Pacific Heights Asset Management LLC Boosts Holdings in Amgen Inc. $AMGN

Key Points

• Pacific Heights Asset Management LLC increased its stake in Amgen Inc. by 11.9% during the second quarter, owning a total of 66,000 shares worth approximately $18.43 million.
• Amgen recently reported an earnings per share of $6.02 for the last quarter, surpassing expectations and indicating a 9.4% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $2.38 per share, yielding around 3.2%, with a payout ratio currently at 77.84%.

Pacific Heights Asset Management LLC increased its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 11.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,000 shares of the medical research company's stock after purchasing an additional 7,000 shares during the period. Amgen accounts for 1.0% of Pacific Heights Asset Management LLC's holdings, making the stock its 26th biggest holding. Pacific Heights Asset Management LLC's holdings in Amgen were worth $18,428,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new position in Amgen in the 1st quarter worth approximately $25,000. First Pacific Financial lifted its holdings in Amgen by 304.5% in the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock worth $28,000 after purchasing an additional 67 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in Amgen by 1,214.3% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company's stock worth $29,000 after purchasing an additional 85 shares in the last quarter. Activest Wealth Management raised its holdings in shares of Amgen by 3,433.3% during the 1st quarter. Activest Wealth Management now owns 106 shares of the medical research company's stock worth $33,000 after acquiring an additional 103 shares in the last quarter. Finally, Nova Wealth Management Inc. raised its holdings in shares of Amgen by 12,200.0% during the 1st quarter. Nova Wealth Management Inc. now owns 123 shares of the medical research company's stock worth $38,000 after acquiring an additional 122 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Amgen Price Performance

Shares of AMGN stock opened at $301.14 on Wednesday. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $335.88. The stock has a market capitalization of $162.12 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 2.68 and a beta of 0.49. The stock has a fifty day simple moving average of $287.83 and a two-hundred day simple moving average of $287.15. 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 issued its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.28 by $0.74. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The business had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.86 billion. During the same period in the prior year, the business earned $4.97 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. On average, analysts predict that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were issued a $2.38 dividend. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, August 22nd. Amgen's dividend payout ratio is currently 77.84%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AMGN shares. Raymond James Financial started coverage on Amgen in a report on Wednesday, September 3rd. They set a "market perform" rating on the stock. William Blair reissued an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Cantor Fitzgerald reissued a "neutral" rating and set a $305.00 target price on shares of Amgen in a research report on Tuesday, June 24th. Bank of America boosted their target price on Amgen from $261.00 to $272.00 and gave the company an "underperform" rating in a research report on Friday, September 26th. Finally, UBS Group cut their target price on Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $300.94.

Insider Buying and Selling at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the completion of the sale, the senior vice president directly owned 7,209 shares in the company, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company's stock.

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.

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