Econ Financial Services Corp Decreases Stake in Amgen Inc. $AMGN

Econ Financial Services Corp cut its stake in Amgen Inc. (NASDAQ:AMGN) by 52.3% in the first quarter, Holdings Channel reports. The firm owned 4,042 shares of the medical research company’s stock after selling 4,438 shares during the period. Econ Financial Services Corp’s holdings in Amgen were worth $1,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of AMGN. Anfield Capital Management LLC raised its holdings in shares of Amgen by 1,000.0% in the fourth quarter. Anfield Capital Management LLC now owns 77 shares of the medical research company’s stock worth $25,000 after buying an additional 70 shares during the last quarter. Dogwood Wealth Management LLC lifted its stake in shares of Amgen by 275.0% during the fourth quarter. Dogwood Wealth Management LLC now owns 75 shares of the medical research company’s stock worth $25,000 after buying an additional 55 shares during the period. Board of the Pension Protection Fund purchased a new stake in shares of Amgen during the fourth quarter valued at $26,000. Tower View Wealth Management LLC grew its holdings in shares of Amgen by 331.6% during the first quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company’s stock valued at $29,000 after buying an additional 63 shares during the last quarter. Finally, Manning & Napier Advisors LLC increased its position in shares of Amgen by 49.2% in the 4th quarter. Manning & Napier Advisors LLC now owns 97 shares of the medical research company’s stock valued at $32,000 after acquiring an additional 32 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 1,237 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $323.73, for a total value of $400,454.01. Following the sale, the senior vice president owned 7,009 shares in the company, valued at $2,269,023.57. This represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMGN. Cantor Fitzgerald restated a “neutral” rating and issued a $350.00 target price on shares of Amgen in a research note on Wednesday, April 8th. Guggenheim dropped their price target on Amgen from $351.00 to $340.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Royal Bank Of Canada reissued a “positive” rating on shares of Amgen in a report on Thursday, June 18th. Jefferies Financial Group assumed coverage on Amgen in a research note on Tuesday, March 10th. They issued a “hold” rating and a $350.00 price objective for the company. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Amgen in a report on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $354.42.

Amgen Trading Up 1.6%

Shares of Amgen stock opened at $358.61 on Friday. The stock has a market cap of $193.54 billion, a PE ratio of 24.96, a price-to-earnings-growth ratio of 3.54 and a beta of 0.42. The firm has a fifty day moving average price of $340.70 and a 200 day moving average price of $346.20. Amgen Inc. has a 1 year low of $269.77 and a 1 year high of $391.29. The company has a debt-to-equity ratio of 5.65, a current ratio of 1.26 and a quick ratio of 1.01.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Thursday, April 30th. The medical research company reported $5.15 EPS for the quarter, beating the consensus estimate of $4.77 by $0.38. The company had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.58 billion. Amgen had a net margin of 20.96% and a return on equity of 137.41%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company earned $4.90 earnings per share. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. Equities research analysts predict that Amgen Inc. will post 22.38 earnings per share for the current year.

About Amgen

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.