Amgen Inc. (NASDAQ:AMGN) Position Increased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. has increased its stake in Amgen by 0.6%, owning over 1 million shares valued at approximately $319 million.
• Several hedge funds have significantly boosted their positions in Amgen, with Capital World Investors raising its holdings by a staggering 1,292% in the previous quarter.
• Amgen's recent quarterly earnings exceeded expectations, reporting $4.90 earnings per share compared to an estimate of $4.18, on revenues of $8.15 billion.

PNC Financial Services Group Inc. raised its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 0.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,024,152 shares of the medical research company's stock after buying an additional 6,189 shares during the quarter. PNC Financial Services Group Inc. owned 0.19% of Amgen worth $319,075,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AMGN. Capital World Investors lifted its position in shares of Amgen by 1,292.0% in the fourth quarter. Capital World Investors now owns 6,495,710 shares of the medical research company's stock worth $1,693,042,000 after purchasing an additional 6,029,058 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Amgen by 43,573.5% in the first quarter. GAMMA Investing LLC now owns 3,661,589 shares of the medical research company's stock worth $1,140,768,000 after purchasing an additional 3,653,205 shares in the last quarter. Capital International Investors lifted its position in shares of Amgen by 40.1% in the fourth quarter. Capital International Investors now owns 12,212,065 shares of the medical research company's stock worth $3,182,843,000 after purchasing an additional 3,495,503 shares in the last quarter. Northern Trust Corp lifted its position in shares of Amgen by 15.8% in the fourth quarter. Northern Trust Corp now owns 6,431,029 shares of the medical research company's stock worth $1,676,183,000 after purchasing an additional 875,254 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Amgen by 20.7% in the fourth quarter. Capital Research Global Investors now owns 4,890,092 shares of the medical research company's stock worth $1,274,553,000 after purchasing an additional 839,686 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction that occurred on 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.76% of the company's stock.

Amgen Stock Up 0.6%

AMGN opened at $296.88 on Friday. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $339.17. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. The stock has a market capitalization of $159.64 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 2.55 and a beta of 0.49. The business has a 50 day moving average of $292.04 and a 200-day moving average of $291.87.

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 for the quarter, beating the consensus estimate of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company had revenue of $8.15 billion during the quarter, compared to analysts' expectations of $8.05 billion. During the same period in the prior year, the business earned $3.96 earnings per share. Amgen's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be given a $2.38 dividend. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. Amgen's dividend payout ratio is 86.86%.

Wall Street Analysts Forecast Growth

AMGN has been the subject of a number of research analyst reports. Guggenheim initiated coverage on shares of Amgen in a research report on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 price target for the company. Wall Street Zen raised shares of Amgen from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 18th. UBS Group increased their price objective on Amgen from $315.00 to $326.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Morgan Stanley restated an "equal weight" rating on shares of Amgen in a report on Friday, May 2nd. Finally, Bank of America increased their price objective on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $307.27.

About Amgen

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.

Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.