Hodges Capital Management Inc. Reduces Holdings in Amgen Inc. $AMGN

Key Points

• Hodges Capital Management Inc. reduced its stake in Amgen Inc. by 24.1%, owning 14,142 shares valued at $4.4 million after selling 4,479 shares.
• Multiple institutional investors have adjusted their positions in Amgen, with KPP Advisory Services increasing its stake by 87.1% during the first quarter.
• Amgen's recent earnings report showed earnings per share of $6.02, exceeding estimates, with revenue up 9.4% year-over-year at $9.18 billion.

Hodges Capital Management Inc. reduced its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 24.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,142 shares of the medical research company's stock after selling 4,479 shares during the quarter. Hodges Capital Management Inc.'s holdings in Amgen were worth $4,406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. KPP Advisory Services LLC boosted its position in shares of Amgen by 87.1% during the 1st quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock valued at $1,817,000 after acquiring an additional 2,716 shares during the last quarter. Advisor Resource Council acquired a new position in shares of Amgen during the 1st quarter valued at about $1,331,000. Trinity Legacy Partners LLC boosted its position in shares of Amgen by 3.9% during the 1st quarter. Trinity Legacy Partners LLC now owns 16,132 shares of the medical research company's stock valued at $5,026,000 after acquiring an additional 612 shares during the last quarter. DLK Investment Management LLC boosted its position in shares of Amgen by 7.3% during the 1st quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock valued at $6,384,000 after acquiring an additional 1,387 shares during the last quarter. Finally, Founders Financial Alliance LLC boosted its position in shares of Amgen by 2.7% during the 1st quarter. Founders Financial Alliance LLC now owns 1,577 shares of the medical research company's stock valued at $491,000 after acquiring an additional 42 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Price Performance

AMGN opened at $282.73 on Friday. The stock's 50-day moving average price is $292.98 and its 200 day moving average price is $292.03. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $339.17. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 7.24. The firm has a market cap of $152.21 billion, a price-to-earnings ratio of 23.12, a PEG ratio of 2.42 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $8.86 billion. During the same quarter in the prior year, the company earned $4.97 EPS. Amgen's revenue was up 9.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, sell-side analysts expect that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 annualized dividend and a yield of 3.4%. Amgen's dividend payout ratio is presently 77.84%.

Wall Street Analysts Forecast Growth

AMGN has been the topic of several recent research reports. Citigroup boosted their price target on shares of Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Raymond James Financial started coverage on Amgen in a report on Wednesday, September 3rd. They set a "market perform" rating for the company. Wall Street Zen cut Amgen from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Guggenheim started coverage on Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price target for the company. Finally, Bank of America increased their price target on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Amgen has a consensus rating of "Hold" and a consensus target price of $304.43.

Insider Transactions at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction dated 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 owned 7,209 shares of the company's stock, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.76% of the company's stock.

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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