Evercore Wealth Management LLC Reduces Stake in Amgen Inc. (NASDAQ:AMGN)

Evercore Wealth Management LLC trimmed its holdings in Amgen Inc. (NASDAQ:AMGN) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,583 shares of the medical research company’s stock after selling 298 shares during the quarter. Evercore Wealth Management LLC’s holdings in Amgen were worth $5,928,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Amgen in the 4th quarter valued at about $1,556,912,000. International Assets Investment Management LLC acquired a new stake in shares of Amgen in the fourth quarter valued at approximately $4,589,900,000. Assenagon Asset Management S.A. grew its position in shares of Amgen by 486.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 899,232 shares of the medical research company’s stock worth $258,997,000 after acquiring an additional 745,929 shares during the last quarter. abrdn plc increased its holdings in shares of Amgen by 150.4% in the 4th quarter. abrdn plc now owns 1,043,609 shares of the medical research company’s stock valued at $300,580,000 after acquiring an additional 626,810 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Amgen by 111.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 989,061 shares of the medical research company’s stock valued at $284,869,000 after acquiring an additional 522,367 shares during the period. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on AMGN shares. Morgan Stanley raised their price objective on shares of Amgen from $271.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. TD Cowen dropped their price objective on shares of Amgen from $370.00 to $360.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. William Blair upgraded shares of Amgen from a “market perform” rating to an “outperform” rating in a research note on Friday, May 3rd. StockNews.com upgraded shares of Amgen from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, BMO Capital Markets raised their price objective on shares of Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $305.65.

Amgen Price Performance

AMGN stock traded down $0.67 on Friday, reaching $305.02. The company had a trading volume of 1,925,000 shares, compared to its average volume of 2,220,412. The company has a debt-to-equity ratio of 11.96, a quick ratio of 0.98 and a current ratio of 1.42. The company’s fifty day moving average is $290.13 and its 200 day moving average is $288.17. The company has a market cap of $163.62 billion, a P/E ratio of 43.57, a PEG ratio of 2.76 and a beta of 0.60. Amgen Inc. has a 1 year low of $215.32 and a 1 year high of $329.72.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a net margin of 12.74% and a return on equity of 156.21%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.98 earnings per share. On average, research analysts forecast that Amgen Inc. will post 19.47 earnings per share for the current year.

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.