Alexander Labrunerie & CO. Inc. has reduced its stake in Amgen Inc. (NASDAQ: AMGN) by 7.6% during the second quarter, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). The company’s holdings now amount to $247,000, represented by 886 shares following the sale of 73 shares during this period.
Several institutional investors have made adjustments to their positions in Amgen recently. For instance, Wealth Preservation Advisors LLC acquired a new stake in the company valued at approximately $25,000 in the first quarter. CBIZ Investment Advisory Services LLC significantly increased its holdings by 1,214.3%, owning 92 shares worth $29,000 after buying an additional 85 shares. Activest Wealth Management and Nova Wealth Management Inc. also expanded their positions dramatically, with increases of 3,433.3% and 12,200.0%, respectively.
As of the latest reports, institutional investors and hedge funds collectively own 76.50% of Amgen’s stock, reflecting a strong interest in the company.
Amgen’s Stock Performance and Dividend Announcements
Amgen shares opened at $291.16 on Tuesday. The company’s financial ratios include a debt-to-equity ratio of 7.24, a quick ratio of 0.98, and a current ratio of 1.31. Over the past twelve months, Amgen’s stock has fluctuated between a low of $253.30 and a high of $335.88. The firm’s market capitalization stands at $156.75 billion, with a price-to-earnings (P/E) ratio of 23.81 and a PEG ratio of 2.61.
Recently, Amgen declared a quarterly dividend of $2.38, which was paid on September 12, 2023, to shareholders recorded as of August 22, 2023. This dividend represents an annualized total of $9.52 and a yield of 3.3%, with a payout ratio currently at 77.84%.
Insider Trading and Analyst Ratings
In related news, Amgen’s Senior Vice President, Nancy A. Grygiel, sold 1,267 shares on August 20, 2023, at an average price of $296.99. The total value of this transaction was approximately $376,286.33, reducing her ownership by 14.95% to 7,209 shares valued at around $2.14 million.
Analysts have varied opinions on Amgen’s stock. Bank of America recently raised its price target from $261.00 to $272.00, labeling it as “underperform.” In contrast, Piper Sandler increased its target to $342.00 with an “overweight” rating, while Citigroup set a target of $315.00 with a “neutral” rating. Overall, the consensus from analysts indicates a mixed outlook, with six analysts recommending a “buy,” eleven a “hold,” and one a “sell.” The average price target stands at $300.94 according to MarketBeat.com.
Amgen Inc. continues to be a key player in the biopharmaceutical sector, focusing on discovering, developing, and manufacturing human therapeutics worldwide. The company’s major products include treatments for a range of conditions, reinforcing its significant presence in the healthcare market. As institutional investment dynamics shift, Amgen’s performance will likely remain in the spotlight for investors and analysts alike.
