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 holds 1,106 shares of the biotechnology company, having sold 130 shares in the recent quarter. As per the latest filing with the Securities and Exchange Commission (SEC), Optimum Investment Advisors’ stake in Amgen is 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, bringing its total holdings to 52,870,453 shares, worth around $16.47 billion. Similarly, Royal Bank of Canada raised its position by 6.0%, now owning 4,883,134 shares valued at $1.52 billion. Goldman Sachs Group Inc. and Deutsche Bank AG also expanded their investments in Amgen by 5.8% and 1.6%, respectively.
Current Stock Performance and Dividend Announcement
As of the latest trading session, shares of Amgen opened at $291.76. The company’s performance metrics indicate 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 currently has a market capitalization of $157.07 billion and a price-to-earnings (P/E) ratio of 23.86.
On September 12, 2023, Amgen paid a quarterly dividend of $2.38 to shareholders of record as of August 22, 2023. This dividend represents an annualized rate of $9.52 and a yield of 3.3%. The company’s dividend payout ratio stands at 77.84%, indicating a robust commitment to returning value to its investors.
Analyst Ratings and Insider Activity
Amgen has attracted attention from several research analysts. Morgan Stanley raised its price target for the stock from $330.00 to $333.00, maintaining an “equal weight” rating. Citigroup also adjusted its target from $310.00 to $315.00, giving Amgen a “neutral” rating. Currently, the consensus rating for Amgen is “Hold,” with an average price target of $300.94 according to MarketBeat.com.
In insider trading news, Nancy A. Grygiel, Senior Vice President of Amgen, sold 1,267 shares on August 20, 2023, at an average price of $296.99. The total transaction amounted to approximately $376,286.33. Following this sale, Grygiel’s remaining shares are valued at around $2.14 million, reflecting a 14.95% reduction in her ownership of the stock.
Amgen Inc. is a global leader in biotechnology, focusing on the discovery, development, manufacturing, and delivery of human therapeutics. The company’s product range includes treatments for various conditions, such as rheumatoid arthritis, osteoporosis, and multiple myeloma, among others.
Investors and analysts alike will continue to monitor Amgen’s performance as institutional interest and market reactions evolve. For further insights into Amgen and its market activities, HoldingsChannel.com provides updates on hedge fund positions and insider trades.
