Park Avenue Securities LLC Lowers Stake in Amgen Inc. $AMGN

Key Points

• Park Avenue Securities LLC reduced its holdings in Amgen Inc. by 20.5% during the second quarter, owning 31,066 shares worth approximately $8.67 million afterward.
• Amgen's quarterly earnings reported a net margin of 18.96% and revenue of $9.18 billion, exceeding analyst expectations.
• The company's current consensus rating is "Hold", with a price target of $304.43, according to multiple analysts following the stock.

Park Avenue Securities LLC reduced its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 20.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,066 shares of the medical research company's stock after selling 7,998 shares during the quarter. Park Avenue Securities LLC's holdings in Amgen were worth $8,674,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of AMGN. Wealth Preservation Advisors LLC acquired a new stake in Amgen in the 1st quarter valued at about $25,000. First Pacific Financial lifted its holdings in shares of Amgen by 304.5% in the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after buying an additional 67 shares during the period. CBIZ Investment Advisory Services LLC lifted its holdings in shares of 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 valued at $29,000 after buying an additional 85 shares during the period. Pinney & Scofield Inc. acquired a new position in Amgen during the fourth quarter worth $26,000. Finally, Activest Wealth Management raised its holdings in Amgen by 3,433.3% during the first quarter. Activest Wealth Management now owns 106 shares of the medical research company's stock worth $33,000 after purchasing an additional 103 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AMGN shares. Citigroup upped their target price on Amgen from $305.00 to $310.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Raymond James Financial assumed coverage on Amgen in a research note on Wednesday, September 3rd. They set a "market perform" rating on the stock. Wall Street Zen cut Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Bank of America increased their price objective on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a report on Wednesday, July 23rd. Finally, UBS Group decreased their price target on Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Amgen presently has a consensus rating of "Hold" and an average target price of $304.43.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total transaction of $376,286.33. Following the transaction, the senior vice president 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 Securities & Exchange Commission, which is accessible through this link. 0.69% of the stock is currently owned by corporate insiders.

Amgen Stock Performance

Shares of NASDAQ:AMGN traded up $0.59 during midday trading on Monday, hitting $286.00. The company's stock had a trading volume of 3,050,077 shares, compared to its average volume of 2,339,546. The stock has a market capitalization of $153.97 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 2.48 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.98 and a current ratio of 1.31. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $339.17. The stock's 50 day simple moving average is $290.35 and its 200 day simple moving average is $290.02.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data 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 net margin of 18.96% and a return on equity of 174.71%. The firm had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.86 billion. During the same quarter in the previous year, the company posted $4.97 EPS. Amgen's revenue was up 9.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were given a $2.38 dividend. The ex-dividend date was Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a yield of 3.3%. Amgen's dividend payout ratio (DPR) is currently 77.84%.

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.