Optimum Investment Advisors has reduced its holdings in Amgen Inc. (NASDAQ: AMGN) by 10.5% during the second quarter of 2023, according to a report from Holdings Channel. The investment firm now owns 1,106 shares of the biotechnology company, following the sale of 130 shares in the period. As per the latest filing with the Securities and Exchange Commission (SEC), these holdings were valued at approximately $309,000.
Several other institutional investors have also adjusted their positions in Amgen. Vanguard Group Inc. increased its stake by 0.3% in the first quarter, acquiring an additional 148,658 shares. Vanguard now holds 52,870,453 shares worth around $16.47 billion. Similarly, Royal Bank of Canada raised its stake by 6.0%, now owning 4,883,134 shares valued at $1.52 billion. Goldman Sachs Group Inc. also boosted its investment by 5.8%, acquiring an additional 243,306 shares for a total of 4,454,164 shares, worth $1.39 billion.
Other notable increases include Deutsche Bank AG, which raised its stake by 1.6%, and Dimensional Fund Advisors LP, which increased its holdings by 0.8%. Overall, institutional investors now own approximately 76.50% of Amgen’s stock.
Amgen’s Stock Performance and Recent Developments
As of last Friday, Amgen’s stock opened at $291.76. The company has a 50-day moving average price of $287.92 and a 200-day moving average price of $287.36. Over the past year, Amgen’s stock has fluctuated between a low of $253.30 and a high of $335.88. The firm holds a market capitalization of $157.07 billion and reports a price-to-earnings (P/E) ratio of 23.86, with a beta of 0.49.
In addition to these financial movements, Amgen recently announced a quarterly dividend of $2.38, which was paid on September 12, 2023. Investors of record as of August 22, 2023 received this dividend, translating to an annualized dividend of $9.52 and a yield of 3.3%. The company’s dividend payout ratio currently stands at 77.84%.
Analyst Ratings and Insider Activity
Several analysts have revised their ratings and price targets for Amgen shares. Morgan Stanley increased its price target from $330.00 to $333.00, maintaining an “equal weight” rating. Citigroup also raised its price objective from $310.00 to $315.00, giving Amgen a “neutral” rating. According to MarketBeat.com, the consensus rating for Amgen is “Hold,” with a price target of $300.94.
In related news, Nancy A. Grygiel, Senior Vice President, sold 1,267 shares of the company on August 20, 2023, at an average price of $296.99, totalling approximately $376,286.33. Following this sale, Grygiel’s ownership in Amgen decreased by 14.95%, leaving her with 7,209 shares valued at roughly $2.14 million.
Amgen Inc. specializes in discovering, developing, manufacturing, and delivering human therapeutics globally. Its principal products include Enbrel for treating autoimmune diseases, Otezla for psoriasis and arthritis, and Repatha for cardiovascular risk reduction, among others.
For more information on Amgen and related investment activities, visit HoldingsChannel.com for the latest filings and insider trades.
