Morton Capital Management LLC CA Increases Stock Position in Amgen Inc. (NASDAQ:AMGN)

Morton Capital Management LLC CA raised its holdings in Amgen Inc. (NASDAQ:AMGN) by 10.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,478 shares of the medical research company’s stock after purchasing an additional 598 shares during the period. Amgen accounts for approximately 0.4% of Morton Capital Management LLC CA’s portfolio, making the stock its 23rd largest holding. Morton Capital Management LLC CA’s holdings in Amgen were worth $2,018,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Centricity Wealth Management LLC purchased a new stake in shares of Amgen in the fourth quarter valued at about $25,000. Pinney & Scofield Inc. acquired a new position in shares of Amgen in the fourth quarter valued at approximately $26,000. Ritter Daniher Financial Advisory LLC DE raised its position in shares of Amgen by 66.2% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company’s stock valued at $33,000 after buying an additional 51 shares during the last quarter. Synergy Investment Management LLC acquired a new position in shares of Amgen in the fourth quarter valued at approximately $34,000. Finally, Atala Financial Inc acquired a new position in shares of Amgen in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

AMGN opened at $295.22 on Friday. The company has a fifty day simple moving average of $281.33 and a 200 day simple moving average of $285.62. The firm has a market cap of $158.74 billion, a price-to-earnings ratio of 39.10, a PEG ratio of 2.63 and a beta of 0.51. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $346.85. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 9.62.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 EPS for the quarter, beating analysts’ consensus estimates of $4.18 by $0.72. Amgen had a net margin of 12.24% and a return on equity of 176.32%. The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. During the same period in the prior year, the firm posted $3.96 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. Equities research 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 firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president now directly owns 8,162 shares in the company, 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 SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AMGN. Guggenheim began coverage on shares of Amgen in a research report on Tuesday, May 20th. They issued a “neutral” rating and a $288.00 price objective for the company. Piper Sandler dropped their price target on shares of Amgen from $329.00 to $328.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Johnson Rice set a $294.00 price target on shares of Amgen in a research report on Wednesday, March 5th. Bank of America upped their price target on shares of Amgen from $275.00 to $294.00 and gave the stock an “underperform” rating in a research report on Wednesday, March 5th. Finally, Royal Bank of Canada dropped their price target on shares of Amgen from $324.00 to $320.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Amgen currently has an average rating of “Hold” and a consensus target price of $309.22.

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.