Pinnacle Wealth Management Advisory Group LLC Boosts Stake in Amgen Inc. (NASDAQ:AMGN)

Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Amgen Inc. (NASDAQ:AMGN) by 1.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 13,104 shares of the medical research company’s stock after acquiring an additional 238 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Amgen were worth $3,774,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. OFI Invest Asset Management purchased a new stake in Amgen in the 3rd quarter worth approximately $26,000. Briaud Financial Planning Inc purchased a new stake in Amgen during the 3rd quarter valued at about $26,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Amgen during the 4th quarter worth approximately $29,000. Providence Capital Advisors LLC purchased a new stake in shares of Amgen in the third quarter valued at approximately $30,000. Finally, Planned Solutions Inc. acquired a new stake in shares of Amgen in the 4th quarter worth $30,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now owns 9,883 shares of the company’s stock, valued at $3,094,268.47. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.69% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays raised shares of Amgen from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $230.00 to $300.00 in a research note on Friday, May 3rd. Morgan Stanley lifted their target price on Amgen from $271.00 to $310.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. StockNews.com upgraded Amgen from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Raymond James assumed coverage on shares of Amgen in a research report on Thursday, March 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial reissued a “buy” rating and issued a $320.00 price target on shares of Amgen in a research note on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Amgen currently has an average rating of “Moderate Buy” and a consensus price target of $305.65.

Amgen Stock Up 1.9 %

Shares of NASDAQ AMGN traded up $5.93 during mid-day trading on Thursday, reaching $313.24. The company had a trading volume of 1,159,404 shares, compared to its average volume of 2,889,674. The firm has a 50 day simple moving average of $275.65 and a two-hundred day simple moving average of $281.74. Amgen Inc. has a 52-week low of $211.71 and a 52-week high of $329.72. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96. The stock has a market cap of $168.03 billion, a P/E ratio of 43.90, a PEG ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last announced its earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. The firm had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business’s revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.98 EPS. Sell-side analysts predict that Amgen Inc. will post 19.46 earnings per share for the current year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Thursday, May 16th. Amgen’s dividend payout ratio is currently 128.57%.

Amgen 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.