Cary Street Partners Financial LLC Buys 1,247 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• Cary Street Partners Financial LLC increased its stake in Amgen Inc. by 10.7% in the first quarter, owning a total of 12,918 shares valued at approximately $4.03 million.
• In related activity, SVP Rachna Khosla sold 1,500 shares of Amgen, representing a 15.52% decrease in her ownership, valued at about $434,520.
• Amgen recently announced a quarterly dividend of $2.38 per share, with a dividend yield of 3.2%, to be paid on September 12th.

Cary Street Partners Financial LLC grew its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 10.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,918 shares of the medical research company's stock after acquiring an additional 1,247 shares during the period. Cary Street Partners Financial LLC's holdings in Amgen were worth $4,025,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Beck Mack & Oliver LLC lifted its holdings in Amgen by 0.7% during the 4th quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company's stock worth $1,205,000 after purchasing an additional 34 shares during the last quarter. Continuum Advisory LLC increased its position in Amgen by 0.7% during the 4th quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock worth $1,343,000 after buying an additional 35 shares during the period. Octavia Wealth Advisors LLC lifted its holdings in shares of Amgen by 1.5% during the first quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock worth $759,000 after buying an additional 35 shares in the last quarter. Affinity Capital Advisors LLC boosted its position 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 acquiring an additional 37 shares during the period. Finally, Accredited Investors Inc. boosted its position 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 acquiring an additional 37 shares during the period. Institutional investors and hedge funds own 76.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on AMGN shares. Guggenheim started coverage on shares of Amgen in a research note on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 price objective for the company. Piper Sandler reaffirmed an "overweight" rating and set a $328.00 target price on shares of Amgen in a report on Friday, June 27th. Morgan Stanley boosted their price target on Amgen from $330.00 to $333.00 and gave the company an "equal weight" rating in a research note on Wednesday. Citigroup increased their price target on Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Royal Bank Of Canada dropped their price objective on Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $307.23.

Insider Activity

In related 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 value 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. The trade was a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.76% of the company's stock.

Amgen Price Performance

AMGN traded up $0.03 on Thursday, reaching $284.70. The stock had a trading volume of 2,588,846 shares, compared to its average volume of 2,017,625. The company has a current ratio of 1.31, a quick ratio of 0.88 and a debt-to-equity ratio of 7.24. The company has a market capitalization of $153.09 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 2.46 and a beta of 0.49. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $339.17. The firm has a 50-day moving average of $293.20 and a 200-day moving average of $292.48.

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 for the quarter, topping 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 company had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. During the same period in the previous year, the business posted $4.97 earnings per share. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Amgen Inc. will post 20.62 EPS for the current year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 annualized dividend and a dividend yield of 3.3%. Amgen's dividend payout ratio (DPR) is presently 77.84%.

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.