Hofer & Associates, Inc. significantly increased its investment in Amgen Inc. during the third quarter of 2023, acquiring additional shares that boosted its stake by 78.8%. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, Hofer now holds 12,838 shares of the biotechnology company, following the purchase of 5,658 shares in the quarter. This investment now constitutes approximately 2.1% of Hofer’s overall portfolio, making it the 19th largest holding.
As of the recent filing, Hofer’s holdings in Amgen are valued at $3,623,000. This move follows a broader trend, with several institutional investors adjusting their stakes in Amgen. For instance, Legacy Investment Solutions LLC entered a new position worth $27,000 during the second quarter, while CBIZ Investment Advisory Services LLC increased its position by an impressive 1,214.3% earlier this year, now owning 92 shares valued at $29,000.
Amgen’s Stock Performance and Recent Developments
On the stock market, Amgen’s shares opened at $327.31 recently, showing a slight decline of 0.4%. The company has a market capitalization of $176.25 billion and reports a price-to-earnings ratio of 25.29. Its fifty-day moving average stands at $324.68, while the two-hundred day average is $302.40. Over the past year, Amgen’s stock has fluctuated between a low of $257.05 and a high of $346.38.
Amgen also recently announced an increase in its quarterly dividend to $2.52, which will be distributed on March 6, 2024, to shareholders who are on record as of February 13, 2024. This marks a rise from the previous dividend amount of $2.38. The annualized dividend now stands at $10.08, yielding approximately 3.1%, with a payout ratio of 73.57%.
Insider Trading and Analyst Ratings
In related news, insider trading activity has seen significant movements. Rachna Khosla, Senior Vice President of Amgen, sold 890 shares on November 12 at an average price of $336.24, totaling around $299,253.60. Following this transaction, Khosla’s holdings decreased to 7,082 shares, valued at approximately $2,381,251.68.
Another transaction involved Nancy A. Grygiel, also a Senior Vice President, who sold 3,139 shares on November 20 at an average price of $337.26, resulting in a total of $1,058,659.14. After this sale, her remaining shares were valued at about $2,436,703.50. In total, corporate insiders have sold 10,908 shares worth $3,674,966 in the past three months, with insiders holding 0.76% of the stock.
Analysts have also weighed in on Amgen’s performance. Recent reports indicate that Citigroup raised its price target from $310.00 to $315.00, maintaining a “neutral” rating. Similarly, Cantor Fitzgerald adjusted its target to $315.00, while Argus increased its target to $360.00, recommending a “buy” rating. The consensus among analysts rates Amgen as a “Moderate Buy” with an average price target of $334.14.
Founded in 1980 and headquartered in Thousand Oaks, California, Amgen Inc. is a prominent global biotechnology company focused on discovering and developing therapeutic solutions for serious illnesses. The company leverages advancements in human genetics and protein science to create biologic medicines aimed at treating various health conditions.
