HB Wealth Management LLC Grows Holdings in Amgen Inc. (NASDAQ:AMGN)

Key Points

• HB Wealth Management LLC increased its holdings in Amgen Inc. by 20.8% in the first quarter, acquiring an additional 9,126 shares, bringing their total ownership to 52,980 shares valued at approximately $16.5 million.
• Despite mixed ratings from analysts, with two sell ratings and two strong buy ratings, Amgen has a consensus target price of $307.27 with an average rating of "Hold."
• Amgen's recent quarterly earnings exceeded expectations, reporting $4.90 per share and $8.15 billion in revenue, reflecting a 9.4% increase year-over-year.

HB Wealth Management LLC raised its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 20.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,980 shares of the medical research company's stock after purchasing an additional 9,126 shares during the quarter. HB Wealth Management LLC's holdings in Amgen were worth $16,506,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in AMGN. Capital World Investors lifted its stake in shares of Amgen by 1,292.0% in the 4th quarter. Capital World Investors now owns 6,495,710 shares of the medical research company's stock valued at $1,693,042,000 after purchasing an additional 6,029,058 shares during the period. GAMMA Investing LLC lifted its holdings in Amgen by 43,573.5% during the first quarter. GAMMA Investing LLC now owns 3,661,589 shares of the medical research company's stock valued at $1,140,768,000 after purchasing an additional 3,653,205 shares in the last quarter. Capital International Investors lifted its holdings in Amgen by 40.1% during the fourth quarter. Capital International Investors now owns 12,212,065 shares of the medical research company's stock valued at $3,182,843,000 after purchasing an additional 3,495,503 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Amgen by 52.7% during the 4th quarter. Franklin Resources Inc. now owns 3,291,975 shares of the medical research company's stock worth $858,020,000 after purchasing an additional 1,135,884 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Amgen by 15.8% during the 4th quarter. Northern Trust Corp now owns 6,431,029 shares of the medical research company's stock worth $1,676,183,000 after purchasing an additional 875,254 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction 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 directly owned 8,162 shares in the company, valued at $2,364,368.16. This trade represents a 15.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is owned by corporate insiders.

Amgen Stock Down 0.6%

Amgen stock traded down $1.69 during trading on Wednesday, reaching $301.87. The stock had a trading volume of 522,086 shares, compared to its average volume of 2,910,569. Amgen Inc. has a 52-week low of $253.30 and a 52-week high of $340.89. The business has a 50 day moving average price of $290.47 and a 200 day moving average price of $291.42. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70. The stock has a market cap of $162.32 billion, a PE ratio of 27.54, a P/E/G ratio of 2.61 and a beta of 0.49.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Amgen from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 18th. William Blair restated an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Morgan Stanley restated an "equal weight" rating on shares of Amgen in a research report on Friday, May 2nd. Cantor Fitzgerald restated a "neutral" rating and set a $305.00 price target on shares of Amgen in a research report on Tuesday, June 24th. Finally, Erste Group Bank cut shares of Amgen from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $307.27.

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.