings and revenue expectations, reporting $6.29 in adjusted EPS and $10.05 billion in revenue. The company also declared a quarterly dividend of $2.52, equivalent to a 2.4% annualized yield.

NorthCrest Asset Manangement LLC lifted its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 64.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 120,771 shares of the medical research company's stock after acquiring an additional 47,170 shares during the quarter. Amgen accounts for about 1.2% of NorthCrest Asset Manangement LLC's holdings, making the stock its 12th biggest holding. NorthCrest Asset Manangement LLC's holdings in Amgen were worth $50,906,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Amgen by 4.8% during the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company's stock valued at $17,874,974,000 after acquiring an additional 2,261,544 shares during the last quarter. State Street Corp increased its holdings in Amgen by 38.2% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Amgen by 12.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company's stock valued at $1,952,156,000 after purchasing an additional 605,928 shares during the last quarter. Bank of America Corp DE purchased a new stake in Amgen in the 2nd quarter worth approximately $1,831,903,000. Finally, Invesco Ltd. grew its position in shares of Amgen by 7.2% in the 4th quarter. Invesco Ltd. now owns 4,788,460 shares of the medical research company's stock worth $1,567,311,000 after buying an additional 321,173 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on AMGN shares. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a report on Saturday. HSBC downgraded shares of Amgen from a "buy" rating to a "hold" rating and decreased their price target for the stock from $445.00 to $425.00 in a research note on Thursday, September 10th. TD Cowen raised their price objective on shares of Amgen from $420.00 to $452.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Jefferies Financial Group reaffirmed a "hold" rating and set a $410.00 price objective on shares of Amgen in a research report on Wednesday, September 23rd. Finally, BMO Capital Markets reduced their target price on Amgen from $450.00 to $415.00 and set a "market perform" rating on the stock in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Amgen presently has an average rating of "Hold" and a consensus target price of $388.29.

Amgen Stock Up 0.7%

NASDAQ:AMGN opened at $417.57 on Tuesday. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. The firm's 50-day moving average price is $413.72 and its 200-day moving average price is $372.82. The company has a market capitalization of $225.75 billion, a PE ratio of 25.95, a P/E/G ratio of 2.99 and a beta of 0.41. Amgen Inc. has a 1-year low of $288.00 and a 1-year high of $447.03.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The medical research company reported $6.29 EPS for the quarter, topping the consensus estimate of $5.62 by $0.67. The business had revenue of $10.05 billion for the quarter, compared to analyst estimates of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. Amgen's quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.02 earnings per share. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 21st were given a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 21st. Amgen's payout ratio is currently 62.65%.

Insider Activity at Amgen

In other Amgen news, SVP Rachna Khosla sold 1,252 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the sale, the senior vice president directly owned 6,404 shares of the company's stock, valued at approximately $2,666,817.72. The trade was a 16.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nancy A. Grygiel sold 2,970 shares of Amgen 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,222 shares of company stock worth $2,540,926 in the last 90 days. 0.85% of the stock is currently owned by company insiders.

Amgen 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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