Applied Finance Capital Management LLC Buys 1,860 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• Applied Finance Capital Management LLC increased its stake in Amgen Inc. by 26.3%, now holding 8,942 shares valued at approximately $2.79 million.
• Amgen's latest earnings report showed an EPS of $4.90, exceeding analyst expectations, with revenue growing 9.4% year-over-year.
• Institutional investors control 76.50% of Amgen's shares, indicating strong interest from large financial entities.

Applied Finance Capital Management LLC grew its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 26.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,942 shares of the medical research company's stock after acquiring an additional 1,860 shares during the quarter. Applied Finance Capital Management LLC's holdings in Amgen were worth $2,786,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Beck Mack & Oliver LLC grew its stake in shares of Amgen by 0.7% in the fourth quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company's stock valued at $1,205,000 after buying an additional 34 shares in the last quarter. Continuum Advisory LLC grew its stake in shares of Amgen by 0.7% in the fourth quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock valued at $1,343,000 after buying an additional 35 shares in the last quarter. Octavia Wealth Advisors LLC grew its stake in shares of Amgen by 1.5% in the first quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock valued at $759,000 after buying an additional 35 shares in the last quarter. Affinity Capital Advisors LLC grew its stake in shares of Amgen by 4.5% in the first quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company's stock valued at $246,000 after buying an additional 37 shares in the last quarter. Finally, Accredited Investors Inc. grew its stake in shares of Amgen by 1.7% in the first quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company's stock valued at $674,000 after buying an additional 37 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AMGN. 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 target price on shares of Amgen in a research note on Friday, June 27th. Morgan Stanley restated an "equal weight" rating on shares of Amgen in a research note on Friday, May 2nd. Guggenheim initiated coverage on shares of Amgen in a research note on Tuesday, May 20th. They set a "neutral" rating and a $288.00 target price for the company. Finally, Bank of America raised their target price on shares of Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $307.27.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction 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 sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is currently owned by insiders.

Amgen Trading Down 0.6%

Shares of AMGN traded down $1.88 during mid-day trading on Wednesday, hitting $301.68. 510,871 shares of the company's stock traded hands, compared to its average volume of 2,910,395. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $340.89. The firm has a market capitalization of $162.22 billion, a P/E ratio of 27.56, a PEG ratio of 2.61 and a beta of 0.49. The business's 50-day moving average price is $290.47 and its 200-day moving average price is $291.42.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its earnings results 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. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The firm had revenue of $8.15 billion for the quarter, compared to analysts' expectations of $8.05 billion. During the same period in the previous year, the firm earned $3.96 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Amgen Inc. will post 20.62 EPS for the current fiscal year.

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.