Powers Advisory Group LLC Grows Position in Amgen Inc. (NASDAQ:AMGN)

Powers Advisory Group LLC grew its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 21.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,048 shares of the medical research company’s stock after buying an additional 182 shares during the period. Powers Advisory Group LLC’s holdings in Amgen were worth $298,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Diversified Trust Co grew its holdings in Amgen by 76.8% during the 4th quarter. Diversified Trust Co now owns 37,695 shares of the medical research company’s stock worth $10,857,000 after acquiring an additional 16,376 shares in the last quarter. Provence Wealth Management Group lifted its position in shares of Amgen by 11.9% in the 4th quarter. Provence Wealth Management Group now owns 1,445 shares of the medical research company’s stock worth $416,000 after buying an additional 154 shares during the last quarter. Kinsale Capital Group Inc. lifted its position in shares of Amgen by 33.0% in the 4th quarter. Kinsale Capital Group Inc. now owns 11,348 shares of the medical research company’s stock worth $3,269,000 after buying an additional 2,814 shares during the last quarter. Global Wealth Management Investment Advisory Inc. lifted its position in shares of Amgen by 2.4% in the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 4,733 shares of the medical research company’s stock worth $1,363,000 after buying an additional 109 shares during the last quarter. Finally, Traynor Capital Management Inc. lifted its position in shares of Amgen by 9.5% in the 4th quarter. Traynor Capital Management Inc. now owns 18,941 shares of the medical research company’s stock worth $5,455,000 after buying an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.69% of the company’s stock.

Amgen Stock Performance

NASDAQ:AMGN traded down $1.39 during trading hours on Thursday, hitting $309.38. 1,000,711 shares of the company traded hands, compared to its average volume of 2,340,821. The stock has a market capitalization of $165.96 billion, a price-to-earnings ratio of 44.20, a P/E/G ratio of 2.81 and a beta of 0.58. Amgen Inc. has a twelve month low of $218.44 and a twelve month high of $329.72. The firm has a 50-day moving average of $303.81 and a 200 day moving average of $292.91. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96.

Amgen (NASDAQ:AMGN) last announced 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 net margin of 12.74% and a return on equity of 156.21%. 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 prior year, the company posted $3.98 EPS. The business’s revenue was up 22.0% on a year-over-year basis. On average, analysts forecast that Amgen Inc. will post 19.47 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on AMGN. Argus lifted their price objective on shares of Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. StockNews.com upgraded shares of Amgen from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. TD Cowen cut their price objective on shares of Amgen from $370.00 to $360.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Truist Financial reiterated a “buy” rating and issued a $320.00 price objective on shares of Amgen in a research report on Friday, April 12th. Finally, Royal Bank of Canada boosted their price target on shares of Amgen from $328.00 to $332.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $307.35.

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.