Procyon Advisors LLC Trims Stock Holdings in Amgen Inc. $AMGN

Key Points

• Procyon Advisors LLC reduced its holdings in Amgen Inc. by 19.7% in the second quarter, owning 8,568 shares valued at approximately $2.39 million after selling 2,099 shares.
• Institutional investors own 76.50% of Amgen's stock, with firms like Vanguard Group and UBS AM significantly increasing their stakes during the first quarter.
• Amgen recently announced a quarterly dividend of $2.38 per share, yielding about 3.5% on an annualized basis, reflecting a payout ratio of 77.84%.

Procyon Advisors LLC lowered its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 19.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,568 shares of the medical research company's stock after selling 2,099 shares during the quarter. Procyon Advisors LLC's holdings in Amgen were worth $2,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of AMGN. Continuum Advisory LLC lifted its position in Amgen by 0.7% in the fourth quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock valued at $1,343,000 after purchasing an additional 35 shares during the last quarter. Octavia Wealth Advisors LLC raised its holdings in shares of Amgen by 1.5% during the first quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock valued at $759,000 after acquiring an additional 35 shares in the last quarter. Crumly & Associates Inc. raised its holdings in shares of Amgen by 3.2% during the second quarter. Crumly & Associates Inc. now owns 1,146 shares of the medical research company's stock valued at $320,000 after acquiring an additional 36 shares in the last quarter. Affinity Capital Advisors LLC raised its holdings in shares of Amgen by 4.5% during the first quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company's stock valued at $246,000 after acquiring an additional 37 shares in the last quarter. Finally, Accredited Investors Inc. raised its holdings in shares of Amgen by 1.7% during the first quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company's stock valued at $674,000 after acquiring an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company's stock.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares of the company's stock, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.76% of the company's stock.

Amgen Stock Performance

NASDAQ AMGN traded up $9.58 during trading hours on Friday, hitting $285.41. The company's stock had a trading volume of 8,729,346 shares, compared to its average volume of 2,801,242. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $339.17. The company's 50 day simple moving average is $290.76 and its two-hundred day simple moving average is $290.85. 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 company has a market cap of $153.65 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 2.39 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, beating 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 business had revenue of $9.18 billion for the quarter, compared to analysts' expectations of $8.86 billion. During the same quarter in the prior year, the business earned $4.97 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, sell-side analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 22nd were issued a $2.38 dividend. The ex-dividend date of this dividend 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 is currently 77.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. 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. Cantor Fitzgerald restated a "neutral" rating and issued a $305.00 target price on shares of Amgen in a research note on Tuesday, June 24th. Citigroup upped their price target on Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Raymond James Financial initiated coverage on Amgen in a report on Wednesday, September 3rd. They issued a "market perform" rating for the company. Finally, William Blair reaffirmed an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Seven equities research 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 MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $304.43.

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.