Public Sector Pension Investment Board Purchases 5,732 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• The Public Sector Pension Investment Board increased its stake in Amgen Inc. by 8.5%, acquiring an additional 5,732 shares, bringing its total holdings to 73,532 shares valued at approximately $22.9 million.
• Amgen reported strong earnings for the quarter with an EPS of $6.02, exceeding analysts’ expectations, and noted a 9.4% increase in revenue compared to the previous year.
• The company declared a quarterly dividend of $2.38 per share, representing an annualized dividend of $9.52 and a yield of 3.3%.

Public Sector Pension Investment Board lifted its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 8.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,532 shares of the medical research company's stock after buying an additional 5,732 shares during the period. Public Sector Pension Investment Board's holdings in Amgen were worth $22,909,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMGN. Pinney & Scofield Inc. acquired a new stake in Amgen during the fourth quarter worth approximately $26,000. First Pacific Financial increased its holdings in shares of Amgen by 304.5% during the first 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. Heck Capital Advisors LLC bought a new position in shares of Amgen during the fourth quarter worth approximately $36,000. South Plains Financial Inc. bought a new position in shares of Amgen during the fourth quarter worth approximately $37,000. Finally, Global Wealth Strategies & Associates increased its holdings in shares of Amgen by 1,388.9% during the first quarter. Global Wealth Strategies & Associates now owns 134 shares of the medical research company's stock worth $42,000 after purchasing an additional 125 shares during the period. Institutional investors own 76.50% of the company's stock.

Amgen Stock Up 2.1%

AMGN traded up $6.18 during midday trading on Friday, hitting $296.47. The company had a trading volume of 2,167,753 shares, compared to its average volume of 2,128,585. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $339.17. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. The company has a market capitalization of $159.61 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.50 and a beta of 0.49. The stock's 50 day moving average price is $293.30 and its 200 day moving average price is $292.96.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share 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 firm had revenue of $9.18 billion during the quarter, compared to the consensus estimate of $8.86 billion. During the same period in the previous year, the firm posted $4.97 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. On average, research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be given a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. Amgen's payout ratio is presently 77.84%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AMGN. UBS Group lowered their target price 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. Citigroup raised their target price on shares of Amgen from $305.00 to $310.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Guggenheim began coverage on shares of Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 target price on the stock. Royal Bank Of Canada decreased their price objective on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Piper Sandler reissued an "overweight" rating and issued a $328.00 price objective on shares of Amgen in a research note on Friday, June 27th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $303.76.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the completion of the sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.76% of the stock is currently owned by insiders.

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.