Focus Financial Network Inc. Lowers Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Focus Financial Network Inc. cut its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 11.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,575 shares of the medical research company’s stock after selling 573 shares during the period. Focus Financial Network Inc.’s holdings in Amgen were worth $1,425,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Tallon Kerry Patrick purchased a new stake in Amgen during the 4th quarter worth about $270,000. Brighton Jones LLC increased its stake in Amgen by 23.5% in the fourth quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company’s stock valued at $7,159,000 after purchasing an additional 5,226 shares during the last quarter. Essex Financial Services Inc. raised its stake in Amgen by 6.6% during the 4th quarter. Essex Financial Services Inc. now owns 5,199 shares of the medical research company’s stock worth $1,355,000 after acquiring an additional 321 shares in the last quarter. Sovran Advisors LLC acquired a new position in Amgen in the fourth quarter valued at $1,141,000. Finally, Augustine Asset Management Inc. increased its position in shares of Amgen by 45.2% during the fourth quarter. Augustine Asset Management Inc. now owns 8,520 shares of the medical research company’s stock worth $2,221,000 after purchasing an additional 2,653 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on AMGN. Johnson Rice set a $294.00 price target on Amgen in a research report on Wednesday, March 5th. Wall Street Zen raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 18th. Erste Group Bank cut shares of Amgen from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 8th. Bank of America raised their price target on Amgen from $275.00 to $294.00 and gave the stock an “underperform” rating in a report on Wednesday, March 5th. Finally, Piper Sandler decreased their price target on Amgen from $329.00 to $328.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $309.22.

Amgen Stock Performance

Amgen stock opened at $291.81 on Thursday. The company has a debt-to-equity ratio of 9.62, a quick ratio of 0.95 and a current ratio of 1.26. Amgen Inc. has a one year low of $253.30 and a one year high of $346.85. The stock’s 50 day moving average price is $280.88 and its 200 day moving average price is $285.46. The firm has a market capitalization of $156.91 billion, a PE ratio of 38.65, a price-to-earnings-growth ratio of 2.63 and a beta of 0.51.

Amgen (NASDAQ:AMGN) last announced its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, beating the consensus estimate of $4.18 by $0.72. Amgen had a return on equity of 176.32% and a net margin of 12.24%. The company had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.05 billion. During the same period last year, the firm earned $3.96 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts expect that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Insider Buying and Selling at Amgen

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the transaction, the senior vice president now owns 8,162 shares of the company’s stock, valued at approximately $2,364,368.16. This trade represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.76% of the stock is currently owned by insiders.

Amgen Company 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.