Associated Banc Corp Cuts Stake in Amgen Inc. $AMGN

Associated Banc Corp cut its position in Amgen Inc. (NASDAQ:AMGN) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,811 shares of the medical research company’s stock after selling 525 shares during the period. Associated Banc Corp’s holdings in Amgen were worth $6,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in AMGN. Wealth Preservation Advisors LLC purchased a new stake in Amgen in the 1st quarter valued at $25,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Amgen by 1,214.3% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company’s stock valued at $29,000 after acquiring an additional 85 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Amgen during the 2nd quarter valued at about $27,000. Activest Wealth Management grew its holdings in shares of Amgen by 3,433.3% in the first quarter. Activest Wealth Management now owns 106 shares of the medical research company’s stock valued at $33,000 after purchasing an additional 103 shares during the period. Finally, Evelyn Partners Investment Management LLP acquired a new stake in Amgen during the second quarter worth about $32,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Stock Performance

NASDAQ:AMGN opened at $334.30 on Tuesday. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. Amgen Inc. has a 12 month low of $253.30 and a 12 month high of $345.84. The business’s fifty day moving average price is $302.19 and its 200 day moving average price is $293.02. The firm has a market capitalization of $180.01 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 2.61 and a beta of 0.45.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, November 4th. The medical research company reported $5.64 EPS for the quarter, beating analysts’ consensus estimates of $5.01 by $0.63. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The firm had revenue of $9.56 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same period last year, the firm posted $5.58 EPS. The company’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. On average, sell-side analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 21st will be given a dividend of $2.38 per share. The ex-dividend date is Friday, November 21st. This represents a $9.52 dividend on an annualized basis and a dividend yield of 2.8%. Amgen’s payout ratio is 73.57%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AMGN shares. Weiss Ratings upgraded shares of Amgen from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 8th. The Goldman Sachs Group reduced their price target on shares of Amgen from $405.00 to $400.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley decreased their price objective on Amgen from $333.00 to $329.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 5th. Bank of America raised their target price on Amgen from $261.00 to $272.00 and gave the stock an “underperform” rating in a research note on Friday, September 26th. Finally, HSBC lifted their target price on Amgen from $343.00 to $381.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Amgen has an average rating of “Hold” and an average price target of $320.86.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 3,139 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $337.26, for a total transaction of $1,058,659.14. Following the transaction, the senior vice president owned 7,225 shares in the company, valued at $2,436,703.50. This trade represents a 30.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Murdo Gordon sold 6,879 shares of Amgen stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 41,923 shares in the company, valued at approximately $14,120,924.09. This trade represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 10,908 shares of company stock valued at $3,674,966. 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.