Moors & Cabot Inc. Reduces Holdings in Amgen Inc. (NASDAQ:AMGN)

Key Points

• Moors & Cabot Inc. has reduced its stake in Amgen Inc. by 17.6%, owning 15,450 shares valued at approximately $4.81 million after selling 3,310 shares in the first quarter.
• Despite Moors & Cabot's decrease, other investors such as Howland Capital Management and MGO One Seven have increased their holdings in Amgen during the same period.
• Amgen reported a quarterly earnings per share of $4.90, exceeding expectations and reflecting a 9.4% increase in revenue year-over-year, reaching $8.15 billion.

Moors & Cabot Inc. lowered its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 17.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,450 shares of the medical research company's stock after selling 3,310 shares during the quarter. Moors & Cabot Inc.'s holdings in Amgen were worth $4,813,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in AMGN. Howland Capital Management LLC boosted its stake in shares of Amgen by 4.3% in the 1st quarter. Howland Capital Management LLC now owns 2,943 shares of the medical research company's stock valued at $917,000 after purchasing an additional 122 shares in the last quarter. US Financial Advisors LLC acquired a new stake in Amgen in the 1st quarter valued at $235,000. King Wealth Management Group boosted its holdings in Amgen by 5.6% during the 1st quarter. King Wealth Management Group now owns 1,254 shares of the medical research company's stock worth $391,000 after acquiring an additional 66 shares during the last quarter. MGO One Seven LLC boosted its holdings in Amgen by 9.4% during the 1st quarter. MGO One Seven LLC now owns 9,463 shares of the medical research company's stock worth $2,948,000 after acquiring an additional 810 shares during the last quarter. Finally, Atlas Wealth LLC purchased a new position in shares of Amgen in the 1st quarter worth about $201,000. Institutional investors own 76.50% of the company's stock.

Amgen Price Performance

Shares of NASDAQ AMGN traded down $3.45 during midday trading on Tuesday, reaching $298.49. 1,191,527 shares of the stock traded hands, compared to its average volume of 2,893,429. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The stock has a market capitalization of $160.50 billion, a PE ratio of 27.24, a P/E/G ratio of 2.57 and a beta of 0.49. Amgen Inc. has a one year low of $253.30 and a one year high of $339.17. The company's 50 day moving average is $292.64 and its 200 day moving average is $292.40.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, August 22nd. Amgen's dividend payout ratio is presently 86.86%.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 1,500 shares of the 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 sale, the senior vice president owned 8,162 shares in the company, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.69% of the company's stock.

Analysts Set New Price Targets

AMGN has been the topic of several analyst reports. Erste Group Bank cut Amgen from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley restated an "equal weight" rating on shares of Amgen in a research report on Friday, May 2nd. UBS Group lifted their target price on shares of Amgen from $315.00 to $326.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Mizuho lifted their target price on shares of Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, William Blair reaffirmed an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $307.27.

Amgen 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.