Davis Investment Partners LLC Raises Stock Position in Amgen Inc. $AMGN

Key Points

• Davis Investment Partners LLC increased its stake in Amgen Inc. by 66.7%, owning a total of 4,865 shares worth approximately $1.41 million after acquiring an additional 1,947 shares in the second quarter.
• Amgen's quarterly earnings of $6.02 per share exceeded analyst expectations, with revenues of $9.18 billion, marking a 9.4% year-over-year increase.
• The company recently declared a quarterly dividend of $2.38 per share, yielding 3.4%, and its current payout ratio stands at 77.84%.

Davis Investment Partners LLC lifted its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 66.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,865 shares of the medical research company's stock after purchasing an additional 1,947 shares during the period. Davis Investment Partners LLC's holdings in Amgen were worth $1,413,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AMGN. Continuum Advisory LLC boosted its position in Amgen by 0.7% during the fourth quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock worth $1,343,000 after acquiring an additional 35 shares during the last quarter. Octavia Wealth Advisors LLC boosted its position in Amgen by 1.5% during the first quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock worth $759,000 after acquiring an additional 35 shares during the last quarter. Crumly & Associates Inc. boosted its position in Amgen by 3.2% during the second quarter. Crumly & Associates Inc. now owns 1,146 shares of the medical research company's stock worth $320,000 after acquiring an additional 36 shares during the last quarter. Affinity Capital Advisors LLC boosted its position in Amgen by 4.5% during the first quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company's stock worth $246,000 after acquiring an additional 37 shares during the last quarter. Finally, Accredited Investors Inc. boosted its position in Amgen by 1.7% during the first quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company's stock worth $674,000 after acquiring an additional 37 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of Amgen stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total transaction of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares in the company, valued at approximately $2,141,000.91. The trade was a 14.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.69% of the company's stock.

Amgen Stock Performance

NASDAQ:AMGN opened at $276.39 on Monday. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 7.24. The firm has a market capitalization of $148.80 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 2.40 and a beta of 0.49. The firm's fifty day simple moving average is $292.54 and its 200 day simple moving average is $291.56. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $339.17.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its earnings results 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. The business had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.97 EPS. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, equities research analysts expect that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 22nd were issued a dividend of $2.38 per share. The ex-dividend date was Friday, August 22nd. This represents a $9.52 annualized dividend and a dividend yield of 3.4%. Amgen's payout ratio is presently 77.84%.

Analyst Ratings Changes

AMGN has been the topic of a number of analyst reports. UBS Group decreased their target price 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. Raymond James Financial initiated coverage on shares of Amgen in a research report on Wednesday, September 3rd. They set a "market perform" rating on the stock. Bank of America raised their target price on shares of Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 23rd. Cantor Fitzgerald restated a "neutral" rating and set a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. Finally, William Blair reiterated an "outperform" rating on shares of Amgen in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Amgen has a consensus rating of "Hold" and a consensus target price of $304.43.

About Amgen

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.

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