State of Michigan Retirement System Grows Stock Position in Amgen Inc. $AMGN

by · The Cerbat Gem

State of Michigan Retirement System lifted its holdings in shares of Amgen Inc. (NASDAQ:AMGN – Free Report) by 0.3% during the second quarter, Holdings Channel.com reports. The fund owned 146,197 shares of the medical research company’s stock after acquiring an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Amgen were worth $40,820,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMGN. Brighton Jones LLC lifted its stake in shares of Amgen by 23.5% during the fourth quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company’s stock worth $7,159,000 after buying an additional 5,226 shares during the period. Golden State Wealth Management LLC raised its stake in Amgen by 5.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,933 shares of the medical research company’s stock worth $602,000 after acquiring an additional 101 shares during the last quarter. Calamos Wealth Management LLC lifted its position in Amgen by 4.8% during the 1st quarter. Calamos Wealth Management LLC now owns 2,578 shares of the medical research company’s stock worth $803,000 after acquiring an additional 119 shares during the period. Silver Oak Securities Incorporated lifted its position in Amgen by 4.1% during the 1st quarter. Silver Oak Securities Incorporated now owns 1,761 shares of the medical research company’s stock worth $541,000 after acquiring an additional 70 shares during the period. Finally, 44 Wealth Management LLC grew its stake in Amgen by 28.0% during the 1st quarter. 44 Wealth Management LLC now owns 1,197 shares of the medical research company’s stock valued at $373,000 after purchasing an additional 262 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AMGN. UBS Group reduced their price objective on Amgen from $326.00 to $317.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Bank of America raised their price target on shares of Amgen from $261.00 to $272.00 and gave the stock an “underperform” rating in a research report on Friday, September 26th. Piper Sandler lifted their price objective on shares of Amgen from $328.00 to $342.00 and gave the company an “overweight” rating in a research note on Monday, August 25th. Wall Street Zen lowered shares of Amgen from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Morgan Stanley raised their target price on shares of Amgen from $330.00 to $333.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 6th. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $300.94.

Check Out Our Latest Analysis on AMGN

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the completion of the transaction, the senior vice president owned 7,209 shares of the company’s stock, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.76% of the company’s stock.

Amgen Stock Performance

AMGN opened at $298.43 on Friday. The firm has a fifty day moving average price of $287.75 and a 200 day moving average price of $287.46. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $335.88. The stock has a market cap of $160.66 billion, a P/E ratio of 24.40, a P/E/G ratio of 2.61 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98.

Amgen (NASDAQ:AMGN – Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, beating analysts’ consensus estimates of $5.28 by $0.74. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The company had revenue of $9.18 billion during the quarter, compared to analysts’ expectations of $8.86 billion. During the same quarter in the previous year, the company earned $4.97 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Equities research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

About Amgen

(Free Report)

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.

Further Reading

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