Oak Associates Ltd. Increases Stake in Amgen Inc. by 1.9%

Investment firm Oak Associates Ltd. OH has increased its position in Amgen Inc. (NASDAQ: AMGN) by 1.9% during the second quarter of 2023, according to a report from Holdings Channel. The firm now holds 126,017 shares of the biotechnology company’s stock, having acquired an additional 2,410 shares during the quarter. This investment accounts for approximately 2.3% of Oak Associates’ overall portfolio, positioning Amgen as the firm’s 15th largest investment.

By the end of the most recent quarter, Oak Associates Ltd. OH’s holdings in Amgen were valued at approximately $35,185,000. The firm is among several large investors adjusting their stakes in Amgen, reflecting a growing interest in the company.

Other Institutional Investments in Amgen

Additional firms have also made noteworthy changes to their holdings in Amgen. SlateStone Wealth LLC enhanced its investment by 1.0%, bringing its total to 35,182 shares, valued at $9,823,000 after acquiring 361 shares during the quarter. Meanwhile, Elo Mutual Pension Insurance Co increased its stake by 0.5%, resulting in ownership of 61,481 shares worth $17,166,000 after purchasing 282 shares.

Furthermore, Verity & Verity LLC raised its position by 1.0%, now owning 97,080 shares valued at $27,106,000. In a significant move, Laurel Wealth Advisors LLC boosted its holdings by an astonishing 27,765.8%, acquiring 6,700,621 shares worth approximately $1.87 billion after purchasing 6,676,575 shares during the same period. RiverFront Investment Group LLC also entered the fray with a new position in Amgen valued at about $680,000. Currently, institutional investors hold 76.50% of Amgen’s stock.

Amgen’s Market Performance and Dividend Announcement

On the market, Amgen shares opened at $334.30. The company maintains a debt-to-equity ratio of 7.24, a quick ratio of 0.98, and a current ratio of 1.31. The firm has a fifty-day moving average price of $302.19 and a two-hundred-day moving average price of $293.02. Over the past year, Amgen has experienced a low of $253.30 and a high of $345.84. With a market capitalization of $180.01 billion, the company has a price-to-earnings ratio of 27.33 and a P/E/G ratio of 2.61.

Recently, Amgen announced a quarterly dividend of $2.38, scheduled for payment on December 12, 2023. Shareholders on record as of November 21, 2023 will receive this dividend, representing an annualized payout of $9.52 and a yield of 2.8%. The company’s current payout ratio stands at 73.57%.

In related news, Nancy A. Grygiel, Senior Vice President at Amgen, sold 3,139 shares on November 20, 2023, at an average price of $337.26, resulting in a total transaction of approximately $1,058,659.14. Following this transaction, Grygiel holds 7,225 shares, valued at approximately $2,436,703.50, marking a 30.29% reduction in their ownership.

Similarly, Murdo Gordon, Executive Vice President, sold 6,879 shares on November 12, 2023, at an average price of $336.83, totaling around $2,317,053.57. Post-sale, Gordon’s ownership decreased by 14.10% to 41,923 shares, valued at approximately $14,120,924.09. In total, insiders have sold 10,908 shares valued at around $3,674,966 over the last quarter, with insiders currently holding 0.76% of the stock.

Analyst Opinions and Future Outlook

Recent evaluations from various research firms indicate a positive outlook for Amgen. Citigroup raised its target price from $310.00 to $315.00, maintaining a “neutral” rating. Deutsche Bank Aktiengesellschaft also increased its price target from $280.00 to $285.00, rating the stock as a “hold.” Guggenheim adjusted its price objective from $288.00 to $305.00, while HSBC set a target of $381.00 and rated the stock as a “buy.”

Currently, one analyst rates Amgen as a “Strong Buy,” nine analysts have given it a “Buy” rating, ten have assigned a “Hold” rating, and one analyst has issued a “Sell” rating. According to data from MarketBeat.com, the consensus rating for Amgen stands at “Hold” with a consensus price target of $325.62.

Amgen Inc. is a leading global biotechnology firm engaged in the discovery, development, manufacturing, and delivery of human therapeutics. Its major products include treatments for various conditions such as rheumatoid arthritis, osteoporosis, and multiple myeloma, among others. As the company continues to expand its portfolio, investor interest remains strong, reflecting confidence in its future performance.