CX Institutional Reduces Stake in Amgen Inc. (NASDAQ:AMGN)

CX Institutional cut its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 8.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,026 shares of the medical research company's stock after selling 3,410 shares during the quarter. CX Institutional's holdings in Amgen were worth $11,536,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMGN. Ascent Wealth Partners LLC raised its holdings in shares of Amgen by 0.7% during the 4th quarter. Ascent Wealth Partners LLC now owns 9,024 shares of the medical research company's stock worth $2,352,000 after acquiring an additional 64 shares in the last quarter. ICICI Prudential Asset Management Co Ltd grew its position in Amgen by 242.2% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 23,999 shares of the medical research company's stock valued at $6,255,000 after acquiring an additional 16,985 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Amgen by 285.4% during the 4th quarter. Fisher Asset Management LLC now owns 394,489 shares of the medical research company's stock worth $102,820,000 after buying an additional 292,137 shares in the last quarter. Aire Advisors LLC grew its position in shares of Amgen by 26.3% during the 4th quarter. Aire Advisors LLC now owns 13,280 shares of the medical research company's stock worth $3,461,000 after buying an additional 2,762 shares in the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Amgen during the 4th quarter worth $3,531,000. 76.50% of the stock is currently owned by institutional investors.

Amgen Price Performance

Shares of NASDAQ AMGN traded down $2.07 during midday trading on Friday, hitting $295.22. The stock had a trading volume of 2,191,182 shares, compared to its average volume of 2,816,232. The company has a market capitalization of $158.74 billion, a PE ratio of 39.10, a P/E/G ratio of 2.63 and a beta of 0.51. The stock has a 50 day simple moving average of $281.33 and a 200-day simple moving average of $285.58. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $346.85. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 9.62.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings data 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 return on equity of 176.32% and a net margin of 12.24%. The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. During the same quarter last year, the business posted $3.96 earnings per share. The firm's revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. UBS Group restated a "neutral" rating and set a $315.00 price objective (down from $319.00) on shares of Amgen in a research note on Friday, May 2nd. Wall Street Zen upgraded Amgen from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 18th. Bank of America increased their price target on Amgen from $275.00 to $294.00 and gave the company an "underperform" rating in a research note on Wednesday, March 5th. Piper Sandler decreased their price target on Amgen from $329.00 to $328.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Finally, Mizuho increased their price target on Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $309.22.

Insider Activity

In related news, SVP Rachna Khosla sold 1,500 shares of the business's 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 completion of the transaction, the senior vice president now directly owns 8,162 shares of the company's stock, valued at $2,364,368.16. The trade was a 15.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.76% of the company's stock.

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.