Patten & Patten Inc. TN Has $785,000 Stock Position in Amgen Inc. (NASDAQ:AMGN)

Patten & Patten Inc. TN lifted its position in Amgen Inc. (NASDAQ:AMGN) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,012 shares of the medical research company’s stock after buying an additional 65 shares during the quarter. Patten & Patten Inc. TN’s holdings in Amgen were worth $785,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in Amgen during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new position in Amgen during the 3rd quarter valued at $29,000. Synergy Investment Management LLC acquired a new position in Amgen during the 4th quarter valued at $34,000. Atala Financial Inc acquired a new position in Amgen during the 4th quarter valued at $34,000. Finally, Heck Capital Advisors LLC acquired a new position in Amgen during the 4th quarter valued at $36,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AMGN has been the topic of several analyst reports. Truist Financial lowered their price target on shares of Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Piper Sandler Companies reissued an “overweight” rating and issued a $310.00 price target on shares of Amgen in a report on Thursday, January 2nd. Leerink Partners lowered their price target on shares of Amgen from $349.00 to $302.00 in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Amgen from $305.00 to $285.00 in a report on Wednesday, November 27th. Finally, Redburn Partners lowered their price target on shares of Amgen from $200.00 to $195.00 in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $314.04.

Amgen Stock Performance

Amgen stock opened at $313.71 on Monday. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 9.62. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $346.85. The company has a market cap of $168.53 billion, a PE ratio of 41.55, a PEG ratio of 2.63 and a beta of 0.53. The company’s 50-day moving average is $291.82 and its two-hundred day moving average is $299.12.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, February 4th. The medical research company reported $5.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.04 by $0.27. Amgen had a net margin of 12.24% and a return on equity of 176.32%. Equities analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $9.52 dividend on an annualized basis and a yield of 3.03%. Amgen’s payout ratio is presently 126.09%.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 1,589 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $304.47, for a total value of $483,802.83. Following the sale, the senior vice president now directly owns 7,210 shares in the company, valued at $2,195,228.70. This trade represents a 18.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David M. Reese sold 25,225 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $304.44, for a total transaction of $7,679,499.00. Following the completion of the sale, the executive vice president now owns 36,922 shares in the company, valued at $11,240,533.68. This represents a 40.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,341 shares of company stock worth $20,644,335. Company insiders own 0.69% of the company’s stock.

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.