US Bancorp DE Reduces Stock Position in Amgen Inc. (NASDAQ:AMGN)

Key Points

• US Bancorp DE reduced its stake in Amgen Inc. by selling 6,952 shares, bringing its total holdings to 731,073 shares, valued at approximately $227.77 million.
• Analysts have varied opinions on Amgen, with a consensus rating of "Hold" and a target price between $261 and $307.27.
• In its most recent earnings report, Amgen reported an EPS of $4.90, exceeding expectations and indicating a 9.4% year-over-year revenue growth to $8.15 billion.

US Bancorp DE cut its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 731,073 shares of the medical research company's stock after selling 6,952 shares during the period. US Bancorp DE owned approximately 0.14% of Amgen worth $227,768,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. US Financial Advisors LLC acquired a new position in Amgen in the 1st quarter valued at $235,000. King Wealth Management Group raised its holdings in Amgen by 5.6% in the 1st quarter. King Wealth Management Group now owns 1,254 shares of the medical research company's stock valued at $391,000 after acquiring an additional 66 shares in the last quarter. MGO One Seven LLC raised its holdings in Amgen by 9.4% in the 1st quarter. MGO One Seven LLC now owns 9,463 shares of the medical research company's stock valued at $2,948,000 after acquiring an additional 810 shares in the last quarter. Atlas Wealth LLC acquired a new position in Amgen in the 1st quarter valued at $201,000. Finally, Hoxton Planning & Management LLC acquired a new position in Amgen in the 1st quarter valued at $302,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the company's 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 directly owned 8,162 shares of the company's stock, valued at $2,364,368.16. This represents 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 hyperlink. 0.76% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on AMGN. Royal Bank Of Canada dropped their price objective on Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $328.00 price target on shares of Amgen in a report on Friday, June 27th. UBS Group boosted their price target on Amgen from $315.00 to $326.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Mizuho boosted their price objective on Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Finally, Bank of America boosted their price objective on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 23rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen currently has a consensus rating of "Hold" and an average target price of $307.27.

Amgen Stock Up 0.6%

Shares of Amgen stock traded up $1.78 on Friday, hitting $296.88. The company had a trading volume of 2,410,860 shares, compared to its average volume of 1,708,073. The stock has a market capitalization of $159.63 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 2.57 and a beta of 0.49. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $339.17. The stock has a 50 day moving average of $292.04 and a 200-day moving average of $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.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 EPS for the quarter, topping the consensus estimate of $4.18 by $0.72. The firm had revenue of $8.15 billion during 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%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.96 earnings per share. As a group, sell-side analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be paid a $2.38 dividend. This represents a $9.52 annualized dividend and a dividend yield of 3.2%. Amgen's dividend payout ratio (DPR) is presently 86.86%.

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.