Pinnacle Financial Partners Inc Trims Stake in Amgen Inc. $AMGN

Pinnacle Financial Partners Inc reduced its holdings in Amgen Inc. (NASDAQ:AMGN) by 17.6% during the third quarter, Holdings Channel.com reports. The fund owned 48,399 shares of the medical research company’s stock after selling 10,351 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Amgen were worth $13,658,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Amgen in the second quarter valued at approximately $27,000. Evelyn Partners Investment Management LLP bought a new position in shares of Amgen in the 2nd quarter worth $32,000. Howard Hughes Medical Institute purchased a new stake in shares of Amgen during the 2nd quarter valued at $32,000. Quaker Wealth Management LLC lifted its holdings in shares of Amgen by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 120 shares of the medical research company’s stock worth $34,000 after acquiring an additional 240 shares during the last quarter. Finally, Nvwm LLC lifted its holdings in shares of Amgen by 893.3% during the 2nd quarter. Nvwm LLC now owns 149 shares of the medical research company’s stock worth $42,000 after acquiring an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

AMGN opened at $330.41 on Friday. The stock’s 50 day simple moving average is $331.56 and its 200 day simple moving average is $306.01. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.28 and a quick ratio of 0.99. Amgen Inc. has a 1 year low of $261.43 and a 1 year high of $346.38. The firm has a market cap of $177.92 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 2.94 and a beta of 0.45.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, November 4th. The medical research company reported $5.64 earnings per share for the quarter, beating the consensus estimate of $5.01 by $0.63. Amgen had a return on equity of 162.59% and a net margin of 19.47%.The firm had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the previous year, the company posted $5.58 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. As a group, analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 13th will be issued a $2.52 dividend. This is a boost from Amgen’s previous quarterly dividend of $2.38. The ex-dividend date of this dividend is Friday, February 13th. This represents a $10.08 dividend on an annualized basis and a yield of 3.1%. Amgen’s payout ratio is 73.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AMGN shares. Cantor Fitzgerald raised their price target on Amgen from $305.00 to $315.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. The Goldman Sachs Group increased their price objective on Amgen from $400.00 to $403.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Daiwa Capital Markets boosted their target price on Amgen from $310.00 to $370.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 18th. Truist Financial upped their target price on Amgen from $318.00 to $319.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. Finally, Guggenheim lifted their price target on shares of Amgen from $288.00 to $305.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.45.

Insider Buying and Selling at Amgen

In related news, EVP Murdo Gordon sold 6,879 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $336.83, for a total value of $2,317,053.57. Following the sale, the executive vice president directly owned 41,923 shares of the company’s stock, valued at $14,120,924.09. This trade represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Rachna Khosla sold 890 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $336.24, for a total value of $299,253.60. Following the transaction, the senior vice president directly owned 7,082 shares of the company’s stock, valued at $2,381,251.68. The trade was a 11.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 10,908 shares of company stock worth $3,674,966. 0.76% of the stock is currently owned by company insiders.

About Amgen

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.