Harvest Fund Management Co. Ltd Purchases 22,759 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• Harvest Fund Management Co. Ltd increased its holdings in Amgen Inc. by 71.9% in the 1st quarter, owning a total of 54,416 shares valued at approximately $16.9 million.
• Various institutional investors and hedge funds have also increased their stakes in Amgen, with 76.5% of the stock currently held by these entities.
• Analysts have mixed reviews on Amgen, with ratings ranging from strong buy to sell, and a consensus price target of $307.27 for the stock.

Harvest Fund Management Co. Ltd grew its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 71.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,416 shares of the medical research company's stock after purchasing an additional 22,759 shares during the period. Amgen accounts for about 0.9% of Harvest Fund Management Co. Ltd's investment portfolio, making the stock its 19th largest position. Harvest Fund Management Co. Ltd's holdings in Amgen were worth $16,949,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Beck Mack & Oliver LLC lifted its position in shares of Amgen by 0.7% during the 4th quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company's stock valued at $1,205,000 after acquiring an additional 34 shares during the period. Continuum Advisory LLC raised its holdings in Amgen by 0.7% in the 4th quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock valued at $1,343,000 after buying an additional 35 shares during the last quarter. Octavia Wealth Advisors LLC raised its position in Amgen by 1.5% during the 1st quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock worth $759,000 after purchasing an additional 35 shares during the last quarter. Affinity Capital Advisors LLC raised its holdings in Amgen by 4.5% during the 1st quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company's stock worth $246,000 after purchasing an additional 37 shares during the last quarter. Finally, Accredited Investors Inc. increased its holdings in Amgen by 1.7% in the first quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company's stock worth $674,000 after purchasing an additional 37 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of research reports. Morgan Stanley reaffirmed an "equal weight" rating on shares of Amgen in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Amgen from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 18th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 price target on shares of Amgen in a research report on Tuesday, June 24th. Erste Group Bank lowered Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Piper Sandler restated an "overweight" rating and issued a $328.00 target price on shares of Amgen in a report on Friday, June 27th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Amgen currently has an average rating of "Hold" and a consensus price target of $307.27.

Amgen Price Performance

Shares of AMGN traded down $6.27 during mid-day trading on Thursday, reaching $295.10. 2,251,875 shares of the stock traded hands, compared to its average volume of 1,671,367. The company has a market cap of $158.68 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.49. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. The firm has a fifty day moving average price of $291.07 and a 200 day moving average price of $291.49. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $340.89.

Amgen (NASDAQ:AMGN - Get Free Report) last released its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, topping analysts' consensus estimates of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.05 billion. During the same quarter in the previous year, the company posted $3.96 EPS. Amgen's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Insider Buying and Selling at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the sale, the senior vice president owned 8,162 shares in the company, valued at $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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.