Cullinan Associates Inc. Lowers Stake in Amgen Inc. (NASDAQ:AMGN)

Cullinan Associates Inc. reduced its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,523 shares of the medical research company's stock after selling 1,511 shares during the quarter. Cullinan Associates Inc.'s holdings in Amgen were worth $10,756,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Advisor Resource Council purchased a new stake in shares of Amgen during the 1st quarter worth about $1,331,000. Ascent Wealth Partners LLC lifted its stake in Amgen by 0.7% in the 4th quarter. Ascent Wealth Partners LLC now owns 9,024 shares of the medical research company's stock valued at $2,352,000 after buying an additional 64 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Amgen by 285.4% in the 4th quarter. Fisher Asset Management LLC now owns 394,489 shares of the medical research company's stock valued at $102,820,000 after buying an additional 292,137 shares in the last quarter. Aire Advisors LLC lifted its stake in Amgen by 26.3% in the 4th quarter. Aire Advisors LLC now owns 13,280 shares of the medical research company's stock valued at $3,461,000 after buying an additional 2,762 shares in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new position in Amgen in the 4th quarter valued at about $3,531,000. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 8,162 shares in the company, valued at approximately $2,364,368.16. This trade represents a 15.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.76% of the company's stock.

Amgen Stock Down 0.1%

Shares of NASDAQ AMGN opened at $289.33 on Friday. The company has a 50 day simple moving average of $281.82 and a 200-day simple moving average of $286.02. The company has a market capitalization of $155.58 billion, a P/E ratio of 26.40, a P/E/G ratio of 2.62 and a beta of 0.51. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $346.85.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Mizuho raised their price target on shares of Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Johnson Rice set a $294.00 price target on shares of Amgen in a research note on Wednesday, March 5th. Royal Bank Of Canada decreased their price target on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Erste Group Bank lowered shares of Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Amgen in a research note on Tuesday, April 22nd. They issued a "neutral" rating and a $305.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $309.22.

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.

Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.