Pasadena Private Wealth LLC Takes $583,000 Position in Amgen Inc. (NASDAQ:AMGN)

Pasadena Private Wealth LLC acquired a new position in Amgen Inc. (NASDAQ:AMGN) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,625 shares of the medical research company’s stock, valued at approximately $583,000.

Several other large investors have also recently added to or reduced their stakes in AMGN. Roundview Capital LLC lifted its holdings in Amgen by 1.3% in the 1st quarter. Roundview Capital LLC now owns 8,383 shares of the medical research company’s stock valued at $2,027,000 after acquiring an additional 107 shares during the last quarter. Merit Financial Group LLC lifted its holdings in shares of Amgen by 39.2% in the first quarter. Merit Financial Group LLC now owns 2,297 shares of the medical research company’s stock valued at $555,000 after purchasing an additional 647 shares in the last quarter. Ergoteles LLC purchased a new position in shares of Amgen during the first quarter valued at $219,000. First Western Trust Bank purchased a new stake in Amgen in the 1st quarter worth about $334,000. Finally, Fuller & Thaler Asset Management Inc. grew its stake in Amgen by 2.1% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 24,688 shares of the medical research company’s stock valued at $5,970,000 after acquiring an additional 513 shares in the last quarter. 74.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMGN has been the topic of a number of research reports. Jefferies Financial Group upped their price target on shares of Amgen from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. Royal Bank of Canada lifted their price target on Amgen from $250.00 to $253.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. Argus increased their price objective on Amgen from $260.00 to $280.00 in a report on Monday. Barclays cut their price objective on shares of Amgen from $225.00 to $210.00 in a research report on Tuesday, July 11th. Finally, HSBC began coverage on shares of Amgen in a research note on Wednesday, September 6th. They set a “buy” rating and a $320.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Amgen presently has a consensus rating of “Hold” and a consensus price target of $265.44.

Amgen Stock Performance

NASDAQ:AMGN traded up $3.23 during mid-day trading on Monday, hitting $263.95. 531,096 shares of the company’s stock traded hands, compared to its average volume of 2,452,225. The firm has a market capitalization of $141.19 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 3.30 and a beta of 0.61. The firm has a 50 day moving average of $248.12 and a two-hundred day moving average of $237.72. The company has a current ratio of 2.77, a quick ratio of 2.48 and a debt-to-equity ratio of 8.76. Amgen Inc. has a 12 month low of $211.71 and a 12 month high of $296.67.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, August 3rd. The medical research company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.44 by $0.56. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $6.66 billion. Amgen had a return on equity of 196.60% and a net margin of 30.02%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $4.65 earnings per share. On average, equities analysts forecast that Amgen Inc. will post 18.35 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were paid a $2.13 dividend. This represents a $8.52 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Thursday, August 17th. Amgen’s payout ratio is presently 57.45%.

Insider Activity at Amgen

In other Amgen news, EVP Murdo Gordon sold 9,558 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $262.43, for a total value of $2,508,305.94. Following the completion of the transaction, the executive vice president now owns 44,308 shares of the company’s stock, valued at approximately $11,627,748.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by corporate insiders.

Amgen Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.