WealthPlan Investment Management LLC Buys 2,170 Shares of Amgen Inc. (NASDAQ:AMGN)

Key Points

• WealthPlan Investment Management LLC increased its stake in Amgen Inc. by 6.4%, acquiring an additional 2,170 shares, bringing its total holdings to 35,828 shares valued at approximately $11.16 million.
• Amgen recently reported earnings of $6.02 per share for the quarter, surpassing analyst estimates by 14%, with revenue of $9.18 billion, reflecting a 9.4% year-over-year increase.
• The company declared a quarterly dividend of $2.38 per share, contributing to an annualized dividend yield of 3.3%, with stockholders of record on August 22 eligible for payment.

WealthPlan Investment Management LLC boosted its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 6.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,828 shares of the medical research company's stock after acquiring an additional 2,170 shares during the quarter. Amgen makes up approximately 1.1% of WealthPlan Investment Management LLC's holdings, making the stock its 24th biggest holding. WealthPlan Investment Management LLC's holdings in Amgen were worth $11,162,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the 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 transaction, the senior vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.76% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AMGN. Piper Sandler reiterated an "overweight" rating and set a $328.00 price target on shares of Amgen in a research note on Friday, June 27th. Morgan Stanley raised their price target on Amgen from $330.00 to $333.00 and gave the company an "equal weight" rating in a report on Wednesday. Erste Group Bank cut Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Royal Bank Of Canada decreased their price objective on Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Amgen from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 18th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Amgen has a consensus rating of "Hold" and a consensus target price of $307.23.

Amgen Trading Down 5.1%

Shares of AMGN stock opened at $284.67 on Thursday. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $339.17. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.17 and a quick ratio of 0.88. The stock's 50 day simple moving average is $293.18 and its two-hundred day simple moving average is $292.39. The company has a market cap of $153.07 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 2.60 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.28 by $0.74. Amgen had a return on equity of 180.66% and a net margin of 18.96%. The firm had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. During the same period in the prior year, the business posted $4.97 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be issued a $2.38 dividend. This represents a $9.52 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, August 22nd. Amgen's dividend payout ratio is presently 77.84%.

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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