Busey Bank Trims Holdings in Amgen Inc. $AMGN

Key Points

• Busey Bank has reduced its holdings in Amgen Inc. by 2.5%, now owning 79,855 shares valued at $22.3 million after selling 2,055 shares.
• Amgen's quarterly revenue rose by 9.4% year-over-year, reaching $9.18 billion, surpassing analyst expectations of $8.86 billion.
• The firm declared a quarterly dividend of $2.38, equating to an annual yield of 3.3%, with a payout ratio currently at 77.84%.

Busey Bank cut its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,855 shares of the medical research company's stock after selling 2,055 shares during the quarter. Busey Bank's holdings in Amgen were worth $22,296,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its position in Amgen by 23.5% in the fourth quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock valued at $7,159,000 after acquiring an additional 5,226 shares during the period. Forum Financial Management LP boosted its holdings in Amgen by 0.7% in the fourth quarter. Forum Financial Management LP now owns 352,784 shares of the medical research company's stock valued at $91,950,000 after acquiring an additional 2,411 shares during the last quarter. Novem Group bought a new position in Amgen in the fourth quarter valued at about $328,000. 49 Wealth Management LLC lifted its stake in Amgen by 23.1% in the fourth quarter. 49 Wealth Management LLC now owns 1,030 shares of the medical research company's stock valued at $268,000 after buying an additional 193 shares during the period. Finally, Vise Technologies Inc. lifted its stake in Amgen by 33.7% in the fourth quarter. Vise Technologies Inc. now owns 5,582 shares of the medical research company's stock valued at $1,455,000 after buying an additional 1,406 shares during the period. 76.50% of the stock is currently owned by institutional investors.

Amgen Stock Performance

Shares of NASDAQ AMGN traded up $9.58 during midday trading on Friday, hitting $285.41. 8,729,346 shares of the company's stock were exchanged, compared to its average volume of 2,339,546. The company has a quick ratio of 0.98, 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. The company's 50 day moving average price is $290.57 and its 200 day moving average price is $290.29. The firm has a market capitalization of $153.65 billion, a PE ratio of 23.34, a price-to-earnings-growth ratio of 2.48 and a beta of 0.49.

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 the consensus estimate of $5.28 by $0.74. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The business had revenue of $9.18 billion during the quarter, compared to the consensus estimate of $8.86 billion. During the same period in the previous year, the company posted $4.97 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, analysts predict that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were given 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 was Friday, August 22nd. Amgen's payout ratio is 77.84%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen lowered Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. UBS Group dropped their price target on Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. William Blair reaffirmed an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Raymond James Financial started coverage on Amgen in a research report on Wednesday, September 3rd. They issued a "market perform" rating on the stock. Finally, Citigroup upped their price target on Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Amgen presently has an average rating of "Hold" and an average price target of $304.43.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total transaction of $376,286.33. Following the sale, the senior vice president owned 7,209 shares in the company, valued at $2,141,000.91. This represents a 14.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.69% of the company's stock.

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.