TIAA Trust National Association Cuts Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

TIAA Trust National Association cut its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 43.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,214 shares of the medical research company’s stock after selling 39,860 shares during the period. TIAA Trust National Association’s holdings in Amgen were worth $14,561,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Amgen by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock worth $14,809,720,000 after purchasing an additional 3,045,657 shares during the period. Alera Investment Advisors LLC purchased a new position in Amgen in the first quarter valued at approximately $227,000. Cornerstone Advisors LLC lifted its position in Amgen by 1.3% during the first quarter. Cornerstone Advisors LLC now owns 23,100 shares of the medical research company’s stock valued at $6,568,000 after buying an additional 300 shares in the last quarter. Spirepoint Private Client LLC purchased a new stake in Amgen during the first quarter worth approximately $1,110,000. Finally, Intech Investment Management LLC grew its stake in Amgen by 18.9% during the first quarter. Intech Investment Management LLC now owns 35,673 shares of the medical research company’s stock worth $10,143,000 after buying an additional 5,668 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Stock Up 0.1 %

Shares of AMGN traded up $0.32 during midday trading on Friday, hitting $331.29. The company had a trading volume of 1,848,897 shares, compared to its average volume of 2,256,279. The stock has a market cap of $177.71 billion, a price-to-earnings ratio of 47.33, a PEG ratio of 3.00 and a beta of 0.58. The company’s 50 day moving average price is $311.81 and its 200 day moving average price is $296.25. 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 52 week low of $228.21 and a 52 week high of $338.98.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping 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 business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. During the same period last year, the firm earned $3.98 earnings per share. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities research analysts predict that Amgen Inc. will post 19.48 EPS for the current year.

Insider Activity

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on AMGN shares. Truist Financial restated a “buy” rating and set a $320.00 target price on shares of Amgen in a report on Friday, April 12th. Morgan Stanley reduced their price objective on Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Mizuho increased their target price on Amgen from $223.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. UBS Group raised their target price on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Finally, Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $230.00 to $300.00 in a report on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $312.63.

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.