Amgen Inc. (NASDAQ:AMGN) Shares Sold by Assetmark Inc.

Key Points

• Assetmark Inc. has significantly reduced its stake in Amgen Inc. by 40.1%, owning 175,968 shares after selling 118,002 shares in the 1st quarter.
• Capital World Investors increased its stake by an impressive 1,292.0%, now holding 6,495,710 shares after purchasing an additional 6,029,058 shares.
• Amgen recently reported $4.90 earnings per share, exceeding estimates, with a revenue of $8.15 billion for the quarter, marking a 9.4% year-over-year increase.

Assetmark Inc. reduced its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 40.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 175,968 shares of the medical research company's stock after selling 118,002 shares during the quarter. Assetmark Inc.'s holdings in Amgen were worth $54,823,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AMGN. Capital World Investors raised 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 valued at $1,693,042,000 after purchasing an additional 6,029,058 shares during the last quarter. GAMMA Investing LLC raised its stake in Amgen by 43,573.5% in the 1st quarter. GAMMA Investing LLC now owns 3,661,589 shares of the medical research company's stock valued at $1,140,768,000 after purchasing an additional 3,653,205 shares during the last quarter. Capital International Investors raised 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 valued at $3,182,843,000 after purchasing an additional 3,495,503 shares during the last quarter. Franklin Resources Inc. raised its stake in Amgen by 52.7% in the 4th quarter. Franklin Resources Inc. now owns 3,291,975 shares of the medical research company's stock valued at $858,020,000 after purchasing an additional 1,135,884 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of 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 last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Stock Performance

NASDAQ AMGN opened at $306.58 on Friday. The company has a market cap of $164.85 billion, a P/E ratio of 27.97, a P/E/G ratio of 2.67 and a beta of 0.49. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The stock has a 50-day moving average of $289.39 and a two-hundred day moving average of $290.70. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $340.89.

Amgen (NASDAQ:AMGN - Get Free Report) last released its earnings results 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. The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.05 billion. Amgen had a return on equity of 176.11% and a net margin of 17.39%. Amgen's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.96 EPS. As a group, analysts anticipate that Amgen Inc. will post 20.62 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AMGN. Piper Sandler reaffirmed an "overweight" rating and issued a $328.00 target price on shares of Amgen in a research note on Friday, June 27th. Citigroup raised their target price on Amgen from $300.00 to $305.00 and gave the stock a "neutral" rating in a research note on Tuesday. Wall Street Zen raised Amgen from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 18th. Guggenheim began coverage on Amgen in a research note on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 target price for the company. Finally, Royal Bank Of Canada cut their target price on Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Amgen has a consensus rating of "Hold" and an average price target of $307.27.

Insider Activity

In other news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction dated 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 transaction, the senior vice president owned 8,162 shares in the company, valued at approximately $2,364,368.16. This trade represents a 15.52% decrease in their position. The sale 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.

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.

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