GRIMES & Co WEALTH MANAGEMENT LLC Trims Position in Amgen Inc. $AMGN

GRIMES & Co WEALTH MANAGEMENT LLC decreased its holdings in Amgen Inc. (NASDAQ:AMGN) by 5.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,240 shares of the medical research company’s stock after selling 5,439 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Amgen were worth $24,337,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. OLD National Bancorp IN grew its position in Amgen by 296.2% during the 2nd quarter. OLD National Bancorp IN now owns 18,004 shares of the medical research company’s stock valued at $5,027,000 after purchasing an additional 13,460 shares during the last quarter. Atlantic Union Bankshares Corp lifted its stake in shares of Amgen by 165.0% in the second quarter. Atlantic Union Bankshares Corp now owns 10,643 shares of the medical research company’s stock worth $2,972,000 after buying an additional 6,627 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of Amgen by 2.6% during the third quarter. D.A. Davidson & CO. now owns 243,054 shares of the medical research company’s stock valued at $68,590,000 after buying an additional 6,222 shares during the last quarter. Davis Capital Management bought a new stake in shares of Amgen during the third quarter valued at approximately $1,841,000. Finally, L2 Asset Management LLC lifted its position in Amgen by 50.8% in the 2nd quarter. L2 Asset Management LLC now owns 9,837 shares of the medical research company’s stock valued at $2,747,000 after acquiring an additional 3,314 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 3,139 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $337.26, for a total value of $1,058,659.14. Following the completion of the sale, the senior vice president owned 7,225 shares in the company, valued at $2,436,703.50. This represents a 30.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Murdo Gordon sold 6,879 shares of Amgen stock in a transaction dated Wednesday, November 12th. The shares were 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. The trade was a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 10,908 shares of company stock worth $3,674,966 in the last three months. Corporate insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on AMGN shares. Deutsche Bank Aktiengesellschaft lifted their target price on Amgen from $280.00 to $285.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Amgen in a report on Monday, December 29th. BMO Capital Markets boosted their target price on Amgen from $335.00 to $372.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Scotiabank assumed coverage on shares of Amgen in a report on Thursday, November 13th. They set a “sector outperform” rating and a $385.00 price target on the stock. Finally, Piper Sandler lifted their price target on shares of Amgen from $342.00 to $381.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $338.55.

Amgen Trading Down 0.2%

Shares of NASDAQ:AMGN opened at $325.54 on Tuesday. The stock’s 50-day simple moving average is $330.33 and its two-hundred day simple moving average is $304.99. The stock has a market capitalization of $175.30 billion, a price-to-earnings ratio of 25.16, a PEG ratio of 2.97 and a beta of 0.45. Amgen Inc. has a 52-week low of $261.28 and a 52-week high of $346.38. The company has a debt-to-equity ratio of 5.45, a quick ratio of 0.99 and a current ratio of 1.28.

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

Amgen Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 13th will be given a dividend of $2.52 per share. This represents a $10.08 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, February 13th. This is a positive change from Amgen’s previous quarterly dividend of $2.38. Amgen’s payout ratio is presently 73.57%.

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.