TIAA Trust National Association Decreases Position in Amgen Inc. (NASDAQ:AMGN)

Key Points

• TIAA Trust National Association reduced its holdings in Amgen Inc. by 4.2%, ending the first quarter with 44,745 shares valued at approximately $13.94 million.
• Amgen recently announced a quarterly dividend of $2.38 per share, representing an annualized dividend of $9.52 and a yield of 3.2%.
• Despite TIAA's decrease, several other institutional investors, such as Brighton Jones LLC and Wellington Management Group, have increased their stakes in Amgen, contributing to a total institutional ownership of 76.50% in the company.

TIAA Trust National Association decreased its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,745 shares of the medical research company's stock after selling 1,984 shares during the quarter. TIAA Trust National Association's holdings in Amgen were worth $13,940,000 at the end of the most recent quarter.

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% during the fourth quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after buying an additional 5,226 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Amgen during the fourth quarter worth approximately $8,798,000. Wellington Management Group LLP increased its position in Amgen by 22.7% during the fourth quarter. Wellington Management Group LLP now owns 293,675 shares of the medical research company's stock worth $76,543,000 after buying an additional 54,321 shares during the period. Landscape Capital Management L.L.C. acquired a new position in Amgen during the fourth quarter worth approximately $1,384,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in Amgen during the fourth quarter worth approximately $43,494,000. Hedge funds and other institutional investors own 76.50% of the company's stock.

Amgen Stock Up 0.6%

AMGN opened at $296.88 on Friday. The business's fifty day moving average is $292.04 and its two-hundred day moving average is $292.03. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.88 and a current ratio of 1.17. The company has a market cap of $159.64 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 2.57 and a beta of 0.49. Amgen Inc. has a one year low of $253.30 and a one year high of $339.17.

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

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given a dividend of $2.38 per share. This represents a $9.52 dividend on an annualized basis and a yield of 3.2%. Amgen's payout ratio is 86.86%.

Wall Street Analysts Forecast Growth

AMGN has been the topic of several research analyst reports. Bank of America lifted their price target on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 23rd. Piper Sandler reissued an "overweight" rating and issued a $328.00 target price on shares of Amgen in a report on Friday, June 27th. Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 target price on shares of Amgen in a report on Tuesday, June 24th. Guggenheim began coverage on Amgen in a report on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 target price on the stock. Finally, Citigroup boosted their target price on Amgen from $300.00 to $305.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Amgen currently has an average rating of "Hold" and an average target price of $307.27.

Insider Buying and Selling

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $289.68, for a total transaction of $434,520.00. Following the sale, the senior vice president directly owned 8,162 shares in the company, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.76% 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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