Commonwealth Retirement Investments LLC Decreases Stock Holdings in Amgen Inc. $AMGN

Key Points

• Commonwealth Retirement Investments LLC cut its Amgen stake by 38.4% in the second quarter, selling 4,524 shares and retaining 7,243 shares valued at approximately $2.62 million. Institutional investors collectively own 76.5% of Amgen stock.
• Analysts raised several price targets after Amgen reported quarterly EPS of $6.29 and revenue of $10.05 billion, both above expectations. Despite multiple Buy and Outperform ratings, the consensus rating remains Hold, with an average price target of $372.39.
• Amgen shares opened at $415.21, near their 52-week high, while insiders have sold $2.54 million worth of stock over the past 90 days. The company declared a quarterly dividend of $2.52 per share, equivalent to a 2.4% annual yield.

Commonwealth Retirement Investments LLC reduced its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 38.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,243 shares of the medical research company's stock after selling 4,524 shares during the quarter. Commonwealth Retirement Investments LLC's holdings in Amgen were worth $2,623,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in AMGN. High Note Wealth LLC boosted its stake in shares of Amgen by 5.8% during the 4th quarter. High Note Wealth LLC now owns 508 shares of the medical research company's stock worth $166,000 after acquiring an additional 28 shares in the last quarter. TAGStone Capital Inc. raised its holdings in Amgen by 0.7% during the fourth quarter. TAGStone Capital Inc. now owns 4,129 shares of the medical research company's stock worth $1,351,000 after purchasing an additional 28 shares during the last quarter. Verus Capital Partners LLC raised its holdings in Amgen by 2.3% during the fourth quarter. Verus Capital Partners LLC now owns 1,231 shares of the medical research company's stock worth $403,000 after purchasing an additional 28 shares during the last quarter. Destination Wealth Management boosted its position in Amgen by 2.1% during the fourth quarter. Destination Wealth Management now owns 1,393 shares of the medical research company's stock worth $456,000 after purchasing an additional 29 shares in the last quarter. Finally, Breakwater Capital Group boosted its position in Amgen by 1.4% during the first quarter. Breakwater Capital Group now owns 2,039 shares of the medical research company's stock worth $717,000 after purchasing an additional 29 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded Amgen from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 6th. Morgan Stanley boosted their price objective on shares of Amgen from $333.00 to $351.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 5th. TD Cowen increased their price objective on shares of Amgen from $420.00 to $452.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. UBS Group lifted their target price on shares of Amgen from $420.00 to $440.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Finally, Oppenheimer lifted their target price on shares of Amgen from $400.00 to $450.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Amgen presently has a consensus rating of "Hold" and an average target price of $372.39.

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total value of $1,194,415.20. Following the transaction, the senior vice president directly owned 7,340 shares of the company's stock, valued at approximately $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Rachna Khosla sold 1,252 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the transaction, the senior vice president directly owned 6,404 shares in the company, valued at $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 6,222 shares of company stock valued at $2,540,926. Insiders own 0.85% of the company's stock.

Amgen Trading Down 0.6%

Shares of AMGN stock opened at $415.21 on Friday. The firm's 50-day simple moving average is $370.57 and its 200-day simple moving average is $358.93. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. Amgen Inc. has a 1-year low of $269.77 and a 1-year high of $421.79. The firm has a market cap of $224.47 billion, a P/E ratio of 25.81, a PEG ratio of 3.86 and a beta of 0.41.

Amgen (NASDAQ:AMGN - Get Free Report) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.62 by $0.67. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.05 billion during the quarter, compared to the consensus estimate of $9.43 billion. During the same period in the previous year, the firm earned $6.02 earnings per share. Amgen's revenue was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. As a group, equities analysts forecast that Amgen Inc. will post 22.78 EPS for the current year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 21st will be issued a dividend of $2.52 per share. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, August 21st. Amgen's dividend payout ratio is presently 62.65%.

About Amgen

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

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