Cornerstone Wealth Group LLC Buys 11,214 Shares of Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Group LLC grew its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 876.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,493 shares of the medical research company’s stock after acquiring an additional 11,214 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Amgen were worth $3,552,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of AMGN. Vanguard Group Inc. boosted its position in shares of Amgen by 0.3% during the third quarter. Vanguard Group Inc. now owns 49,035,981 shares of the medical research company’s stock valued at $13,178,910,000 after buying an additional 165,636 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Amgen by 3.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,564,710 shares of the medical research company’s stock worth $1,890,769,000 after purchasing an additional 243,720 shares during the last quarter. Royal Bank of Canada boosted its position in Amgen by 14.8% in the fourth quarter. Royal Bank of Canada now owns 5,831,624 shares of the medical research company’s stock worth $1,679,625,000 after purchasing an additional 751,947 shares during the last quarter. Norges Bank purchased a new position in Amgen in the fourth quarter worth about $1,556,912,000. Finally, California Public Employees Retirement System boosted its position in Amgen by 22.0% in the fourth quarter. California Public Employees Retirement System now owns 2,716,088 shares of the medical research company’s stock worth $782,288,000 after purchasing an additional 490,539 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the sale, the senior vice president now directly owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com raised Amgen from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Barclays raised Amgen from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $230.00 to $300.00 in a research note on Friday, May 3rd. Truist Financial reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Amgen in a research note on Friday, April 12th. William Blair raised Amgen from a “market perform” rating to an “outperform” rating in a research note on Friday, May 3rd. Finally, Royal Bank of Canada raised their price objective on Amgen from $328.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Amgen has an average rating of “Moderate Buy” and a consensus target price of $307.35.

Amgen Trading Down 0.4 %

Shares of Amgen stock traded down $1.24 on Friday, reaching $312.45. The company had a trading volume of 3,518,174 shares, compared to its average volume of 2,437,626. The firm’s 50-day moving average price is $301.56 and its two-hundred day moving average price is $292.23. Amgen Inc. has a 1 year low of $218.44 and a 1 year high of $329.72. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. The firm has a market cap of $167.61 billion, a price-to-earnings ratio of 44.64, a P/E/G ratio of 2.82 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The company had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. During the same quarter in the previous year, the business earned $3.98 EPS. Amgen’s revenue was up 22.0% compared to the same quarter last year. As a group, research analysts predict that Amgen Inc. will post 19.47 earnings per share for the current fiscal year.

Amgen Company Profile

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.