PNC Financial Services Group Inc. Buys 6,189 Shares of Amgen Inc. (NASDAQ:AMGN)

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 the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,024,152 shares of the medical research company's stock after purchasing an additional 6,189 shares during the quarter. PNC Financial Services Group Inc. owned 0.19% of Amgen worth $319,075,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in AMGN. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Amgen by 2.7% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 277,397 shares of the medical research company's stock worth $86,423,000 after purchasing an additional 7,308 shares in the last quarter. Endeavor Private Wealth Inc. lifted its stake in shares of Amgen by 412.7% during the 1st quarter. Endeavor Private Wealth Inc. now owns 2,953 shares of the medical research company's stock valued at $920,000 after buying an additional 2,377 shares in the last quarter. Fiduciary Wealth Partners LLC purchased a new position in shares of Amgen during the 1st quarter valued at $280,000. SPC Financial Inc. raised its position in shares of Amgen by 3.4% during the 1st quarter. SPC Financial Inc. now owns 3,469 shares of the medical research company's stock valued at $1,081,000 after buying an additional 115 shares in the last quarter. Finally, Strategic Family Wealth Counselors L.L.C. grew its stake in Amgen by 5.5% in the 1st quarter. Strategic Family Wealth Counselors L.L.C. now owns 1,131 shares of the medical research company's stock worth $352,000 after acquiring an additional 59 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors.

Amgen Stock Performance

NASDAQ:AMGN traded down $15.29 during mid-day trading on Wednesday, hitting $284.79. The stock had a trading volume of 3,750,363 shares, compared to its average volume of 2,907,998. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $339.17. The stock has a market cap of $153.13 billion, a price-to-earnings ratio of 25.98, a PEG ratio of 2.61 and a beta of 0.49. The company's 50 day simple moving average is $293.06 and its 200 day simple moving average is $292.45. 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 announced its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping analysts' consensus estimates of $5.28 by $0.74. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.86 billion. During the same quarter last year, the company earned $4.97 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

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

Insider Activity

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the sale, the senior vice president owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. The trade was 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 the SEC website. Insiders own 0.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMGN. William Blair reaffirmed an "outperform" rating on shares of Amgen in a report on Tuesday, June 24th. Morgan Stanley boosted their price target on shares of Amgen from $330.00 to $333.00 and gave the company an "equal weight" rating in a research note on Wednesday. Guggenheim started coverage on Amgen in a research note on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 price target on the stock. Royal Bank Of Canada dropped their price target on Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and issued a $328.00 price target on shares of Amgen in a report on Friday, June 27th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $307.00.

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.