Cohen Investment Advisors LLC Boosts Stake in Amgen Inc. (NASDAQ:AMGN)

Cohen Investment Advisors LLC increased its position in Amgen Inc. (NASDAQ:AMGN) by 4.1% in the first quarter, HoldingsChannel reports. The firm owned 9,795 shares of the medical research company’s stock after purchasing an additional 382 shares during the quarter. Amgen accounts for approximately 1.8% of Cohen Investment Advisors LLC’s holdings, making the stock its 25th biggest holding. Cohen Investment Advisors LLC’s holdings in Amgen were worth $2,785,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Amgen during the fourth quarter valued at approximately $1,556,912,000. International Assets Investment Management LLC bought a new position in Amgen during the 4th quarter valued at approximately $4,589,900,000. Royal Bank of Canada raised its stake in Amgen by 14.8% during the fourth quarter. Royal Bank of Canada now owns 5,831,624 shares of the medical research company’s stock valued at $1,679,625,000 after buying an additional 751,947 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Amgen by 486.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 899,232 shares of the medical research company’s stock worth $258,997,000 after acquiring an additional 745,929 shares in the last quarter. Finally, abrdn plc grew its stake in shares of Amgen by 150.4% in the fourth quarter. abrdn plc now owns 1,043,609 shares of the medical research company’s stock worth $300,580,000 after acquiring an additional 626,810 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors.

Amgen Stock Performance

AMGN traded down $1.39 during midday trading on Thursday, reaching $309.38. The company had a trading volume of 1,000,711 shares, compared to its average volume of 2,340,821. The business has a 50-day moving average of $303.81 and a two-hundred day moving average of $292.91. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. Amgen Inc. has a 1 year low of $218.44 and a 1 year high of $329.72. The company has a market cap of $165.96 billion, a P/E ratio of 44.20, a P/E/G ratio of 2.81 and a beta of 0.58.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $7.45 billion. During the same period in the prior year, the firm posted $3.98 EPS. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. As a group, equities research analysts predict that Amgen Inc. will post 19.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AMGN shares. TD Cowen lowered their price target on Amgen from $370.00 to $360.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Mizuho upped their target price on shares of Amgen from $223.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. William Blair upgraded shares of Amgen from a “market perform” rating to an “outperform” rating in a report on Friday, May 3rd. Barclays upgraded shares of Amgen from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $230.00 to $300.00 in a report on Friday, May 3rd. Finally, StockNews.com upgraded Amgen from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Amgen currently has an average rating of “Moderate Buy” and an average target price of $307.35.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction dated Friday, May 3rd. The stock was 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 $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.69% of the company’s stock.

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.