Spinnaker Investment Group LLC Has $851,000 Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Spinnaker Investment Group LLC increased its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,731 shares of the medical research company’s stock after purchasing an additional 251 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Amgen were worth $851,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AMGN. Centricity Wealth Management LLC acquired a new stake in shares of Amgen during the 4th quarter valued at $25,000. Pinney & Scofield Inc. bought a new stake in Amgen during the 4th quarter worth approximately $26,000. Ritter Daniher Financial Advisory LLC DE grew its holdings in Amgen by 66.2% during the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company’s stock worth $33,000 after acquiring an additional 51 shares during the last quarter. Synergy Investment Management LLC bought a new stake in Amgen during the 4th quarter worth approximately $34,000. Finally, Atala Financial Inc bought a new stake in Amgen during the 4th quarter worth approximately $34,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AMGN shares. Bank of America boosted their target price on shares of Amgen from $275.00 to $294.00 and gave the stock an “underperform” rating in a report on Wednesday, March 5th. Piper Sandler reduced their target price on shares of Amgen from $329.00 to $328.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Royal Bank Of Canada reduced their target price on shares of Amgen from $324.00 to $320.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Wall Street Zen raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 18th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Amgen in a report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $309.22.

Amgen Stock Down 0.1%

Amgen stock opened at $289.33 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $346.85. The firm’s fifty day moving average is $281.82 and its 200 day moving average is $286.10. The company has a market capitalization of $155.58 billion, a PE ratio of 26.40, a PEG ratio of 2.62 and a beta of 0.51.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.18 by $0.72. Amgen had a net margin of 17.39% and a return on equity of 176.11%. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.05 billion. During the same quarter in the previous year, the company earned $3.96 EPS. Amgen’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Amgen Inc. will post 20.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the completion of the sale, the senior vice president now owns 8,162 shares in the company, valued at $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Amgen 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.