Amgen Inc. $AMGN Stock: Cullinan Associates Inc. Boosts Stake

Cullinan Associates Inc. grew its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 5.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 25,561 shares of the medical research company’s stock after buying an additional 1,273 shares during the period. Cullinan Associates Inc.’s holdings in Amgen were worth $10,774,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in AMGN. BlackRock Inc. grew its position in Amgen by 4.8% during the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock worth $17,874,974,000 after buying an additional 2,261,544 shares in the last quarter. State Street Corp raised its holdings in Amgen by 38.2% in the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock valued at $15,283,363,000 after acquiring an additional 11,656,755 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Amgen by 12.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company’s stock valued at $1,952,156,000 after acquiring an additional 605,928 shares in the last quarter. Bank of America Corp DE acquired a new position in Amgen in the 2nd quarter valued at approximately $1,831,903,000. Finally, Amundi lifted its position in shares of Amgen by 15.2% in the 2nd quarter. Amundi now owns 3,890,189 shares of the medical research company’s stock worth $1,408,715,000 after acquiring an additional 512,883 shares during the period. Institutional investors own 76.50% of the company’s stock.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported quarterly earnings and revenue above expectations, with revenue up 8.5% year over year. Its earnings-call discussion also emphasized growth and pipeline momentum, supporting the case for continued expansion. Amgen Earnings Call Highlights Growth, Pipeline Momentum
• Positive Sentiment: A large real-world study found Repatha lowered heart-attack risk by 20% versus ezetimibe in patients with heart disease. The findings could strengthen the drug’s clinical and commercial position. Repatha real-world study
• Positive Sentiment: Scotiabank reiterated a Buy view and set a $530 price target; UBS also maintains a Buy rating with a $530 target. Separately, ETFs bought a net $79.8 million of AMGN shares in Wednesday’s session. Scotiabank price target ETF holdings
• Neutral Sentiment: Analyst opinions remain divided: Leerink Partners and Guggenheim have Hold/neutral ratings, while Scotiabank and UBS are more optimistic. The differing views suggest debate about how much of Amgen’s recent gains are already reflected in its valuation. Leerink Partners rating
• Negative Sentiment: Freedom Broker downgraded Amgen to Hold, adding to the cautious analyst commentary and potentially tempering enthusiasm after the recent rally. Freedom Broker downgrade

Insider Buying and Selling

In other news, SVP Rachna Khosla sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the sale, the senior vice president owned 6,404 shares in the company, valued at $2,642,098.28. The trade was a 23.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AMGN shares. The Goldman Sachs Group lifted their price objective on Amgen from $481.00 to $536.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley upped their target price on Amgen from $359.00 to $410.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company raised their target price on Amgen from $430.00 to $460.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Sanford C. Bernstein lifted their price target on shares of Amgen from $345.00 to $400.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, BMO Capital Markets lowered their price target on shares of Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $420.80.

Amgen Trading Up 0.0%

Shares of AMGN stock opened at $460.42 on Friday. Amgen Inc. has a 12-month low of $312.39 and a 12-month high of $483.99. The firm has a 50-day moving average price of $422.43 and a 200 day moving average price of $378.19. The company has a quick ratio of 1.13, a current ratio of 1.48 and a debt-to-equity ratio of 3.60. The company has a market capitalization of $249.05 billion, a P/E ratio of 26.71, a P/E/G ratio of 3.21 and a beta of 0.43.

Amgen (NASDAQ:AMGN) last announced its earnings results on Tuesday, November 3rd. The medical research company reported $6.45 EPS for the quarter, topping the consensus estimate of $5.79 by $0.66. The business had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. Amgen had a return on equity of 114.99% and a net margin of 24.14%. Amgen’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $5.64 EPS. Research analysts forecast that Amgen Inc. will post 23.33 earnings per share for the current fiscal year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 20th will be issued a dividend of $2.52 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $10.08 annualized dividend and a dividend yield of 2.2%. Amgen’s payout ratio is presently 58.47%.

Amgen Profile

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases.

The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally.

Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A.