Parvin Asset Management LLC Invests $2.04 Million in Amgen Inc. $AMGN

Key Points

• Parvin Asset Management initiated a $2.04 million Amgen position, buying 5,619 shares during the second quarter. Institutional investors collectively own 76.5% of AMGN.
• Amgen exceeded quarterly expectations, reporting $6.29 in adjusted EPS and $10.05 billion in revenue, with revenue up 9.5% year over year. The company also declared a quarterly dividend of $2.52 per share, equivalent to a 2.3% annual yield.
• Analysts maintain a consensus “Hold” rating with a $380.43 price target, despite several recent target increases. Amgen shares opened at $440.34, near their 52-week high of $447.03, while insiders have sold more than $2.5 million of stock over the past 90 days.

Parvin Asset Management LLC purchased a new position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,619 shares of the medical research company's stock, valued at approximately $2,035,000. Amgen accounts for approximately 1.6% of Parvin Asset Management LLC's investment portfolio, making the stock its 9th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in AMGN. Brighton Jones LLC increased its holdings in Amgen by 23.5% during the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock valued at $7,159,000 after acquiring an additional 5,226 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Amgen by 10.6% during the second quarter. Sivia Capital Partners LLC now owns 1,186 shares of the medical research company's stock valued at $331,000 after acquiring an additional 114 shares during the last quarter. Schnieders Capital Management LLC. increased its position in Amgen by 29.3% during the 2nd quarter. Schnieders Capital Management LLC. now owns 25,859 shares of the medical research company's stock worth $7,220,000 after purchasing an additional 5,853 shares in the last quarter. Main Street Financial Solutions LLC raised its stake in Amgen by 11.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 4,086 shares of the medical research company's stock valued at $1,141,000 after purchasing an additional 416 shares during the last quarter. Finally, Ieq Capital LLC raised its position in shares of Amgen by 5.1% in the second quarter. Ieq Capital LLC now owns 54,152 shares of the medical research company's stock valued at $15,120,000 after buying an additional 2,611 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Rachna Khosla sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the transaction, the senior vice president owned 6,404 shares in the company, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Nancy A. Grygiel sold 2,970 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the sale, the senior vice president owned 7,340 shares in the company, valued at $2,951,854.40. The trade was a 28.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,222 shares of company stock valued at $2,540,926 in the last ninety days. Company insiders own 0.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMGN. The Goldman Sachs Group set a $389.00 price target on Amgen in a research note on Friday, June 5th. BMO Capital Markets raised their target price on shares of Amgen from $400.00 to $450.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Citigroup upped their target price on shares of Amgen from $345.00 to $405.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Mizuho increased their target price on Amgen from $303.00 to $352.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. Finally, Cantor Fitzgerald upped their target price on shares of Amgen from $350.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Amgen presently has a consensus rating of "Hold" and a consensus price target of $380.43.

Amgen Stock Performance

AMGN stock opened at $440.34 on Thursday. The company has a market capitalization of $238.06 billion, a P/E ratio of 27.37, a PEG ratio of 3.19 and a beta of 0.41. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. The company has a 50-day simple moving average of $384.76 and a 200 day simple moving average of $363.86. Amgen Inc. has a fifty-two week low of $269.77 and a fifty-two week high of $447.03.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping analysts' consensus estimates of $5.62 by $0.67. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The company had revenue of $10.05 billion during the quarter, compared to analyst estimates of $9.43 billion. During the same period in the prior year, the business posted $6.02 EPS. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. Sell-side analysts predict that Amgen Inc. will post 22.92 earnings per share for the current fiscal year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 21st will be issued a $2.52 dividend. The ex-dividend date is Friday, August 21st. This represents a $10.08 annualized dividend and a dividend yield of 2.3%. Amgen's dividend payout ratio is 62.65%.

Amgen Profile

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

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