Corundum Group Inc. Sells 2,048 Shares of Amgen Inc. (NASDAQ:AMGN)

Corundum Group Inc. trimmed its stake in Amgen Inc. (NASDAQ:AMGN) by 51.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,948 shares of the medical research company’s stock after selling 2,048 shares during the period. Corundum Group Inc.’s holdings in Amgen were worth $607,000 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 the stock. First Pacific Financial increased its stake in shares of Amgen by 304.5% in the first quarter. First Pacific Financial now owns 89 shares of the medical research company’s stock worth $28,000 after purchasing an additional 67 shares during the period. Pinney & Scofield Inc. acquired a new stake in shares of Amgen in the fourth quarter worth $26,000. Ritter Daniher Financial Advisory LLC DE grew its stake in shares of Amgen by 66.2% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company’s stock worth $33,000 after acquiring an additional 51 shares during the last quarter. Synergy Investment Management LLC bought a new position in Amgen during the fourth quarter worth $34,000. Finally, Atala Financial Inc acquired a new position in Amgen during the 4th quarter valued at $34,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Trading Up 1.9%

Shares of AMGN opened at $277.49 on Wednesday. The stock’s fifty day simple moving average is $281.03 and its 200-day simple moving average is $286.04. The firm has a market capitalization of $149.21 billion, a PE ratio of 25.32, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51. Amgen Inc. has a 12-month low of $253.30 and a 12-month high of $346.85. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 8.70.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, topping the consensus estimate of $4.18 by $0.72. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.05 billion. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.96 EPS. As a group, research analysts predict that Amgen Inc. will post 20.62 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Erste Group Bank lowered shares of Amgen from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Guggenheim started coverage on Amgen in a research report on Tuesday, May 20th. They set a “neutral” rating and a $288.00 target price on the stock. UBS Group reaffirmed a “neutral” rating and issued a $315.00 target price (down from $319.00) on shares of Amgen in a research report on Friday, May 2nd. Mizuho boosted their price target on shares of Amgen from $235.00 to $280.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Finally, Johnson Rice set a $294.00 price objective on shares of Amgen in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Amgen presently has a consensus rating of “Hold” and an average price target of $309.22.

Insider Activity at Amgen

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president now owns 8,162 shares of the company’s stock, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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.