Patrick M Sweeney & Associates Inc. Takes $266,000 Position in Amgen Inc. (NASDAQ:AMGN)

Patrick M Sweeney & Associates Inc. purchased a new stake in shares of Amgen Inc. (NASDAQ:AMGN) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 925 shares of the medical research company’s stock, valued at approximately $266,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in Amgen in the fourth quarter worth about $4,589,900,000. Assenagon Asset Management S.A. increased its holdings in shares of Amgen by 486.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 899,232 shares of the medical research company’s stock valued at $258,997,000 after acquiring an additional 745,929 shares during the last quarter. abrdn plc raised its position in shares of Amgen by 150.4% during the 4th quarter. abrdn plc now owns 1,043,609 shares of the medical research company’s stock valued at $300,580,000 after acquiring an additional 626,810 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in Amgen by 111.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 989,061 shares of the medical research company’s stock worth $284,869,000 after purchasing an additional 522,367 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Amgen by 11.4% in the third quarter. Royal Bank of Canada now owns 5,079,677 shares of the medical research company’s stock worth $1,365,213,000 after purchasing an additional 518,689 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of research reports. BMO Capital Markets increased their target price on shares of Amgen from $336.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday. Truist Financial reaffirmed a “buy” rating and set a $320.00 target price on shares of Amgen in a report on Friday, April 12th. William Blair raised Amgen from a “market perform” rating to an “outperform” rating in a report on Friday. Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $230.00 to $300.00 in a research note on Friday. Finally, Morgan Stanley increased their target price on Amgen from $271.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $305.05.

Amgen Price Performance

Shares of AMGN traded up $0.82 during mid-day trading on Tuesday, hitting $300.30. The company’s stock had a trading volume of 2,452,073 shares, compared to its average volume of 2,910,303. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. The firm has a 50-day moving average price of $275.65 and a 200 day moving average price of $281.74. Amgen Inc. has a fifty-two week low of $211.71 and a fifty-two week high of $329.72. The stock has a market capitalization of $161.07 billion, a price-to-earnings ratio of 42.90, a PEG ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. Amgen’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter last year, the company posted $3.98 EPS. On average, research analysts predict that Amgen Inc. will post 19.46 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s payout ratio is 128.57%.

Insider Buying and Selling

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.69% of the company’s stock.

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.