Amgen Inc. $AMGN Stock Position Lessened by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD reduced its holdings in Amgen Inc. by 22.9% during the first quarter, now owning over 2 million shares valued at approximately $634.8 million.
• Amgen has recently performed well, reporting $6.02 EPS for the last quarter, significantly surpassing analyst expectations, and revenue increased by 9.4% year-over-year.
• The company has announced a quarterly dividend of $2.38 per share, reflecting an annualized yield of 3.2%, with an ex-dividend date of August 22nd.

Price T Rowe Associates Inc. MD decreased its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 22.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,037,579 shares of the medical research company's stock after selling 605,538 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.38% of Amgen worth $634,809,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of AMGN. Pinney & Scofield Inc. bought a new position in shares of Amgen in the fourth quarter worth $26,000. First Pacific Financial boosted its stake in Amgen by 304.5% during 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 in the last quarter. Heck Capital Advisors LLC bought a new position in Amgen during the fourth quarter valued at about $36,000. South Plains Financial Inc. bought a new position in Amgen during the fourth quarter valued at about $37,000. Finally, Global Wealth Strategies & Associates boosted its stake in Amgen by 1,388.9% during the first quarter. Global Wealth Strategies & Associates now owns 134 shares of the medical research company's stock valued at $42,000 after buying an additional 125 shares in the last quarter. Institutional investors own 76.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on AMGN shares. Mizuho raised their target price on Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Citigroup raised their target price on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Guggenheim started coverage on Amgen in a research note on Tuesday, May 20th. They set a "neutral" rating and a $288.00 target price for the company. Bank of America raised their target price on Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a research note on Wednesday, July 23rd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $328.00 target price on shares of Amgen in a research note on Friday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Amgen has an average rating of "Hold" and a consensus price target of $303.76.

Amgen Trading Down 0.7%

NASDAQ:AMGN opened at $293.72 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $339.17. The firm has a market capitalization of $158.13 billion, a price-to-earnings ratio of 24.02, a price-to-earnings-growth ratio of 2.55 and a beta of 0.49. The stock has a fifty day simple moving average of $293.43 and a 200 day simple moving average of $293.27.

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

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be paid a $2.38 dividend. This represents a $9.52 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, August 22nd. Amgen's dividend payout ratio is currently 77.84%.

Insider Activity

In related news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction dated Wednesday, August 20th. The stock was 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 approximately $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.

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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