Amgen Inc. (NASDAQ:AMGN) Shares Sold by Navellier & Associates Inc.

Key Points

• Navellier & Associates Inc. has reduced its stake in Amgen by 9.5%, selling 1,395 shares during the first quarter, now holding 13,250 shares worth approximately $4.13 million.
• Several analysts have recently adjusted their price targets for Amgen, with Citigroup setting a new target at $305.00 and Piper Sandler maintaining an "overweight" rating with a target of $328.00.
• Amgen reported earnings of $4.90 per share for the last quarter, surpassing analysts' expectations and showing a 9.4% year-over-year revenue increase to $8.15 billion.

Navellier & Associates Inc. lessened its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 9.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,250 shares of the medical research company's stock after selling 1,395 shares during the quarter. Navellier & Associates Inc.'s holdings in Amgen were worth $4,128,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. KPP Advisory Services LLC grew its holdings in shares of 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 purchasing an additional 2,716 shares during the last quarter. Advisor Resource Council acquired a new stake in shares of Amgen during the first quarter worth about $1,331,000. DLK Investment Management LLC boosted its stake in shares of 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 buying an additional 1,387 shares during the period. Mariner LLC boosted its stake in shares of Amgen by 2.2% during the fourth quarter. Mariner LLC now owns 914,380 shares of the medical research company's stock worth $238,316,000 after buying an additional 19,250 shares during the period. Finally, Joseph Group Capital Management boosted its stake in shares of Amgen by 15.1% during the fourth quarter. Joseph Group Capital Management now owns 9,934 shares of the medical research company's stock worth $2,589,000 after buying an additional 1,301 shares during the period. Hedge funds and other institutional investors own 76.50% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Amgen from $300.00 to $305.00 and gave the stock a "neutral" rating in a research note on Tuesday. Bank of America raised their price objective on shares of Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a research report on Wednesday. Piper Sandler restated an "overweight" rating and issued a $328.00 price objective on shares of Amgen in a research report on Friday, June 27th. UBS Group raised their price objective on shares of Amgen from $315.00 to $326.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research report on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $307.27.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction dated 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 directly owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.76% of the stock is currently owned by insiders.

Amgen Price Performance

AMGN stock traded down $1.97 on Friday, reaching $306.58. The company had a trading volume of 1,451,093 shares, compared to its average volume of 1,935,961. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $340.89. 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 company's fifty day moving average is $289.39 and its 200 day moving average is $290.70. The company has a market cap of $164.85 billion, a P/E ratio of 27.97, a PEG ratio of 2.67 and a beta of 0.49.

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

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.