Jennison Associates LLC Sells 17,682 Shares of Amgen Inc. (NASDAQ:AMGN)

Jennison Associates LLC trimmed its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 9.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 173,738 shares of the medical research company's stock after selling 17,682 shares during the period. Jennison Associates LLC's holdings in Amgen were worth $54,128,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Amgen by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 52,721,795 shares of the medical research company's stock worth $13,741,409,000 after purchasing an additional 339,522 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Amgen by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 12,475,032 shares of the medical research company's stock worth $3,245,881,000 after purchasing an additional 352,143 shares during the last quarter. Capital International Investors grew its stake in Amgen by 40.1% in the 4th quarter. Capital International Investors now owns 12,212,065 shares of the medical research company's stock worth $3,182,843,000 after acquiring an additional 3,495,503 shares during the period. Capital World Investors grew its stake in Amgen by 1,292.0% in the 4th quarter. Capital World Investors now owns 6,495,710 shares of the medical research company's stock worth $1,693,042,000 after acquiring an additional 6,029,058 shares during the period. Finally, Northern Trust Corp grew its stake in Amgen by 15.8% in the 4th quarter. Northern Trust Corp now owns 6,431,029 shares of the medical research company's stock worth $1,676,183,000 after acquiring an additional 875,254 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Stock Performance

Shares of NASDAQ:AMGN traded down $3.49 during trading hours on Friday, hitting $294.76. The stock had a trading volume of 1,967,651 shares, compared to its average volume of 2,842,923. The stock's fifty day simple moving average is $285.90 and its 200 day simple moving average is $289.35. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $346.85. The firm has a market capitalization of $158.50 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.66 and a beta of 0.49. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.88 and a current ratio of 1.17.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.18 by $0.72. The business had revenue of $8.15 billion during the quarter, compared to analysts' expectations of $8.05 billion. Amgen had a net margin of 17.39% and a return on equity of 176.11%. The business's revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $3.96 earnings per share. Sell-side analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AMGN has been the subject of several recent analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $315.00 target price (down from $319.00) on shares of Amgen in a research note on Friday, May 2nd. William Blair restated an "outperform" rating on shares of Amgen in a report on Tuesday, June 24th. Erste Group Bank downgraded Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $328.00 price objective on shares of Amgen in a report on Friday, June 27th. Finally, Guggenheim began coverage on Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Amgen currently has a consensus rating of "Hold" and an average target price of $307.82.

Insider Activity at Amgen

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were 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 owned 8,162 shares in the company, valued at $2,364,368.16. This represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.76% of the company's stock.

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.