State of Michigan Retirement System Purchases 500 Shares of Amgen Inc. $AMGN

State of Michigan Retirement System boosted its position in shares of Amgen Inc. (NASDAQ:AMGN) by 0.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 146,197 shares of the medical research company’s stock after purchasing an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Amgen were worth $40,820,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wakefield Asset Management LLLP purchased a new position in shares of Amgen during the second quarter valued at approximately $551,000. iA Global Asset Management Inc. raised its holdings in shares of Amgen by 4.6% in the second quarter. iA Global Asset Management Inc. now owns 63,838 shares of the medical research company’s stock worth $17,824,000 after buying an additional 2,821 shares during the period. Mission Wealth Management LP lifted its stake in shares of Amgen by 3.4% during the 2nd quarter. Mission Wealth Management LP now owns 11,370 shares of the medical research company’s stock worth $3,175,000 after acquiring an additional 379 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its stake in shares of Amgen by 6.4% during the 2nd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 1,354 shares of the medical research company’s stock worth $378,000 after acquiring an additional 82 shares during the last quarter. Finally, Welch & Forbes LLC boosted its holdings in Amgen by 1.2% during the 2nd quarter. Welch & Forbes LLC now owns 25,434 shares of the medical research company’s stock valued at $7,101,000 after acquiring an additional 309 shares during the period. 76.50% of the stock is owned by hedge funds and other institutional investors.

Amgen Stock Up 2.2%

Amgen stock opened at $298.43 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. The firm has a market cap of $160.66 billion, a P/E ratio of 24.40, a P/E/G ratio of 2.61 and a beta of 0.49. The business has a fifty day moving average of $287.75 and a two-hundred day moving average of $287.46. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $335.88.

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

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of recent analyst reports. Raymond James Financial initiated coverage on Amgen in a research note on Wednesday, September 3rd. They issued a “market perform” rating on the stock. Morgan Stanley upped their price target on shares of Amgen from $330.00 to $333.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 6th. Piper Sandler lifted their price objective on shares of Amgen from $328.00 to $342.00 and gave the company an “overweight” rating in a report on Monday, August 25th. Citigroup boosted their price objective on shares of Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen downgraded shares of Amgen from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $300.94.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total transaction of $376,286.33. Following the completion of the sale, the senior vice president directly owned 7,209 shares of the company’s stock, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.76% of the company’s stock.

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.