Mechanics Bank Trust Department Decreases Position in Amgen Inc. $AMGN

Key Points

• Mechanics Bank Trust Department reduced its holdings in Amgen Inc. by 25.1%, owning 5,576 shares worth $1.56 million after selling 1,868 shares in the second quarter.
• Amgen reported earnings of $6.02 per share for the last quarter, exceeding expectations with revenue of $9.18 billion, a 9.4% year-over-year increase.
• The company declared a quarterly dividend of $2.38 per share, contributing to an annualized dividend yield of 3.3% with a payout ratio of 77.84%.

Mechanics Bank Trust Department decreased its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 25.1% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,576 shares of the medical research company's stock after selling 1,868 shares during the period. Mechanics Bank Trust Department's holdings in Amgen were worth $1,557,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AMGN. KPP Advisory Services LLC lifted its holdings in Amgen by 87.1% in the first quarter. KPP Advisory Services LLC now owns 5,833 shares of the medical research company's stock worth $1,817,000 after buying an additional 2,716 shares during the period. Advisor Resource Council bought a new stake in shares of Amgen during the first quarter valued at approximately $1,331,000. Trinity Legacy Partners LLC grew its stake in Amgen by 3.9% in the first quarter. Trinity Legacy Partners LLC now owns 16,132 shares of the medical research company's stock worth $5,026,000 after purchasing an additional 612 shares during the period. DLK Investment Management LLC raised its holdings in Amgen by 7.3% in the first quarter. DLK Investment Management LLC now owns 20,491 shares of the medical research company's stock worth $6,384,000 after purchasing an additional 1,387 shares in the last quarter. Finally, Founders Financial Alliance LLC lifted its position 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 valued at $491,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 76.50% of the company's stock.

Wall Street Analyst Weigh In

AMGN has been the subject of several research reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $305.00 price target on shares of Amgen in a research note on Tuesday, June 24th. UBS Group lowered their target price on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. William Blair restated an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Citigroup lifted their price objective on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Finally, Piper Sandler raised 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. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $304.43.

Amgen Price Performance

Shares of NASDAQ:AMGN traded up $0.59 during midday trading on Monday, reaching $286.00. 3,050,077 shares of the company were exchanged, compared to its average volume of 2,339,546. The stock has a market cap of $153.97 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 2.48 and a beta of 0.49. The business's fifty day moving average is $290.35 and its two-hundred day moving average is $290.02. Amgen Inc. has a one year low of $253.30 and a one year 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.

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

Amgen Dividend Announcement

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

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were 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 of the company's stock, valued at approximately $2,141,000.91. This trade represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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.