Mitchell & Pahl Private Wealth LLC has enhanced its investment in Amgen Inc. (NASDAQ: AMGN) by acquiring an additional 296 shares, resulting in a total of 6,613 shares held as of the second quarter of 2023. The recent purchase reflects a 4.7% increase in the firm’s holdings in the biopharmaceutical company, with a total value of approximately $1.846 million as reported in its latest filing with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Amgen recently. Brighton Jones LLC grew its stake by 23.5%, now holding 27,468 shares valued at $7.159 million after purchasing an additional 5,226 shares in the fourth quarter. Similarly, Forum Financial Management LP raised its position by 0.7%, now owning 352,784 shares worth $91.95 million, following the acquisition of 2,411 shares.
Vise Technologies Inc. reported a significant increase of 33.7% in its holdings, now owning 5,582 shares valued at $1.455 million, while Fourth Dimension Wealth LLC initiated a new stake in Amgen valued at $47,000. Additionally, Sunbelt Securities Inc. raised its position by 43.9%, now holding 6,723 shares worth $1.743 million. Overall, institutional investors currently hold 76.50% of Amgen’s stock.
Amgen’s Recent Stock Performance and Dividends
As of the latest market session, Amgen’s stock price increased by 3.5%, opening at $285.41. The company maintains a debt-to-equity ratio of 7.24, a current ratio of 1.31, and a quick ratio of 0.98. The firm’s 50-day moving average price stands at $290.57, while its 200-day moving average price is $290.48. Amgen boasts a market capitalization of $153.65 billion and a price-to-earnings (P/E) ratio of 23.34. The stock has fluctuated within a year, with a low of $253.30 and a high of $339.17.
In addition to its stock performance, Amgen declared a quarterly dividend of $2.38 per share, which was paid on September 12, 2023, to shareholders on record as of August 22, 2023. This dividend represents an annualized payout of $9.52 per share, yielding 3.3%. The company’s dividend payout ratio currently stands at 77.84%.
Analyst Ratings and Insider Activity
Recent evaluations from research analysts indicate a mixed outlook for Amgen’s stock. Citigroup raised its price target from $305.00 to $310.00 while maintaining a “neutral” rating. Morgan Stanley lifted its target price to $333.00, also assigning an “equal weight” rating. Cantor Fitzgerald reaffirmed a “neutral” stance with a target of $305.00, while UBS Group adjusted its target down to $317.00.
As per MarketBeat, seven investment analysts rated Amgen with a “Buy” rating, twelve issued a “Hold” rating, and two assigned a “Sell” rating, leading to an overall consensus rating of “Hold” and a price target of $304.43.
In insider trading news, Senior Vice President Nancy A. Grygiel sold 1,267 shares of Amgen stock on August 20, 2023, at an average price of $296.99, resulting in a transaction valued at approximately $376,286.33. Post-sale, Grygiel holds 7,209 shares valued at around $2.141 million, reflecting a 14.95% reduction in her position. Company insiders currently own 0.76% of Amgen’s stock.
About Amgen
Amgen Inc. is a leading global biotechnology company involved in the discovery, development, manufacturing, and delivery of human therapeutics. Its primary products include treatments for conditions such as plaque psoriasis, rheumatoid arthritis, osteoporosis, and various forms of cancer. With a commitment to innovation, Amgen continues to play a significant role in advancing medical research and improving patient outcomes worldwide.
