Greystone Financial Group LLC raised its investment in Amgen Inc. by 5.6% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 48,089 shares of the biotechnology giant, which is valued at approximately $13.57 million. This makes Amgen the 17th largest holding in Greystone’s portfolio, accounting for 2.1% of its total investments.
Several other institutional investors have also adjusted their positions in Amgen recently. Wealth Quarterback LLC increased its holdings by 1.6%, bringing its total to 2,210 shares worth $624,000 after acquiring an additional 34 shares. Similarly, Fairvoy Private Wealth LLC raised its stake by 1.1% in the second quarter, now owning 3,171 shares valued at $885,000. Other firms, including Nicholson Wealth Management Group LLC and LS Investment Advisors LLC, have made minor increases to their Amgen holdings as well.
As of now, institutional investors and hedge funds collectively own 76.5% of Amgen’s stock. This reflects a robust level of confidence in the company amid an evolving market landscape.
Amgen’s Market Performance and Dividends
Amgen’s stock opened at $327.64 on Monday, with a market capitalization of $176.43 billion. The company has a price-to-earnings (P/E) ratio of 25.32 and a beta of 0.45, indicating relatively low volatility compared to the broader market. The stock has experienced fluctuations over the past year, with a low of $257.05 and a high of $346.38.
Recently, Amgen announced a quarterly dividend of $2.52, set to be paid on March 6, 2024, to stockholders of record as of February 13, 2024. This marks an increase from the previous dividend of $2.38, bringing the annualized dividend to $10.08 and a dividend yield of 3.1%. The company’s dividend payout ratio currently stands at 73.57%, reflecting a commitment to returning value to shareholders.
Analyst Ratings and Insider Activity
Amgen has recently attracted attention from analysts, with numerous reports highlighting its growth potential. On December 15, 2023, Wall Street Zen upgraded Amgen from a “buy” to a “strong buy” rating. Additionally, Citigroup raised its price target from $310.00 to $315.00, maintaining a “neutral” rating. Other firms like DZ Bank and Deutsche Bank Aktiengesellschaft have also adjusted their price targets, indicating a generally positive outlook for the stock.
In terms of insider trading, Murdo Gordon, Executive Vice President, sold 6,879 shares on November 12, 2023, for a total of $2,317,053.57. Following the transaction, he retained 41,923 shares valued at approximately $14.12 million. On November 20, Nancy A. Grygiel, Senior Vice President, sold 3,139 shares for around $1,058,659.14, reducing her stake by 30.29%.
Overall, Amgen continues to demonstrate resilience in the biotechnology sector, with a strong backing from institutional investors and a promising dividend policy that appeals to shareholders. As the company navigates the complexities of the market, analysts remain optimistic about its future growth prospects.
