Amgen Inc. $AMGN Stock: Provenance Wealth Advisors LLC Increases Holdings

Provenance Wealth Advisors LLC increased its stake in Amgen Inc. (NASDAQ:AMGN) by 1,319.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,367 shares of the medical research company’s stock after purchasing an additional 6,848 shares during the period. Provenance Wealth Advisors LLC’s holdings in Amgen were worth $3,105,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. lifted its position in Amgen by 4.8% during the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock worth $17,874,974,000 after buying an additional 2,261,544 shares in the last quarter. State Street Corp lifted its holdings in Amgen by 38.2% during the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock valued at $15,283,363,000 after purchasing an additional 11,656,755 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Amgen by 12.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company’s stock worth $1,952,156,000 after buying an additional 605,928 shares during the period. Bank of America Corp DE acquired a new position in shares of Amgen in the second quarter valued at approximately $1,831,903,000. Finally, Amundi increased its position in Amgen by 15.2% during the 2nd quarter. Amundi now owns 3,890,189 shares of the medical research company’s stock worth $1,408,715,000 after buying an additional 512,883 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on AMGN. TD Cowen increased their target price on Amgen from $420.00 to $452.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Jefferies Financial Group reissued a “hold” rating and set a $410.00 target price on shares of Amgen in a research note on Wednesday, September 23rd. Guggenheim decreased their price target on shares of Amgen from $388.00 to $378.00 and set a “neutral” rating for the company in a research note on Tuesday, October 13th. Oppenheimer reiterated an “outperform” rating on shares of Amgen in a report on Friday, October 23rd. Finally, Canaccord Genuity Group raised their target price on Amgen from $366.00 to $384.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $389.71.

Amgen Trading Down 0.9%

Shares of AMGN stock opened at $461.26 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. The firm has a market cap of $249.37 billion, a P/E ratio of 28.67, a PEG ratio of 3.41 and a beta of 0.43. The company has a 50 day moving average of $420.83 and a 200-day moving average of $376.16. Amgen Inc. has a 12-month low of $294.48 and a 12-month high of $475.64.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, November 3rd. The medical research company reported $6.45 EPS for the quarter, beating the consensus estimate of $5.79 by $0.66. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The business had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter in the prior year, the business earned $5.64 earnings per share. Amgen’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts anticipate that Amgen Inc. will post 22.96 earnings per share for the current year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th 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 2.2%. The ex-dividend date of this dividend is Friday, November 20th. Amgen’s dividend payout ratio is currently 62.65%.

More Amgen News

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen earned $6.45 per share on $10.37 billion in revenue, beating analyst estimates; revenue rose 8.5% year over year. The company also raised its outlook, with full-year revenue guidance slightly above the consensus estimate. Amgen Raises Outlook After 3Q Profit, Sales Rise
• Positive Sentiment: Sales growth in cholesterol and cancer medicines helped support the quarter, while the company’s broader growth portfolio was reported to be offsetting pressure from the denosumab product cycle. Amgen third quarter sales rise 8%, led by cholesterol, cancer drugs
• Negative Sentiment: Shares fell despite the earnings beat as investors focused on biosimilar competition facing key products, which could pressure future sales. Amgen beats estimates but shares dip on biosimilar concerns
• Negative Sentiment: The FDA issued Amgen a warning letter over promotion of its cancer drug Vectibix, adding a regulatory and reputational concern for investors. Amgen Gets FDA Warning Letter Over Misleading Vectibix Promotion

Insiders Place Their Bets

In other news, SVP Nancy Grygiel sold 2,970 shares of the stock in a transaction 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 completion of the transaction, the senior vice president owned 7,340 shares in the company, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Rachna Khosla sold 2,000 shares of the 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 of the company’s stock, valued at $2,642,098.28. The trade was a 23.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,222 shares of company stock worth $2,540,926 in the last ninety days. Insiders own 0.85% of the company’s stock.

Amgen Company Profile

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 neuroscience.

The company’s products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.