Cornerstone Wealth Group LLC Purchases 11,214 Shares of Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Group LLC boosted its position in shares of Amgen Inc. (NASDAQ:AMGN) by 876.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,493 shares of the medical research company’s stock after acquiring an additional 11,214 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Amgen were worth $3,552,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMGN. Merrion Investment Management Co LLC raised its position in shares of Amgen by 7.1% in the first quarter. Merrion Investment Management Co LLC now owns 2,643 shares of the medical research company’s stock valued at $751,000 after purchasing an additional 175 shares during the period. New Mexico Educational Retirement Board raised its position in shares of Amgen by 18.0% in the first quarter. New Mexico Educational Retirement Board now owns 32,795 shares of the medical research company’s stock valued at $9,324,000 after purchasing an additional 5,000 shares during the period. Guidance Capital Inc. raised its position in shares of Amgen by 5.4% in the first quarter. Guidance Capital Inc. now owns 5,418 shares of the medical research company’s stock valued at $1,438,000 after purchasing an additional 279 shares during the period. Brown Miller Wealth Management LLC raised its position in shares of Amgen by 1.1% in the first quarter. Brown Miller Wealth Management LLC now owns 6,703 shares of the medical research company’s stock valued at $1,905,000 after purchasing an additional 71 shares during the period. Finally, Symphony Financial Ltd. Co. raised its position in shares of Amgen by 3.5% in the first quarter. Symphony Financial Ltd. Co. now owns 8,260 shares of the medical research company’s stock valued at $2,349,000 after purchasing an additional 277 shares during the period. 76.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Amgen from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. BMO Capital Markets upped their price target on shares of Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Truist Financial restated a “buy” rating and issued a $320.00 price target on shares of Amgen in a research note on Friday, April 12th. UBS Group increased their price objective on shares of Amgen from $284.00 to $307.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Finally, Morgan Stanley increased their price objective on shares of Amgen from $271.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $307.35.

Amgen Trading Down 0.4 %

Amgen stock traded down $1.24 during mid-day trading on Friday, hitting $312.45. 3,518,174 shares of the stock were exchanged, compared to its average volume of 2,437,626. 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 12 month low of $218.44 and a 12 month high of $329.72. The firm’s fifty day simple moving average is $301.56 and its two-hundred day simple moving average is $292.23. The stock has a market capitalization of $167.61 billion, a price-to-earnings ratio of 44.64, a PEG ratio of 2.82 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its quarterly 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 firm had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. During the same quarter last year, the business earned $3.98 EPS. The company’s revenue was up 22.0% compared to the same quarter last year. Analysts forecast that Amgen Inc. will post 19.47 EPS for the current year.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is currently owned by company insiders.

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.