SteelPeak Wealth LLC Raises Holdings in Amgen Inc. $AMGN

Key Points

• SteelPeak Wealth LLC significantly increased its holdings in Amgen Inc. by 367.9% during the 2nd quarter, resulting in a total ownership of 143,292 shares valued at approximately $40 million.
• Amgen's stock is currently rated mostly as a "neutral" by analysts, with an average target price of $309.42, and has experienced recent fluctuations, including a 1.3% decline in stock value.
• The company declared a quarterly dividend of $2.38, contributing to an annualized dividend yield of 3.2% and a payout ratio of 77.84%.

SteelPeak Wealth LLC increased its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 367.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,292 shares of the medical research company's stock after acquiring an additional 112,669 shares during the quarter. Amgen makes up 1.5% of SteelPeak Wealth LLC's investment portfolio, making the stock its 11th largest position. SteelPeak Wealth LLC's holdings in Amgen were worth $40,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of AMGN. Nuveen LLC purchased a new stake in shares of Amgen during the first quarter worth about $688,868,000. Federated Hermes Inc. boosted its position in shares of Amgen by 48.5% during the first quarter. Federated Hermes Inc. now owns 2,037,169 shares of the medical research company's stock valued at $634,680,000 after purchasing an additional 665,555 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Amgen by 128.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,065,694 shares of the medical research company's stock worth $332,017,000 after buying an additional 600,096 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in Amgen in the second quarter worth about $156,812,000. Finally, Assenagon Asset Management S.A. increased its position in Amgen by 1,505.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 518,604 shares of the medical research company's stock valued at $144,799,000 after buying an additional 486,299 shares in the last quarter. Institutional investors own 76.50% of the company's stock.

Analyst Upgrades and Downgrades

AMGN has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 target price on shares of Amgen in a report on Tuesday, June 24th. Citigroup raised their target price on Amgen from $310.00 to $315.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. UBS Group lowered their price objective on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Raymond James Financial assumed coverage on shares of Amgen in a research report on Wednesday, September 3rd. They set a "market perform" rating for the company. Finally, Bank of America upped their price objective on Amgen from $261.00 to $272.00 and gave the stock an "underperform" rating in a research note on Friday, September 26th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Amgen presently has an average rating of "Hold" and a consensus price target of $309.42.

Amgen Stock Down 1.3%

Shares of AMGN stock opened at $294.12 on Tuesday. The company's fifty day simple moving average is $287.20 and its two-hundred day simple moving average is $287.83. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $335.88. The stock has a market cap of $158.34 billion, a P/E ratio of 24.05, a PEG ratio of 2.59 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24.

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

Amgen Dividend Announcement

The firm 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 of this dividend was Friday, August 22nd. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.2%. Amgen's dividend payout ratio (DPR) is presently 77.84%.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the business'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 transaction of $376,286.33. Following the sale, the senior vice president directly owned 7,209 shares of the company's stock, valued at $2,141,000.91. The trade was a 14.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.69% 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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