Amgen Inc. $AMGN Stock Acquired by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC grew its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 1,319.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 7,367 shares of the medical research company’s stock after buying 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 (SEC).

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of Amgen by 4.8% in the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after purchasing an additional 2,261,544 shares in the last quarter. State Street Corp raised its stake in shares of 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 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 purchasing an additional 605,928 shares in the last quarter. Bank of America Corp DE purchased a new stake in Amgen during the 2nd quarter worth about $1,831,903,000. Finally, Amundi lifted its holdings 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 purchasing an additional 512,883 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 2,970 shares of Amgen stock in a transaction dated 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 sale, the senior vice president owned 7,340 shares in the company, valued at approximately $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rachna Khosla sold 1,252 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the transaction, the senior vice president directly owned 6,404 shares of the company’s stock, valued at $2,666,817.72. The trade was a 16.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 6,222 shares of company stock worth $2,540,926. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. William Blair restated an “outperform” rating on shares of Amgen in a research note on Wednesday. Bank of America upped their price target on Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a research report on Wednesday, August 5th. Jefferies Financial Group reissued a “hold” rating and issued a $410.00 price target on shares of Amgen in a report on Wednesday, September 23rd. Morgan Stanley lowered their price target on shares of Amgen from $362.00 to $359.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. Finally, Sanford C. Bernstein raised their price objective on shares of Amgen from $335.00 to $345.00 and gave the company a “market perform” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Amgen currently has a consensus rating of “Hold” and an average price target of $389.71.

Amgen Trading Down 0.9%

Amgen stock opened at $461.26 on Wednesday. The stock 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. Amgen Inc. has a fifty-two week low of $294.48 and a fifty-two week high of $475.64. The firm’s fifty day moving average price is $420.83 and its 200-day moving average price is $376.16. The company has a debt-to-equity ratio of 4.44, a quick ratio of 1.13 and a current ratio of 1.37.

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

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be paid a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, November 20th. Amgen’s dividend payout ratio is currently 62.65%.

Key Headlines Impacting Amgen

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

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.