First Manhattan CO. LLC. Has $30.64 Million Position in Amgen Inc. $AMGN

Key Points

• First Manhattan CO. LLC. reduced its stake in Amgen Inc. by 3.4%, holding 98,336 shares valued at approximately $30.64 million after selling 3,414 shares in the first quarter.
• Analyst Ratings for Amgen have shifted, with Erste Group Bank downgrading the stock from "strong-buy" to "hold," while Morgan Stanley raised the target price from $330 to $333, indicating mixed sentiment among analysts.
• Amgen reported $6.02 earnings per share for its latest quarter, surpassing expectations, which reflects a year-over-year revenue increase of 9.4%.

First Manhattan CO. LLC. reduced its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 98,336 shares of the medical research company's stock after selling 3,414 shares during the quarter. First Manhattan CO. LLC.'s holdings in Amgen were worth $30,637,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of Amgen during the first quarter worth approximately $25,000. Pinney & Scofield Inc. acquired a new stake in Amgen in the fourth quarter valued at approximately $26,000. First Pacific Financial lifted its stake in Amgen by 304.5% in the first quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after acquiring an additional 67 shares during the last quarter. Activest Wealth Management raised its position in shares of Amgen by 3,433.3% in the first quarter. Activest Wealth Management now owns 106 shares of the medical research company's stock valued at $33,000 after purchasing an additional 103 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Amgen in the fourth quarter worth $36,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Erste Group Bank cut shares of Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley boosted their target price on shares of Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Finally, UBS Group lowered their price target on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. One equities research 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $304.43.

Insider Buying and Selling

In related news, SVP Rachna Khosla sold 1,500 shares of the 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 sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Nancy A. Grygiel sold 1,267 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total transaction of $376,286.33. Following the transaction, the senior vice president directly owned 7,209 shares of the company's stock, valued at $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by corporate insiders.

Amgen Stock Performance

Amgen stock opened at $287.71 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. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $339.17. The company has a market cap of $154.89 billion, a PE ratio of 23.52, a PEG ratio of 2.50 and a beta of 0.49. The company's 50-day moving average is $293.13 and its two-hundred day moving average is $292.88.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. The business had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. Amgen's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $4.97 EPS. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Equities analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be paid a dividend of $2.38 per share. This represents a $9.52 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, August 22nd. Amgen's dividend payout ratio is presently 77.84%.

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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