Beacon Harbor Wealth Advisors Inc. Increases Stake in Amgen Inc. (NASDAQ:AMGN)

Key Points

• Beacon Harbor Wealth Advisors Inc. increased its position in Amgen by 98.6%, acquiring an additional 13,354 shares, resulting in a total of 26,902 shares worth approximately $8.38 million.
• Wall Street analyst ratings for Amgen reflect a mixed outlook, with the stock receiving two sell ratings, twelve hold ratings, and two strong buy ratings, indicating varying levels of investor confidence.
• Amgen recently declared a quarterly dividend of $2.38 per share, which represents an annualized yield of 3.3% and highlights the company's solid financial position.

Beacon Harbor Wealth Advisors Inc. lifted its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 98.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,902 shares of the medical research company's stock after acquiring an additional 13,354 shares during the quarter. Amgen accounts for about 1.9% of Beacon Harbor Wealth Advisors Inc.'s investment portfolio, making the stock its 14th largest holding. Beacon Harbor Wealth Advisors Inc.'s holdings in Amgen were worth $8,381,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in AMGN. Pinney & Scofield Inc. purchased a new stake in shares of Amgen in the 4th quarter worth $26,000. First Pacific Financial raised its holdings in Amgen by 304.5% in the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock worth $28,000 after purchasing an additional 67 shares during the period. Heck Capital Advisors LLC bought a new position in Amgen in the 4th quarter worth $36,000. Legacy Investment Solutions LLC raised its holdings in Amgen by 46.9% in the 4th quarter. Legacy Investment Solutions LLC now owns 141 shares of the medical research company's stock worth $37,000 after purchasing an additional 45 shares during the period. Finally, South Plains Financial Inc. bought a new position in Amgen in the 4th quarter worth $37,000. 76.50% of the stock is currently owned by institutional investors.

Insider Transactions at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the company'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 $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.76% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AMGN shares. Royal Bank Of Canada decreased their target price on Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $305.00 price target on shares of Amgen in a research report on Tuesday, June 24th. Citigroup upped their price target on shares of Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a research report on Wednesday. Guggenheim assumed 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. Finally, Mizuho upped their price target on shares of Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $303.76.

Amgen Price Performance

Amgen stock traded up $3.53 during mid-day trading on Friday, reaching $288.23. 1,802,960 shares of the company's stock traded hands, compared to its average volume of 2,050,777. The company has a market cap of $155.17 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.44 and a beta of 0.49. The stock has a 50 day moving average of $293.23 and a two-hundred day moving average of $292.57. The company has a quick ratio of 0.88, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $339.17.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. The company had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. Amgen's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.97 earnings per share. Equities analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be paid a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a yield of 3.3%. Amgen's dividend payout ratio is presently 77.84%.

Amgen 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.