The Manufacturers Life Insurance Company reduced its stake in shares of Amgen Inc. (NASDAQ:AMGN – Free Report) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,150,794 shares of the medical research company’s stock after selling 107,249 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Amgen were worth $416,725,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Tower View Wealth Management LLC grew its holdings in shares of Amgen by 331.6% in the 1st quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company’s stock worth $29,000 after acquiring an additional 63 shares during the period. Evergreen Advisors LLC acquired a new position in Amgen during the first quarter worth $37,000. Sfam LLC purchased a new stake in Amgen during the fourth quarter worth $38,000. Advocate Investing Services LLC purchased a new stake in Amgen during the fourth quarter worth $39,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Amgen in the fourth quarter valued at $44,000. 76.50% of the stock is owned by hedge funds and other institutional investors.
Amgen Trading Down 2.2%
Shares of AMGN opened at $382.47 on Friday. The stock has a fifty day moving average of $400.31 and a two-hundred day moving average of $367.85. The company has a debt-to-equity ratio of 4.44, a quick ratio of 1.13 and a current ratio of 1.37. The company has a market capitalization of $206.77 billion, a PE ratio of 23.77, a price-to-earnings-growth ratio of 2.82 and a beta of 0.43. Amgen Inc. has a fifty-two week low of $269.77 and a fifty-two week high of $447.03.
Amgen Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 21st will be given a dividend of $2.52 per share. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 21st. Amgen’s payout ratio is presently 62.65%.
Insider Transactions at Amgen
In other Amgen news, SVP Nancy A. Grygiel sold 2,970 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the transaction, the senior vice president owned 7,340 shares of the company’s stock, valued at $2,951,854.40. This trade represents a 28.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Rachna Khosla sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the transaction, the senior vice president owned 6,404 shares in the company, valued at $2,642,098.28. This trade represents a 23.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 6,222 shares of company stock valued at $2,540,926. 0.85% of the stock is currently owned by corporate insiders.
Key Headlines Impacting Amgen
Here are the key news stories impacting Amgen this week:
- Positive Sentiment: Amgen and AstraZeneca reported that the Imdelltra-Imfinzi combination improved survival outcomes in a late-stage study of first-line extensive-stage small-cell lung cancer. The results could expand Imdelltra’s addressable market and strengthen the long-term growth outlook for Amgen’s oncology portfolio. AMGN, AZN Drug Combo Shows Survival Benefit in Lung Cancer Study
- Positive Sentiment: TD Cowen and Piper Sandler maintained Buy ratings, while a Seeking Alpha analysis upgraded Amgen, arguing that the recent selloff created an attractive entry point. Supportive ratings may help limit downside if the company’s pipeline continues to deliver. TD Cowen Keeps Their Buy Rating on Amgen
- Neutral Sentiment: Amgen announced a Phase 4 trial evaluating Repatha’s impact on coronary plaque, potentially providing additional evidence to support the cardiovascular drug’s use. However, the study is longer-term and is unlikely to materially affect near-term earnings. Amgen’s New Repatha Plaque Trial
- Neutral Sentiment: Analyst views remain mixed: Cantor Fitzgerald and Wells Fargo retained Neutral and Hold ratings, respectively, while Amgen’s healthcare-conference presentations could provide additional details on its pipeline and outlook. Cantor Fitzgerald Reaffirms Neutral Rating for Amgen
- Negative Sentiment: The main pressure came from Novartis’ disappointing trial results, which raised concerns about the broader cholesterol-drug class and weighed on expectations for Amgen’s related pipeline opportunities. Unusually heavy put-option activity also signaled elevated near-term bearish positioning. Amgen Falls as Novartis Trial Failure Clouds Cholesterol Drug Class
- Negative Sentiment: Investors remain concerned that falling Prolia and XGEVA sales from biosimilar competition, combined with continued investment in MariTide, will require margin expansion to justify Amgen’s valuation. Amgen’s Forward Multiple Looks Cheap Until You Price the Margins It Assumes
Analysts Set New Price Targets
A number of research analysts have recently weighed in on AMGN shares. Piper Sandler lifted their price target on Amgen from $427.00 to $457.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. Bank of America increased their price objective on shares of Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a research note on Wednesday, August 5th. Scotiabank lifted their target price on shares of Amgen from $385.00 to $450.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Barclays increased their price target on shares of Amgen from $360.00 to $380.00 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Finally, Guggenheim lifted their price objective on Amgen from $343.00 to $388.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Amgen currently has an average rating of “Hold” and an average target price of $381.68.
Get Our Latest Stock Report on Amgen
About Amgen
Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and rare diseases. The company uses biologic research, genetics and other advanced technologies to develop treatments intended to address significant unmet medical needs.
Amgen’s medicines include Enbrel for certain inflammatory diseases; Prolia and Evenity for bone-related conditions; Xgeva for complications associated with cancer and bone disease; Repatha for cardiovascular risk reduction; Otezla for inflammatory conditions; and Aimovig for migraine prevention.
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