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

GRIMES & Co WEALTH MANAGEMENT LLC decreased its position in shares of Amgen Inc. (NASDAQ:AMGN) by 5.9% during the third quarter, Holdings Channel reports. The institutional investor owned 86,240 shares of the medical research company’s stock after selling 5,439 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Amgen were worth $24,337,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. PKO Investment Management Joint Stock Co raised its holdings in Amgen by 9.6% during the third quarter. PKO Investment Management Joint Stock Co now owns 38,660 shares of the medical research company’s stock valued at $10,910,000 after acquiring an additional 3,400 shares during the period. Schmidt P J Investment Management Inc. lifted its holdings in Amgen by 2.0% in the 3rd quarter. Schmidt P J Investment Management Inc. now owns 2,653 shares of the medical research company’s stock worth $749,000 after purchasing an additional 51 shares in the last quarter. Birch Capital Management LLC boosted its stake in Amgen by 2.5% in the 3rd quarter. Birch Capital Management LLC now owns 24,947 shares of the medical research company’s stock worth $7,040,000 after purchasing an additional 616 shares during the period. Nordea Investment Management AB grew its holdings in Amgen by 0.8% during the 3rd quarter. Nordea Investment Management AB now owns 2,874,403 shares of the medical research company’s stock valued at $794,456,000 after buying an additional 22,465 shares in the last quarter. Finally, Bangor Savings Bank raised its position in shares of Amgen by 1.2% during the third quarter. Bangor Savings Bank now owns 5,823 shares of the medical research company’s stock valued at $1,643,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMGN. Scotiabank initiated coverage on shares of Amgen in a research report on Thursday, November 13th. They set a “sector outperform” rating and a $385.00 target price for the company. Argus boosted their price target on shares of Amgen from $310.00 to $360.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Amgen from $280.00 to $285.00 and gave the company a “hold” rating in a research report on Tuesday, November 11th. Bank of America boosted their target price on Amgen from $261.00 to $272.00 and gave the stock an “underperform” rating in a research report on Friday, September 26th. Finally, Daiwa Capital Markets raised their price target on Amgen from $310.00 to $370.00 and gave the company an “outperform” rating in a report on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $338.55.

Amgen Stock Down 0.2%

Shares of NASDAQ:AMGN opened at $325.54 on Tuesday. The company has a market cap 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 12 month low of $261.28 and a 12 month high of $346.38. The company has a current ratio of 1.28, a quick ratio of 0.99 and a debt-to-equity ratio of 5.45. The company has a 50-day moving average price of $330.33 and a 200 day moving average price of $304.99.

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 company had revenue of $9.56 billion for the quarter, compared to analysts’ expectations of $8.98 billion. Amgen had a return on equity of 162.59% and a net margin of 19.47%.The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $5.58 earnings per share. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. As a group, equities research analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Shareholders 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 yield of 3.1%. This is a positive change from Amgen’s previous quarterly dividend of $2.38. The ex-dividend date is Friday, February 13th. Amgen’s dividend payout ratio (DPR) is presently 73.57%.

Insider Transactions at Amgen

In other Amgen news, EVP Murdo Gordon sold 6,879 shares of the firm’s 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 completion of the sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 in the company, valued at approximately $2,381,251.68. This represents a 11.16% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 10,908 shares of company stock worth $3,674,966. 0.69% of the stock is currently owned by insiders.

Amgen Profile

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.