Mackenzie Financial Corp Grows Position in Amgen Inc. (NASDAQ:AMGN)

Key Points

• Mackenzie Financial Corp increased its stake in Amgen Inc. by 5.8% in the first quarter, owning 176,929 shares valued at approximately $55.1 million.
• The stock currently has a consensus rating of "Hold" with a price target averaging $307.27.
• In its latest earnings report, Amgen posted an EPS of $4.90, exceeding estimates, with revenue of $8.15 billion representing a 9.4% year-over-year increase.

Mackenzie Financial Corp boosted its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 5.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 176,929 shares of the medical research company's stock after buying an additional 9,737 shares during the quarter. Mackenzie Financial Corp's holdings in Amgen were worth $55,122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinney & Scofield Inc. bought a new position in Amgen in the 4th quarter valued at $26,000. First Pacific Financial increased its position in shares of Amgen by 304.5% during the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after purchasing an additional 67 shares during the last quarter. Ritter Daniher Financial Advisory LLC DE increased its position in shares of Amgen by 66.2% during the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company's stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Amgen during the 4th quarter valued at $36,000. Finally, Legacy Investment Solutions LLC increased its position in shares of Amgen by 46.9% during the 4th quarter. Legacy Investment Solutions LLC now owns 141 shares of the medical research company's stock valued at $37,000 after purchasing an additional 45 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. William Blair reaffirmed an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. UBS Group raised their target price on Amgen from $315.00 to $326.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Royal Bank Of Canada cut their price target on Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Mizuho increased their price target on Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Piper Sandler reiterated an "overweight" rating and set a $328.00 price target on shares of Amgen in a research note on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $307.27.

Amgen Trading Down 1.7%

Amgen stock opened at $301.29 on Tuesday. 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 business's fifty day simple moving average is $289.90 and its two-hundred day simple moving average is $291.34. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $340.89. The company has a market capitalization of $162.01 billion, a price-to-earnings ratio of 27.49, a price-to-earnings-growth ratio of 2.65 and a beta of 0.49.

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

Insider Buying and Selling

In other news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.69% 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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