Oak Asset Management LLC Has $18.07 Million Stock Position in Amgen Inc. (NASDAQ:AMGN)

Oak Asset Management LLC cut its holdings in Amgen Inc. (NASDAQ:AMGN) by 0.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,537 shares of the medical research company’s stock after selling 162 shares during the period. Amgen comprises approximately 6.8% of Oak Asset Management LLC’s portfolio, making the stock its 2nd biggest holding. Oak Asset Management LLC’s holdings in Amgen were worth $18,065,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Amgen in the fourth quarter valued at approximately $1,556,912,000. International Assets Investment Management LLC purchased a new position in Amgen in the fourth quarter valued at approximately $4,589,900,000. Royal Bank of Canada lifted its position in shares of 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 worth $1,679,625,000 after acquiring an additional 751,947 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Amgen by 486.6% during 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 lifted its position in shares of Amgen by 150.4% during 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 in the last quarter. 76.50% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s 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 transaction, the senior vice president now directly owns 9,883 shares of the company’s stock, valued at $3,094,268.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AMGN. Raymond James began coverage on Amgen in a research report on Thursday, March 28th. They set a “market perform” rating on the stock. Argus increased their target price on Amgen from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group increased their target price on Amgen from $284.00 to $307.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. StockNews.com upgraded Amgen from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $230.00 to $300.00 in a research 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. According to data from MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and an average target price of $307.35.

Amgen Stock Down 0.4 %

AMGN opened at $312.45 on Monday. The stock has a market cap of $167.61 billion, a PE ratio of 44.64, a P/E/G ratio of 2.82 and a beta of 0.58. 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 $218.44 and a 52 week high of $329.72. The business’s fifty day simple moving average is $301.56 and its 200 day simple moving average is $292.30.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $7.45 billion. During the same quarter in the prior year, the firm earned $3.98 earnings per share. The firm’s revenue was up 22.0% on a year-over-year basis. As a group, research analysts expect that Amgen Inc. will post 19.47 earnings per share for the current fiscal year.

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.