Cornerstone Wealth Group LLC Boosts Holdings in Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Group LLC raised its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 42.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,891 shares of the medical research company's stock after purchasing an additional 5,584 shares during the period. Cornerstone Wealth Group LLC's holdings in Amgen were worth $5,886,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AMGN. Brighton Jones LLC raised its holdings in Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after purchasing an additional 5,226 shares in the last quarter. MONECO Advisors LLC increased its position in shares of Amgen by 44.6% during the fourth quarter. MONECO Advisors LLC now owns 3,711 shares of the medical research company's stock valued at $967,000 after buying an additional 1,145 shares during the period. World Equity Group Inc. raised its stake in Amgen by 19.7% in the fourth quarter. World Equity Group Inc. now owns 983 shares of the medical research company's stock worth $256,000 after buying an additional 162 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Amgen in the fourth quarter worth about $694,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in Amgen by 470.5% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 15,809 shares of the medical research company's stock worth $4,120,000 after buying an additional 13,038 shares during the period. Hedge funds and other institutional investors own 76.50% of the company's stock.

Analysts Set New Price Targets

AMGN has been the topic of a number of research analyst reports. Guggenheim began coverage on Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 target price on the stock. Wall Street Zen upgraded Amgen from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 18th. Bank of America upped their price target on Amgen from $275.00 to $294.00 and gave the stock an "underperform" rating in a research note on Wednesday, March 5th. Cantor Fitzgerald reissued a "neutral" rating and set a $305.00 price objective on shares of Amgen in a research report on Tuesday. Finally, Mizuho boosted their target price on shares of Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $309.22.

Amgen Stock Performance

NASDAQ AMGN traded up $2.86 during trading hours on Wednesday, hitting $280.35. The company's stock had a trading volume of 2,735,779 shares, compared to its average volume of 2,831,401. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $346.85. The company's 50 day simple moving average is $281.03 and its two-hundred day simple moving average is $286.04. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The company has a market cap of $150.75 billion, a P/E ratio of 25.58, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The medical research company reported $4.90 EPS for the quarter, topping analysts' consensus estimates of $4.18 by $0.72. Amgen had a net margin of 17.39% and a return on equity of 176.11%. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.05 billion. During the same period in the previous year, the business posted $3.96 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president now directly owns 8,162 shares of the company's stock, valued at $2,364,368.16. This represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is currently owned by corporate insiders.

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.