Processus Wealth & Capital Management LLC Makes New $2.44 Million Investment in Amgen Inc. (NASDAQ:AMGN)

Processus Wealth & Capital Management LLC acquired a new position in Amgen Inc. (NASDAQ:AMGN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,466 shares of the medical research company’s stock, valued at approximately $2,438,000. Amgen accounts for approximately 2.4% of Processus Wealth & Capital Management LLC’s investment portfolio, making the stock its 19th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in AMGN. Vanguard Group Inc. raised its stake in shares of Amgen by 0.3% during the third quarter. Vanguard Group Inc. now owns 49,035,981 shares of the medical research company’s stock valued at $13,178,910,000 after purchasing an additional 165,636 shares in the last quarter. Northern Trust Corp raised its stake in shares of Amgen by 3.8% during the third quarter. Northern Trust Corp now owns 6,977,625 shares of the medical research company’s stock valued at $1,875,306,000 after purchasing an additional 255,463 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Amgen by 3.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,564,710 shares of the medical research company’s stock valued at $1,890,769,000 after purchasing an additional 243,720 shares in the last quarter. Royal Bank of Canada raised its stake 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 valued at $1,679,625,000 after purchasing an additional 751,947 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Amgen during the fourth quarter valued at about $1,556,912,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AMGN has been the topic of several research reports. Barclays upgraded shares of Amgen from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $230.00 to $300.00 in a research report on Friday, May 3rd. William Blair upgraded shares of Amgen from a “market perform” rating to an “outperform” rating in a research report on Friday, May 3rd. Mizuho boosted their price target on shares of Amgen from $223.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. UBS Group boosted their price target on shares of Amgen from $284.00 to $307.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Finally, Truist Financial reiterated a “buy” rating and issued a $320.00 price target on shares of Amgen in a research report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $305.85.

Amgen Stock Up 0.0 %

Shares of Amgen stock opened at $298.62 on Monday. The stock has a market capitalization of $160.19 billion, a P/E ratio of 42.66, a PEG ratio of 2.70 and a beta of 0.60. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The stock has a 50 day moving average price of $292.77 and a two-hundred day moving average price of $289.58. Amgen Inc. has a 12-month low of $218.44 and a 12-month high of $329.72.

Amgen (NASDAQ:AMGN) last issued 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 company had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. During the same period in the previous year, the company earned $3.98 earnings per share. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. Equities analysts expect that Amgen Inc. will post 19.47 earnings per share for the current year.

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.