Optimum Investment Advisors has reduced its holdings in Amgen Inc. (NASDAQ: AMGN) by 10.5% during the second quarter of 2023. According to recent filings with the Securities and Exchange Commission (SEC), the firm now holds 1,106 shares of the biotechnology company after selling 130 shares. This adjustment brings the total value of Optimum’s stake in Amgen to approximately $309,000.
Institutional investment patterns surrounding Amgen continue to shift, with several notable firms modifying their positions. For instance, Vanguard Group Inc. increased its stake by 0.3% during the first quarter, now owning 52,870,453 shares valued at around $16.47 billion. Similarly, Royal Bank of Canada expanded its holdings by 6.0%, bringing its total to 4,883,134 shares worth approximately $1.52 billion. Other significant increases were reported by Goldman Sachs Group Inc., Deutsche Bank AG, and Dimensional Fund Advisors LP.
Amgen’s Stock Performance and Recent Developments
Shares of Amgen opened at $291.76 on Friday, with a 50-day moving average of $287.92 and a 200-day moving average of $287.36. The stock has experienced fluctuations over the past year, with a 52-week low of $253.30 and a high of $335.88. The company possesses a market capitalization of $157.07 billion, a price-to-earnings (P/E) ratio of 23.86, and a debt-to-equity ratio of 7.24.
In addition to stock performance, Amgen recently announced a quarterly dividend of $2.38, which was paid on September 12, 2023. Investors of record as of August 22, 2023 were eligible for this dividend. This equates to an annualized dividend of $9.52 and a yield of 3.3%. The company’s current dividend payout ratio stands at 77.84%.
Analyst sentiment regarding Amgen’s stock remains varied. Notably, Morgan Stanley recently raised its price target from $330.00 to $333.00 while maintaining an “equal weight” rating. Other firms such as Citigroup and Bank of America have adjusted their price objectives, with Citigroup increasing its target to $315.00 and Bank of America raising theirs to $272.00. Overall, six analysts have issued a “Buy” rating, eleven have given a “Hold” rating, and one has assigned a “Sell” rating to Amgen, resulting in a consensus rating of “Hold” and a target price of $300.94 according to MarketBeat.com.
Insider Activity and Company Profile
In related news, Nancy A. Grygiel, Senior Vice President of Amgen, sold 1,267 shares on August 20, 2023, at an average price of $296.99, totaling approximately $376,286.33. Following this transaction, Grygiel retains 7,209 shares, valued at about $2.14 million, marking a 14.95% decrease in her ownership.
Amgen Inc. is a global leader in discovering, developing, manufacturing, and delivering human therapeutics. Its primary products include treatments for various conditions, such as Enbrel for autoimmune diseases, Prolia for osteoporosis, and Repatha for cardiovascular risks. The company’s diverse portfolio demonstrates its commitment to addressing significant health challenges worldwide.
For those interested in tracking Amgen’s ongoing performance or the activities of institutional investors, Holdings Channel offers comprehensive insights into recent filings and insider trades related to Amgen Inc.
