State of Alaska Department of Revenue Reduces Stock Position in Amgen Inc. (NASDAQ:AMGN)

State of Alaska Department of Revenue trimmed its position in Amgen Inc. (NASDAQ:AMGN - Free Report) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,649 shares of the medical research company's stock after selling 3,630 shares during the period. State of Alaska Department of Revenue's holdings in Amgen were worth $22,321,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AMGN. Centricity Wealth Management LLC acquired a new stake in Amgen in the 4th quarter worth about $25,000. Pinney & Scofield Inc. purchased a new position in shares of Amgen during the 4th quarter worth about $26,000. Ritter Daniher Financial Advisory LLC DE lifted its holdings in shares of Amgen by 66.2% during the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company's stock worth $33,000 after acquiring an additional 51 shares during the period. Synergy Investment Management LLC acquired a new stake in shares of Amgen in the fourth quarter worth approximately $34,000. Finally, Atala Financial Inc purchased a new stake in Amgen in the fourth quarter valued at approximately $34,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on AMGN. Morgan Stanley reaffirmed an "equal weight" rating on shares of Amgen in a research note on Friday, May 2nd. Johnson Rice set a $294.00 price objective on Amgen in a report on Wednesday, March 5th. Piper Sandler cut their target price on Amgen from $329.00 to $328.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Mizuho lifted their target price on Amgen from $235.00 to $280.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald assumed coverage on Amgen in a research note on Tuesday, April 22nd. They set a "neutral" rating and a $305.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Amgen has a consensus rating of "Hold" and an average price target of $309.22.

Amgen Price Performance

AMGN stock opened at $290.05 on Wednesday. The stock's 50 day moving average is $281.62 and its two-hundred day moving average is $285.78. Amgen Inc. has a 52-week low of $253.30 and a 52-week high of $346.85. The company has a market capitalization of $155.96 billion, a PE ratio of 26.46, a P/E/G ratio of 2.67 and a beta of 0.51. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, topping analysts' consensus estimates of $4.18 by $0.72. The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.05 billion. Amgen had a net margin of 17.39% and a return on equity of 176.11%. The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.96 earnings per share. Analysts predict that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Rachna Khosla sold 1,500 shares of Amgen stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the transaction, the senior vice president now owns 8,162 shares in the company, valued at approximately $2,364,368.16. This trade represents a 15.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.69% of the company's stock.

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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