Amgen Inc. (NASDAQ:AMGN) Shares Bought by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management Inc. significantly increased its stake in Amgen by 25,725% in Q1, now holding 36,155 shares valued at approximately $11.26 million.
• Institutional investors and hedge funds collectively own 76.50% of Amgen's stock, indicating strong institutional confidence in the company.
• Amgen's stock had a quarterly revenue growth of 9.4% year-over-year, with earnings per share surpassing expectations at $4.90 for the last earnings report.

Meeder Asset Management Inc. increased its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 25,725.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,155 shares of the medical research company's stock after acquiring an additional 36,015 shares during the period. Amgen makes up 0.8% of Meeder Asset Management Inc.'s investment portfolio, making the stock its 27th largest position. Meeder Asset Management Inc.'s holdings in Amgen were worth $11,264,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of AMGN. Brighton Jones LLC lifted its position in Amgen by 23.5% during the fourth quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock valued at $7,159,000 after buying an additional 5,226 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Amgen during the fourth quarter valued at approximately $8,798,000. CIBC Private Wealth Group LLC lifted its position in Amgen by 3.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 328,563 shares of the medical research company's stock valued at $86,810,000 after buying an additional 10,946 shares in the last quarter. Skba Capital Management LLC lifted its position in Amgen by 17.5% during the fourth quarter. Skba Capital Management LLC now owns 24,160 shares of the medical research company's stock valued at $6,297,000 after buying an additional 3,600 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Amgen by 22.7% during the fourth quarter. Wellington Management Group LLP now owns 293,675 shares of the medical research company's stock valued at $76,543,000 after buying an additional 54,321 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on AMGN. Guggenheim began coverage on shares of Amgen in a research report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price target on the stock. Royal Bank Of Canada dropped their price objective on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Erste Group Bank lowered shares of Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Amgen from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 18th. Finally, William Blair reiterated an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $307.27.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the sale, the senior vice president 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.76% of the stock is owned by insiders.

Amgen Stock Performance

Shares of AMGN traded up $2.49 during midday trading on Friday, hitting $297.59. 1,259,278 shares of the stock traded hands, compared to its average volume of 2,901,719. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $339.17. The firm has a market capitalization of $160.01 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 2.61 and a beta of 0.49. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.88 and a current ratio of 1.17. The business's 50 day moving average price is $291.53 and its two-hundred day moving average price is $291.66.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, topping the consensus estimate of $4.18 by $0.72. The business 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.96 earnings per share. Equities research analysts predict that Amgen Inc. will post 20.62 EPS for the current fiscal year.

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.