Pinnacle Financial Partners Inc Buys 1,479 Shares of Amgen Inc. (NASDAQ:AMGN)

Pinnacle Financial Partners Inc lifted its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 2.6% in the 4th quarter, Holdings Channel reports. The fund owned 59,433 shares of the medical research company’s stock after acquiring an additional 1,479 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Amgen were worth $15,588,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Talbot Financial LLC grew its position in Amgen by 5.6% in the fourth quarter. Talbot Financial LLC now owns 42,791 shares of the medical research company’s stock valued at $11,153,000 after purchasing an additional 2,274 shares in the last quarter. Swiss National Bank grew its position in Amgen by 0.3% in the third quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock valued at $513,033,000 after purchasing an additional 5,500 shares in the last quarter. Asset Advisors Investment Management LLC grew its position in Amgen by 9.0% in the third quarter. Asset Advisors Investment Management LLC now owns 35,934 shares of the medical research company’s stock valued at $11,578,000 after purchasing an additional 2,954 shares in the last quarter. Principal Financial Group Inc. grew its position in Amgen by 6.0% in the third quarter. Principal Financial Group Inc. now owns 635,172 shares of the medical research company’s stock valued at $204,659,000 after purchasing an additional 35,785 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in Amgen by 3.2% in the third quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock valued at $19,581,000 after purchasing an additional 1,872 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Analysts Set New Price Targets

AMGN has been the subject of a number of analyst reports. Leerink Partners decreased their target price on shares of Amgen from $349.00 to $302.00 in a research report on Wednesday, November 27th. Truist Financial decreased their price objective on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Bank of America lifted their price objective on shares of Amgen from $256.00 to $275.00 and gave the company an “underperform” rating in a research report on Thursday, February 6th. UBS Group decreased their price objective on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their price objective on shares of Amgen from $335.00 to $280.00 and set an “equal weight” rating for the company in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Amgen presently has a consensus rating of “Hold” and an average price target of $314.09.

Amgen Price Performance

Shares of Amgen stock opened at $303.01 on Friday. Amgen Inc. has a twelve month low of $253.30 and a twelve month high of $346.85. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 9.62. The company has a 50-day simple moving average of $276.27 and a two-hundred day simple moving average of $300.59. The stock has a market capitalization of $162.78 billion, a price-to-earnings ratio of 40.13, a price-to-earnings-growth ratio of 2.55 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, February 4th. The medical research company reported $5.31 EPS for the quarter, beating the consensus estimate of $5.04 by $0.27. Amgen had a net margin of 12.24% and a return on equity of 176.32%. Analysts forecast that Amgen Inc. will post 20.6 EPS for the current year.

Amgen Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $2.38 dividend. This is a positive change from Amgen’s previous quarterly dividend of $2.25. This represents a $9.52 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, February 14th. Amgen’s dividend payout ratio (DPR) is currently 126.09%.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 1,589 shares of Amgen stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $304.47, for a total transaction of $483,802.83. Following the sale, the senior vice president now directly owns 7,210 shares of the company’s stock, valued at approximately $2,195,228.70. The trade was a 18.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jonathan P. Graham sold 25,045 shares of Amgen stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $293.12, for a total transaction of $7,341,190.40. Following the sale, the executive vice president now directly owns 28,987 shares in the company, valued at $8,496,669.44. This trade represents a 46.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,341 shares of company stock valued at $20,644,335 in the last ninety days. 0.69% of the stock is currently owned by company insiders.

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.