Hoey Investments Inc. Has $1.49 Million Stake in Amgen Inc. $AMGN

Key Points

• Hoey Investments Inc. reduced its stake in Amgen Inc. by 24.4% in Q2, holding 5,330 shares worth approximately $1.49 million, making it the 23rd largest holding in their portfolio.
• Institutional investors currently own 76.5% of Amgen's stock, indicating strong institutional support, while various hedge funds have increased their holdings substantially in recent quarters.
• Amgen reported earnings of $6.02 EPS for the last quarter, exceeding analysts' expectations, with revenues reaching $9.18 billion, marking a 9.4% year-over-year increase.

Hoey Investments Inc. trimmed its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 24.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,330 shares of the medical research company's stock after selling 1,717 shares during the period. Amgen accounts for approximately 0.2% of Hoey Investments Inc.'s holdings, making the stock its 23rd largest holding. Hoey Investments Inc.'s holdings in Amgen were worth $1,488,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several research analysts have weighed in on AMGN shares. Morgan Stanley lifted their target price on Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Wall Street Zen lowered Amgen from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America boosted their price target on Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a report on Wednesday, July 23rd. Piper Sandler boosted their price target on Amgen from $328.00 to $342.00 and gave the company an "overweight" rating in a report on Monday, August 25th. Finally, Citigroup boosted their price target on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Amgen has an average rating of "Hold" and a consensus target price of $304.43.

Amgen Trading Up 0.2%

Shares of NASDAQ:AMGN opened at $286.00 on Tuesday. The company has a market capitalization of $153.97 billion, a P/E ratio of 23.39, a P/E/G ratio of 2.48 and a beta of 0.49. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $339.17. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. The business's 50 day simple moving average is $290.35 and its 200 day simple moving average is $290.02.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.28 by $0.74. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The business had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. During the same quarter in the prior year, the business posted $4.97 earnings per share. The firm's quarterly 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 anticipate that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 22nd were paid a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, August 22nd. Amgen's dividend payout ratio is presently 77.84%.

Insider Activity at Amgen

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

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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