Bartlett & CO. Wealth Management LLC Trims Holdings in Amgen Inc. (NASDAQ:AMGN)

Bartlett & CO. Wealth Management LLC reduced its stake in Amgen Inc. (NASDAQ:AMGN) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 352,304 shares of the medical research company’s stock after selling 8,291 shares during the quarter. Amgen makes up approximately 1.6% of Bartlett & CO. Wealth Management LLC’s investment portfolio, making the stock its 16th largest position. Bartlett & CO. Wealth Management LLC’s holdings in Amgen were worth $109,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Amgen by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 52,721,795 shares of the medical research company’s stock valued at $13,741,409,000 after buying an additional 339,522 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Amgen by 25.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,205,604 shares of the medical research company’s stock valued at $3,441,909,000 after acquiring an additional 2,672,975 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Amgen by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 12,475,032 shares of the medical research company’s stock valued at $3,245,881,000 after purchasing an additional 352,143 shares during the period. Capital International Investors grew its stake in Amgen by 40.1% during the 4th quarter. Capital International Investors now owns 12,212,065 shares of the medical research company’s stock worth $3,182,843,000 after purchasing an additional 3,495,503 shares in the last quarter. Finally, Capital World Investors increased its holdings in Amgen by 1,292.0% during the 4th quarter. Capital World Investors now owns 6,495,710 shares of the medical research company’s stock worth $1,693,042,000 after purchasing an additional 6,029,058 shares during the period. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Stock Down 0.4%

Shares of Amgen stock opened at $279.11 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $346.85. The stock has a market cap of $150.08 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 2.54 and a beta of 0.51. The company has a fifty day moving average price of $281.02 and a 200 day moving average price of $286.01.

Amgen (NASDAQ:AMGN) last announced its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.05 billion. During the same period in the prior year, the company posted $3.96 EPS. Amgen’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AMGN. Piper Sandler lowered their price objective on Amgen from $329.00 to $328.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Morgan Stanley reiterated an “equal weight” rating on shares of Amgen in a report on Friday, May 2nd. Bank of America raised their price objective on shares of Amgen from $275.00 to $294.00 and gave the company an “underperform” rating in a report on Wednesday, March 5th. Johnson Rice set a $294.00 target price on shares of Amgen in a research note on Wednesday, March 5th. Finally, Mizuho increased their target price on Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $309.22.

Insiders Place Their Bets

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the firm’s 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.76% of the stock is owned by corporate insiders.

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.