Fragasso Financial Advisors Inc Cuts Stock Holdings in Amgen Inc. $AMGN

Key Points

• Fragasso Financial Advisors Inc reduced its stake in Amgen Inc. by 6.1% during the second quarter, selling 1,134 shares for a total holding of 17,486 shares valued at approximately $4.88 million.
• Several large investors, including GAMMA Investing LLC and Nuveen LLC, have significantly increased their positions in Amgen, indicating strong institutional interest in the company.
• Despite a quarterly earnings report that exceeded expectations, Amgen's stock has received a range of ratings from analysts, with an average price target set at $304.43.

Fragasso Financial Advisors Inc reduced its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 6.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,486 shares of the medical research company's stock after selling 1,134 shares during the quarter. Fragasso Financial Advisors Inc's holdings in Amgen were worth $4,882,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of AMGN. GAMMA Investing LLC grew its position in Amgen by 43,573.5% in the 1st quarter. GAMMA Investing LLC now owns 3,661,589 shares of the medical research company's stock worth $1,140,768,000 after purchasing an additional 3,653,205 shares in the last quarter. Nuveen LLC purchased a new position in shares of Amgen in the 1st quarter worth approximately $688,868,000. Two Sigma Advisers LP grew its holdings in shares of Amgen by 96.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,545,600 shares of the medical research company's stock valued at $402,845,000 after acquiring an additional 760,700 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Amgen in the fourth quarter valued at approximately $193,339,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Amgen by 15.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,128,328 shares of the medical research company's stock valued at $1,336,647,000 after acquiring an additional 685,785 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total value of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares of the company's stock, valued at $2,141,000.91. This represents a 14.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Citigroup upped their price objective on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Piper Sandler raised their price objective on shares of Amgen from $328.00 to $342.00 and gave the stock an "overweight" rating in a report on Monday, August 25th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research report on Tuesday, June 24th. Wall Street Zen downgraded shares of Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Bank of America lifted their price target on shares of Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a report on Wednesday, July 23rd. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $304.43.

Amgen Price Performance

NASDAQ:AMGN opened at $274.40 on Tuesday. Amgen Inc. has a 52-week low of $253.30 and a 52-week high of $339.17. The stock has a fifty day moving average of $292.17 and a 200 day moving average of $291.33. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.98 and a current ratio of 1.31. The firm has a market capitalization of $147.73 billion, a price-to-earnings ratio of 22.44, a P/E/G ratio of 2.40 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly 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. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The firm had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. During the same quarter last year, the firm posted $4.97 EPS. The company's revenue was up 9.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. On average, research analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were given a dividend of $2.38 per share. The ex-dividend date was Friday, August 22nd. This represents a $9.52 annualized dividend and a yield of 3.5%. Amgen's payout ratio is presently 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.

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