Principle Wealth Partners LLC Lowers Stock Position in Amgen Inc. $AMGN

Key Points

• Principle Wealth Partners LLC reduced its stake in Amgen Inc. by 6.8%, owning 30,358 shares valued at approximately $8.48 million after selling 2,206 shares in the second quarter.
• Several institutional investors increased their investments in Amgen, with notable increases from First Pacific Financial (304.5%) and CBIZ Investment Advisory Services (1,214.3%) during the first quarter.
• Amgen reported strong quarterly earnings with an EPS of $6.02, exceeding analysts' expectations of $5.28, and announced a quarterly dividend of $2.38.

Principle Wealth Partners LLC cut its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 6.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 30,358 shares of the medical research company's stock after selling 2,206 shares during the period. Principle Wealth Partners LLC's holdings in Amgen were worth $8,476,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in AMGN. Wealth Preservation Advisors LLC purchased a new stake in Amgen during the 1st quarter worth $25,000. First Pacific Financial boosted its position in Amgen by 304.5% during 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 during the period. CBIZ Investment Advisory Services LLC boosted its position in Amgen by 1,214.3% during 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 during the period. Activest Wealth Management boosted its position in 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 purchasing an additional 103 shares during the period. Finally, Nova Wealth Management Inc. boosted its position in 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 purchasing an additional 122 shares during the period. 76.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMGN has been the subject of a number of research reports. Piper Sandler upped their price target on shares of Amgen from $328.00 to $342.00 and gave the stock an "overweight" rating in a research report on Monday, August 25th. Citigroup upped 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. Raymond James Financial initiated coverage on shares of Amgen in a research report on Wednesday, September 3rd. They set a "market perform" rating for the company. Wall Street Zen raised shares of Amgen from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, UBS Group cut their price objective on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a 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 issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $300.94.

Amgen Stock Performance

Shares of AMGN stock opened at $295.98 on Thursday. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $335.88. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. The firm has a market capitalization of $159.34 billion, a P/E ratio of 24.20, a P/E/G ratio of 2.66 and a beta of 0.49. The company's fifty day moving average price is $287.97 and its two-hundred day moving average price is $287.21.

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

Amgen Announces Dividend

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

Insider Activity

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 value of $376,286.33. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.76% of the company's stock.

About Amgen

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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