Fragasso Financial Advisors Inc Purchases 2,471 Shares of Amgen Inc. $AMGN

Key Points

• Fragasso Financial Advisors increased its Amgen stake by 21.1% in the third quarter, purchasing 2,471 shares for a total holding of 14,185 shares valued at approximately $5.9 million. Institutional investors collectively own 76.5% of Amgen’s stock.
• Analyst sentiment remains mixed: Amgen has an overall “Hold” consensus rating, with a consensus price target of $387.93, below its recent trading price of $414.98.
• Amgen reported quarterly earnings of $6.29 per share and revenue of $10.05 billion, beating estimates and marking 9.5% year-over-year revenue growth. The company also pays a quarterly dividend of $2.52, equivalent to a 2.4% annual yield.

Fragasso Financial Advisors Inc increased its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 21.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,185 shares of the medical research company's stock after buying an additional 2,471 shares during the period. Fragasso Financial Advisors Inc's holdings in Amgen were worth $5,885,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. NorthCrest Asset Manangement LLC lifted its position in Amgen by 64.1% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 120,771 shares of the medical research company's stock valued at $50,906,000 after acquiring an additional 47,170 shares during the period. Perpetual Ltd boosted its holdings in Amgen by 21.5% during the 3rd quarter. Perpetual Ltd now owns 5,454 shares of the medical research company's stock valued at $2,299,000 after acquiring an additional 964 shares during the period. JGP Wealth Management LLC grew its holdings in Amgen by 0.3% during the 3rd quarter. JGP Wealth Management LLC now owns 43,391 shares of the medical research company's stock worth $18,290,000 after acquiring an additional 123 shares in the last quarter. Marquette Asset Management LLC raised its stake in Amgen by 78.4% in the third quarter. Marquette Asset Management LLC now owns 330 shares of the medical research company's stock valued at $139,000 after buying an additional 145 shares during the last quarter. Finally, Friday Financial acquired a new stake in Amgen during the 3rd quarter valued at approximately $208,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMGN has been the subject of a number of recent research reports. Royal Bank Of Canada increased their target price on shares of Amgen from $400.00 to $430.00 and gave the company an "outperform" rating in a research report on Thursday. Cantor Fitzgerald upped their price target on Amgen from $400.00 to $440.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. Canaccord Genuity Group raised their price objective on Amgen from $366.00 to $384.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Amgen from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday. Finally, Truist Financial raised their price target on shares of Amgen from $362.00 to $380.00 and gave the stock a "hold" rating in a research report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $387.93.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,970 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the transaction, the senior vice president owned 7,340 shares in the company, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Rachna Khosla sold 1,252 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the transaction, the senior vice president directly owned 6,404 shares in the company, valued at $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,222 shares of company stock worth $2,540,926 in the last 90 days. Company insiders own 0.85% of the company's stock.

Amgen Price Performance

Amgen stock traded down $2.59 during trading hours on Tuesday, reaching $414.98. 559,026 shares of the stock were exchanged, compared to its average volume of 2,739,187. Amgen Inc. has a twelve month low of $288.00 and a twelve month high of $447.03. The stock has a 50 day moving average of $413.72 and a two-hundred day moving average of $372.82. The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The company has a market cap of $224.35 billion, a P/E ratio of 25.78, a price-to-earnings-growth ratio of 2.99 and a beta of 0.41.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.62 by $0.67. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.05 billion during the quarter, compared to the consensus estimate of $9.43 billion. During the same period in the previous year, the firm posted $6.02 earnings per share. The business's revenue was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. Equities analysts expect that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 21st were paid a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, August 21st. Amgen's dividend payout ratio is currently 62.65%.

Amgen Company Profile

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen's portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

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