Paralel Advisors LLC Purchases New Shares in Amgen Inc. $AMGN

Key Points

• Paralel Advisors LLC has acquired 8,575 shares of Amgen Inc. valued at approximately $2.39 million as part of their new investment strategy during the second quarter.
• Several hedge funds, including Bleakley Financial Group and Strategic Blueprint LLC, have also increased their holdings in Amgen, reflecting a growing institutional interest in the stock.
• Analysts have varied price targets for Amgen, with a consensus rating of "Hold" and an average target price of $300.94, following the recent earnings report that exceeded expectations.

Paralel Advisors LLC acquired a new position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,575 shares of the medical research company's stock, valued at approximately $2,394,000.

A number of other hedge funds also recently bought and sold shares of AMGN. Bleakley Financial Group LLC boosted its holdings in shares of Amgen by 20.2% in the second quarter. Bleakley Financial Group LLC now owns 27,313 shares of the medical research company's stock worth $7,626,000 after buying an additional 4,588 shares during the period. Castle Wealth Management LLC lifted its position in shares of Amgen by 4.8% in the 2nd quarter. Castle Wealth Management LLC now owns 4,012 shares of the medical research company's stock valued at $1,120,000 after acquiring an additional 184 shares in the last quarter. Strategic Blueprint LLC lifted its position in shares of Amgen by 19.3% in the 2nd quarter. Strategic Blueprint LLC now owns 8,355 shares of the medical research company's stock valued at $2,333,000 after acquiring an additional 1,349 shares in the last quarter. Ethic Inc. boosted its stake in Amgen by 5.6% in the 2nd quarter. Ethic Inc. now owns 40,440 shares of the medical research company's stock worth $11,207,000 after purchasing an additional 2,157 shares during the period. Finally, Greatmark Investment Partners Inc. grew its position in Amgen by 2.3% during the 2nd quarter. Greatmark Investment Partners Inc. now owns 72,245 shares of the medical research company's stock worth $20,172,000 after purchasing an additional 1,608 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the company'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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.76% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AMGN shares. Piper Sandler increased their target price on Amgen from $328.00 to $342.00 and gave the company an "overweight" rating in a report on Monday, August 25th. Bank of America upped their price target on Amgen from $261.00 to $272.00 and gave the company an "underperform" rating in a research report on Friday, September 26th. UBS Group decreased their price objective on Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Morgan Stanley upped their target price on Amgen from $330.00 to $333.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Citigroup increased their price target on shares of Amgen from $310.00 to $315.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $300.94.

Amgen Stock Down 1.7%

AMGN opened at $295.98 on Thursday. The company has a market capitalization of $159.34 billion, a PE ratio of 24.20, a price-to-earnings-growth ratio of 2.66 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $335.88. The business has a 50-day moving average of $287.97 and a 200-day moving average of $287.21.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The medical research company reported $6.02 EPS for the quarter, topping analysts' consensus estimates of $5.28 by $0.74. The firm had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.97 earnings per share. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Equities research analysts forecast that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared 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. The ex-dividend date was Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.2%. Amgen's dividend payout ratio (DPR) is currently 77.84%.

Amgen Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.