Cresset Asset Management LLC Cuts Stock Position in Amgen Inc. $AMGN

Key Points

• Cresset Asset Management LLC decreased its stake in Amgen Inc. by 1.8%, owning 50,942 shares valued at approximately $15.87 million after selling 954 shares.
• Amgen reported earnings per share of $6.02 for the most recent quarter, surpassing analysts' expectations and reflecting a 9.4% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $2.38, representing an annualized dividend yield of 3.2% and a payout ratio of 77.84%.

Cresset Asset Management LLC decreased its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,942 shares of the medical research company's stock after selling 954 shares during the period. Cresset Asset Management LLC's holdings in Amgen were worth $15,871,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. KPP Advisory Services LLC grew its stake in Amgen by 87.1% in the 1st quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock worth $1,817,000 after buying an additional 2,716 shares in the last quarter. Advisor Resource Council bought a new stake in Amgen during the 1st quarter valued at $1,331,000. DLK Investment Management LLC raised its holdings in Amgen by 7.3% during the 1st quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock valued at $6,384,000 after buying an additional 1,387 shares during the last quarter. Founders Financial Alliance LLC increased its position in Amgen by 2.7% during the 1st quarter. Founders Financial Alliance LLC now owns 1,577 shares of the medical research company's stock valued at $491,000 after purchasing an additional 42 shares during the period. Finally, Stratos Investment Management LLC increased its position in Amgen by 24.8% during the 1st quarter. Stratos Investment Management LLC now owns 21,382 shares of the medical research company's stock valued at $6,662,000 after purchasing an additional 4,252 shares during the period. Hedge funds and other institutional investors own 76.50% of the company's stock.

Insider Buying and Selling

In other news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. This represents a 15.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.76% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMGN. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. UBS Group cut their price objective on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley upped their target price on shares of Amgen from $330.00 to $333.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Mizuho increased their price objective on shares of Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen cut shares of Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $303.76.

Amgen Trading Down 0.2%

AMGN traded down $0.69 during trading on Thursday, reaching $295.76. The company had a trading volume of 1,840,079 shares, compared to its average volume of 2,848,993. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $339.17. The stock has a market cap of $159.23 billion, a P/E ratio of 24.18, a PEG ratio of 2.55 and a beta of 0.49. The business has a 50 day simple moving average of $293.49 and a 200-day simple moving average of $293.19. 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 (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The medical research company reported $6.02 earnings per share 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 firm 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 earnings per share. 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. On average, equities analysts anticipate that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given a $2.38 dividend. This represents a $9.52 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, August 22nd. Amgen's dividend payout ratio is currently 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.