Vestcor Inc Sells 6,075 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• Vestcor Inc reduced its stake in Amgen Inc. by 16.1%, selling 6,075 shares during the first quarter, bringing its holdings to 31,719 shares valued at approximately $9.88 million.
• Various institutional investors made adjustments to their positions in Amgen, with notable increases in stake from KPP Advisory Services LLC by 87.1% and DLK Investment Management LLC by 7.3% in the first quarter.
• Research analysts have mixed ratings for Amgen, with price targets ranging from $261.00 to $328.00, and a consensus rating of "Hold" with an average price target of $307.27.

Vestcor Inc decreased its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 16.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,719 shares of the medical research company's stock after selling 6,075 shares during the quarter. Vestcor Inc's holdings in Amgen were worth $9,882,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Beck Mack & Oliver LLC grew its position in Amgen by 0.7% during the fourth quarter. Beck Mack & Oliver LLC now owns 4,623 shares of the medical research company's stock valued at $1,205,000 after acquiring an additional 34 shares during the period. Continuum Advisory LLC raised its position in shares of Amgen by 0.7% during the 4th quarter. Continuum Advisory LLC now owns 5,154 shares of the medical research company's stock worth $1,343,000 after purchasing an additional 35 shares during the period. Octavia Wealth Advisors LLC raised its position in shares of Amgen by 1.5% during the 1st quarter. Octavia Wealth Advisors LLC now owns 2,435 shares of the medical research company's stock worth $759,000 after purchasing an additional 35 shares during the period. Affinity Capital Advisors LLC grew its holdings in Amgen by 4.5% in the 1st quarter. Affinity Capital Advisors LLC now owns 861 shares of the medical research company's stock worth $246,000 after buying an additional 37 shares in the last quarter. Finally, Accredited Investors Inc. grew its holdings in Amgen by 1.7% in the 1st quarter. Accredited Investors Inc. now owns 2,164 shares of the medical research company's stock worth $674,000 after buying an additional 37 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company's stock.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the business's stock in a transaction on Thursday, June 5th. The shares were 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 owned 8,162 shares of the company's stock, valued at $2,364,368.16. The trade was a 15.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.76% of the company's stock.

Amgen Stock Performance

AMGN stock traded down $6.27 during trading on Thursday, reaching $295.10. 2,251,875 shares of the stock were exchanged, compared to its average volume of 1,671,367. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $340.89. The company has a market capitalization of $158.68 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.49. The stock has a 50 day simple moving average of $291.53 and a 200-day simple moving average of $291.66. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results 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. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. During the same period in the previous year, the business earned $3.96 EPS. Amgen's revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler reaffirmed an "overweight" rating and set a $328.00 price target on shares of Amgen in a research note on Friday, June 27th. Mizuho increased their price objective on Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Guggenheim started coverage on Amgen in a report on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price objective for the company. Citigroup increased their price objective on Amgen from $300.00 to $305.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, William Blair restated an "outperform" rating on shares of Amgen in a report on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $307.27.

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.