Comerica Bank Cuts Stake in Amgen Inc. $AMGN

Key Points

• Comerica Bank reduced its stake in Amgen Inc. by 6.7%, selling 12,511 shares for a total holding of 174,503 shares, valued at $54.37 million as of the latest SEC filing.
• Analysts have mixed ratings on Amgen, with target prices ranging from $303.76 to $328.00, while the stock currently holds an average rating of "Hold".
• Amgen announced a quarterly dividend of $2.38 per share, representing an annual yield of 3.2%, payable on September 12th to shareholders of record.

Comerica Bank lowered its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 6.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,503 shares of the medical research company's stock after selling 12,511 shares during the period. Comerica Bank's holdings in Amgen were worth $54,366,000 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 lifted its stake in Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock valued at $7,159,000 after buying an additional 5,226 shares in the last quarter. Forum Financial Management LP lifted its stake in Amgen by 0.7% in the 4th quarter. Forum Financial Management LP now owns 352,784 shares of the medical research company's stock valued at $91,950,000 after buying an additional 2,411 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Amgen by 12.9% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 36,971 shares of the medical research company's stock valued at $9,636,000 after buying an additional 4,232 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in Amgen by 3.4% in the 4th quarter. Integrated Wealth Concepts LLC now owns 23,256 shares of the medical research company's stock valued at $6,061,000 after buying an additional 765 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new stake in Amgen in the 4th quarter valued at approximately $1,181,000. Institutional investors and hedge funds own 76.50% of the company's stock.

Amgen Trading Down 0.6%

Amgen stock traded down $1.61 during midday trading on Wednesday, reaching $287.97. The stock had a trading volume of 1,400,593 shares, compared to its average volume of 2,120,274. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $339.17. The stock has a market capitalization of $155.03 billion, a PE ratio of 23.55, a price-to-earnings-growth ratio of 2.49 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.98 and a current ratio of 1.31. The stock's 50-day simple moving average is $293.28 and its 200 day simple moving average is $293.08.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The firm had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. During the same quarter last year, the firm earned $4.97 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Analysts expect that Amgen Inc. will post 20.62 EPS for the current year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a $2.38 dividend. The ex-dividend date 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 (DPR) is presently 77.84%.

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 1,267 shares of Amgen stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares in the company, valued at approximately $2,141,000.91. This trade represents a 14.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Rachna Khosla sold 1,500 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were 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 directly owned 8,162 shares in the company, valued at $2,364,368.16. This trade represents a 15.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. UBS Group reduced their target price on Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Citigroup upped their target price on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Royal Bank Of Canada reduced their target price on Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research note on Tuesday, June 24th. Finally, Erste Group Bank lowered Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $304.43.

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.