United Asset Strategies Inc. has increased its stake in Amgen Inc. (NASDAQ: AMGN) by 1.9% during the second quarter of 2024. According to its most recent Form 13F filing with the Securities and Exchange Commission, the firm now holds a total of 30,922 shares after acquiring an additional 589 shares in the period. The value of United Asset Strategies’ holdings in Amgen stands at approximately $8.63 million.
Several other institutional investors have also adjusted their positions in Amgen’s stock. Fairvoy Private Wealth LLC raised its stake by 1.1%, now owning 3,171 shares worth $885,000 after purchasing 35 shares. Similarly, Nicholson Wealth Management Group LLC increased its holdings by 0.6%, bringing its total to 5,918 shares valued at $1.65 million. Crumly & Associates Inc. lifted its position by 3.2%, now owning 1,146 shares worth $320,000. Maryland Capital Advisors Inc. boosted its stake by 5.2%, holding 732 shares valued at $204,000. Lastly, Lion Street Advisors LLC increased its holdings by 1.3%, owning 2,773 shares worth $774,000. Overall, institutional investors and hedge funds own approximately 76.5% of Amgen’s stock.
Amgen Stock Performance and Dividend Announcement
As of Wednesday, Amgen’s stock opened at $338.45, reflecting a significant increase of 4.6%. The company’s market capitalization is approximately $182.25 billion, with a price-to-earnings ratio of 27.67 and a price-to-earnings-growth ratio of 2.61. Amgen’s stock has fluctuated between a fifty-two week low of $253.30 and a high of $338.55. The firm maintains a quick ratio of 0.98, a current ratio of 1.31, and a debt-to-equity ratio of 7.24.
In addition to the stock performance, Amgen has announced a quarterly dividend of $2.38 per share, set to be paid on December 12, 2024. Shareholders of record on November 21, 2024 will receive this dividend, which translates to an annualized dividend of $9.52 and a yield of 2.8%. The company’s dividend payout ratio is currently at 73.57%.
Insider Activity and Analyst Ratings
In related news, Nancy A. Grygiel, Senior Vice President, sold 1,267 shares of Amgen on August 20, 2024, for an average price of $296.99, totaling approximately $376,286. Following this transaction, Grygiel holds 7,209 shares valued at around $2.14 million, marking a 14.95% reduction in her ownership.
Amgen has received attention from analysts in recent weeks, with several adjusting their price targets. DZ Bank increased its target from $335.00 to $364.00. Guggenheim raised its target from $288.00 to $305.00 and assigned a “neutral” rating. Citigroup also lifted its price target from $310.00 to $315.00, maintaining a “neutral” rating. Deutsche Bank Aktiengesellschaft increased its target from $280.00 to $285.00, while Wells Fargo & Company raised its price objective from $280.00 to $300.00, giving the stock an “overweight” rating.
Currently, seven analysts rate Amgen as a “Buy,” eleven as a “Hold,” and one as a “Sell.” According to MarketBeat, the consensus rating for the stock is “Hold” with a consensus price target of $307.94.
Amgen Inc. is a global biotechnology company dedicated to discovering, developing, manufacturing, and delivering human therapeutics. Its principal products include treatments for various conditions such as rheumatoid arthritis, osteoporosis, and certain types of cancer.
