Zions Bancorporation National Association UT Purchases Shares of 31,514 Amgen Inc. (NASDAQ:AMGN)

Key Points

• Zions Bancorporation National Association UT acquired a new position in Amgen, purchasing 31,514 shares valued at approximately $9.8 million, making it the 27th largest holding in their portfolio.
• Analysts have set a consensus target price of $303.76 for Amgen, with a mix of ratings including two sell ratings, eleven holds, seven buys, and two strong buys.
• Amgen announced a quarterly dividend of $2.38, which translates to an annualized yield of 3.3%, with a payout ratio of 77.84%.

Zions Bancorporation National Association UT acquired a new position in Amgen Inc. (NASDAQ:AMGN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,514 shares of the medical research company's stock, valued at approximately $9,818,000. Amgen comprises approximately 0.6% of Zions Bancorporation National Association UT's holdings, making the stock its 27th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in AMGN. Pinney & Scofield Inc. acquired a new position in Amgen during the fourth quarter valued at approximately $26,000. First Pacific Financial grew its holdings in Amgen by 304.5% during the first 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. Heck Capital Advisors LLC acquired a new position in Amgen during the fourth quarter valued at approximately $36,000. Legacy Investment Solutions LLC grew its stake in shares of Amgen by 46.9% in the fourth quarter. Legacy Investment Solutions LLC now owns 141 shares of the medical research company's stock worth $37,000 after acquiring an additional 45 shares during the last quarter. Finally, South Plains Financial Inc. acquired a new stake in shares of Amgen in the fourth quarter worth $37,000. Institutional investors and hedge funds own 76.50% of the company's stock.

Wall Street Analyst Weigh In

AMGN has been the topic of several research analyst reports. Piper Sandler restated an "overweight" rating and issued a $328.00 price objective on shares of Amgen in a research note on Friday, June 27th. Bank of America raised their price objective on shares of Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 23rd. Wall Street Zen downgraded shares of Amgen from a "buy" rating to a "hold" rating in a research note on Saturday. Erste Group Bank downgraded shares of Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada lowered their price objective on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $303.76.

Insiders Place Their Bets

In other Amgen 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 completion of the sale, the senior vice president directly owned 8,162 shares of the company's stock, valued at approximately $2,364,368.16. The trade was a 15.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.76% of the company's stock.

Amgen Price Performance

Shares of NASDAQ:AMGN traded up $3.53 on Friday, hitting $288.23. The stock had a trading volume of 1,802,960 shares, compared to its average volume of 2,050,777. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $339.17. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.88 and a current ratio of 1.31. The firm's 50 day moving average price is $293.23 and its 200-day moving average price is $292.71. The company has a market capitalization of $155.17 billion, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 2.47 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. Amgen had a return on equity of 174.71% and a net margin of 18.96%. The business had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.86 billion. During the same period in the previous year, the business posted $4.97 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, August 22nd. Amgen's payout ratio is currently 77.84%.

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.