Processus Wealth & Capital Management LLC Boosts Stake in Amgen Inc. $AMGN

Key Points

• Processus Wealth & Capital Management LLC boosted its stake in Amgen Inc. by 23% in the second quarter, holding 10,346 shares valued at approximately $2.89 million.
• Recent analyst opinions on Amgen show mixed ratings with seven analysts recommending a "Buy," while others maintain a "Hold" rating, leading to a consensus average target price of $309.70.
• Amgen reported $6.02 earnings per share for its latest quarter, exceeding expectations, alongside an annualized dividend yield of 3.5% and a payout ratio of 77.84%.

Processus Wealth & Capital Management LLC increased its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 23.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 10,346 shares of the medical research company's stock after purchasing an additional 1,934 shares during the period. Amgen accounts for about 2.3% of Processus Wealth & Capital Management LLC's holdings, making the stock its 20th biggest holding. Processus Wealth & Capital Management LLC's holdings in Amgen were worth $2,889,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AMGN. Brighton Jones LLC increased its position in Amgen by 23.5% in 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 during the period. 111 Capital acquired a new position in Amgen in the 4th quarter valued at about $411,000. MassMutual Private Wealth & Trust FSB increased its position in Amgen by 6.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 6,549 shares of the medical research company's stock valued at $2,040,000 after acquiring an additional 400 shares during the period. Versant Capital Management Inc increased its position in Amgen by 48.6% in the 1st quarter. Versant Capital Management Inc now owns 1,817 shares of the medical research company's stock valued at $566,000 after acquiring an additional 594 shares during the period. Finally, Legacy Private Trust Co. increased its position in Amgen by 7.9% in the 1st quarter. Legacy Private Trust Co. now owns 8,322 shares of the medical research company's stock valued at $2,593,000 after acquiring an additional 606 shares during the period. Institutional investors and hedge funds own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMGN. UBS Group dropped their price target on Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Citigroup boosted their price target on Amgen from $310.00 to $315.00 and gave the company a "neutral" rating in a research report on Wednesday. Wall Street Zen cut Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley boosted their target price on Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Finally, Piper Sandler boosted their target price on Amgen from $328.00 to $342.00 and gave the stock an "overweight" rating in a research report on Monday, August 25th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $309.70.

Amgen Stock Performance

AMGN opened at $272.98 on Friday. The stock has a market cap of $146.96 billion, a P/E ratio of 22.32, a P/E/G ratio of 2.36 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. The stock's 50 day simple moving average is $288.86 and its 200 day simple moving average is $289.22. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $335.88.

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

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 22nd were issued a $2.38 dividend. The ex-dividend date was Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.5%. Amgen's dividend payout ratio is currently 77.84%.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the company's stock in a transaction that occurred 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 sale, the senior vice president owned 7,209 shares in the company, valued at $2,141,000.91. This represents a 14.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.76% of the stock is currently owned by corporate insiders.

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.

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