Amgen Inc. $AMGN Holdings Cut by Covenant Asset Management LLC

Covenant Asset Management LLC lowered its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 10.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,539 shares of the medical research company’s stock after selling 420 shares during the period. Covenant Asset Management LLC’s holdings in Amgen were worth $988,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AMGN. Nuveen LLC purchased a new stake in shares of Amgen during the first quarter worth $688,868,000. Federated Hermes Inc. increased its position in Amgen by 48.5% in the 1st quarter. Federated Hermes Inc. now owns 2,037,169 shares of the medical research company’s stock worth $634,680,000 after purchasing an additional 665,555 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Amgen by 128.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,065,694 shares of the medical research company’s stock worth $332,017,000 after purchasing an additional 600,096 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Amgen during the 2nd quarter worth about $156,812,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Amgen by 1,505.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 518,604 shares of the medical research company’s stock valued at $144,799,000 after buying an additional 486,299 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the sale, the senior vice president owned 7,209 shares of the company’s stock, valued at $2,141,000.91. This trade represents a 14.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.69% of the stock is currently owned by insiders.

Amgen Price Performance

Shares of Amgen stock opened at $272.98 on Monday. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 7.24. The firm has a fifty day simple moving average of $288.86 and a 200-day simple moving average of $288.89. The stock has a market capitalization of $146.96 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 2.37 and a beta of 0.49. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $335.88.

Amgen (NASDAQ:AMGN) last announced its earnings results on Tuesday, August 5th. The medical research company reported $6.02 EPS for the quarter, topping the consensus estimate of $5.28 by $0.74. The firm had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $4.97 EPS. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. On average, sell-side analysts expect that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 22nd were given a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, August 22nd. Amgen’s payout ratio is currently 77.84%.

Wall Street Analysts Forecast Growth

AMGN has been the subject of several recent research reports. Wall Street Zen cut Amgen from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Bank of America boosted their target price on shares of Amgen from $261.00 to $272.00 and gave the stock an “underperform” rating in a research report on Friday. Morgan Stanley increased their price target on shares of Amgen from $330.00 to $333.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Cantor Fitzgerald restated a “neutral” rating and set a $305.00 price target on shares of Amgen in a report on Tuesday, June 24th. Finally, Raymond James Financial began coverage on shares of Amgen in a research note on Wednesday, September 3rd. They issued a “market perform” rating for the company. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $309.70.

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.