Frank Rimerman Advisors LLC Increases Holdings in Amgen Inc. (NASDAQ:AMGN)

Key Points

• Frank Rimerman Advisors LLC increased its stake in Amgen Inc. by 79.2%, owning 8,270 shares valued at approximately $2.58 million.
• Amgen recently announced a quarterly dividend of $2.38 per share, representing an annualized yield of 3.3%.
• In its latest quarterly earnings, Amgen reported an EPS of $6.02, surpassing analyst expectations and achieving a year-over-year revenue growth of 9.4%.

Frank Rimerman Advisors LLC lifted its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 79.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,270 shares of the medical research company's stock after buying an additional 3,656 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Amgen were worth $2,577,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. KPP Advisory Services LLC lifted its position in shares of Amgen by 87.1% in the first quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock valued at $1,817,000 after acquiring an additional 2,716 shares in the last quarter. Advisor Resource Council purchased a new position in shares of Amgen in the first quarter valued at about $1,331,000. DLK Investment Management LLC lifted its position in shares of Amgen by 7.3% in the first quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock valued at $6,384,000 after acquiring an additional 1,387 shares in the last quarter. Founders Financial Alliance LLC lifted its position in shares of Amgen by 2.7% in the first quarter. Founders Financial Alliance LLC now owns 1,577 shares of the medical research company's stock valued at $491,000 after acquiring an additional 42 shares in the last quarter. Finally, Mariner LLC lifted its position in shares of Amgen by 2.2% in the fourth quarter. Mariner LLC now owns 914,380 shares of the medical research company's stock valued at $238,316,000 after acquiring an additional 19,250 shares in the last quarter. Institutional investors own 76.50% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on AMGN shares. Piper Sandler restated an "overweight" rating and issued a $328.00 price objective on shares of Amgen in a research report on Friday, June 27th. UBS Group lowered their price objective on Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Mizuho lifted their target price on Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Erste Group Bank cut Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Citigroup lifted their target price on Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $303.76.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.69% of the company's stock.

Amgen Trading Down 0.0%

NASDAQ AMGN traded down $0.11 during trading hours on Tuesday, hitting $284.98. 2,189,061 shares of the company were exchanged, compared to its average volume of 2,894,184. The stock has a 50-day moving average price of $293.16 and a 200 day moving average price of $292.88. 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 52 week low of $253.30 and a 52 week high of $339.17. The stock has a market cap of $153.42 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 2.49 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.28 by $0.74. The company had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. Amgen had a return on equity of 174.71% and a net margin of 18.96%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $4.97 earnings per share. Analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.3%. Amgen's dividend payout ratio is currently 77.84%.

Amgen Company 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.