Torray Investment Partners LLC Trims Position in Amgen Inc. (NASDAQ:AMGN)

Key Points

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Torray Investment Partners LLC trimmed its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 4.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,319 shares of the medical research company's stock after selling 2,808 shares during the quarter. Amgen makes up 2.7% of Torray Investment Partners LLC's portfolio, making the stock its 9th biggest position. Torray Investment Partners LLC's holdings in Amgen were worth $17,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. First Pacific Financial lifted its position in Amgen by 304.5% in the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock valued at $28,000 after purchasing an additional 67 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in Amgen in the 4th quarter valued at about $26,000. Ritter Daniher Financial Advisory LLC DE lifted its position in Amgen by 66.2% in the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company's stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Global Wealth Strategies & Associates lifted its position in Amgen by 1,388.9% in the 1st quarter. Global Wealth Strategies & Associates now owns 134 shares of the medical research company's stock valued at $42,000 after purchasing an additional 125 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in Amgen during the 4th quarter valued at about $36,000. 76.50% of the stock is currently owned by institutional investors.

Amgen Stock Performance

Amgen stock opened at $301.37 on Thursday. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $340.89. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70. The business's 50-day moving average price is $291.07 and its two-hundred day moving average price is $291.49. The stock has a market cap of $162.05 billion, a PE ratio of 27.50, a P/E/G ratio of 2.63 and a beta of 0.49.

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

Analysts Set New Price Targets

Several equities analysts have commented on AMGN shares. William Blair reissued an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Erste Group Bank downgraded shares of Amgen from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $328.00 price target on shares of Amgen in a report on Friday, June 27th. Guggenheim started coverage on shares of Amgen in a research note on Tuesday, May 20th. They issued a "neutral" rating and a $288.00 target price for the company. Finally, Bank of America lifted their target price on shares of Amgen from $252.00 to $261.00 and gave the company an "underperform" rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Amgen presently has an average rating of "Hold" and a consensus target price of $307.27.

Insider Buying and Selling 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 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 SEC, which is accessible through the SEC website. Company insiders own 0.76% of the company's stock.

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.

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