Allstate Corp has significantly increased its investment in Amgen Inc. (NASDAQ: AMGN), raising its stock holdings by an impressive 1,673.5% during the third quarter of 2024. According to a recent filing with the Securities and Exchange Commission, Allstate now owns 19,615 shares of the biotechnology firm, valued at approximately $5.54 million as of the end of the reporting period. This acquisition included an additional 18,509 shares obtained throughout the quarter.
Several other institutional investors have also adjusted their stakes in Amgen. NorthCrest Asset Management LLC increased its holdings by 1.9%, resulting in ownership of 104,497 shares, valued at $30.88 million. Wealth Enhancement Advisory Services LLC, on the other hand, has grown its share count by 0.4% to reach 400,586 shares, worth $118.39 million. Additionally, DeDora Capital Inc. raised its investment in Amgen by 2.8%, while Rovin Capital UT ADV increased its stake by 3.5%. Notably, Amalgamated Bank raised its holdings by 0.8%, now owning 114,954 shares valued at approximately $32.44 million.
Currently, institutional investors hold 76.50% of Amgen’s stock.
Amgen’s Financial Performance and Future Outlook
As of the latest trading session, Amgen shares opened at $330.41. The company boasts a market capitalization of $177.92 billion, with a price-to-earnings (P/E) ratio of 25.53 and a beta of 0.45. Amgen’s performance indicators include a current ratio of 1.28, a quick ratio of 0.99, and a debt-to-equity ratio of 5.45. Over the past year, the stock reached a low of $261.43 and a high of $346.38.
On November 4, 2024, Amgen reported earnings of $5.64 per share for the most recent quarter, surpassing analysts’ expectations of $5.01 by $0.63. The company posted revenues of $9.56 billion, exceeding the forecast of $8.98 billion, and marking a 12.4% increase compared to the same quarter the previous year. For the fiscal year 2025, Amgen has set guidance for earnings per share between $20.60 and $21.40. Analysts project an average earnings per share of $20.62 for the current financial year.
Dividend Announcement and Analyst Ratings
In a recent development, Amgen announced a quarterly dividend of $2.52 per share, set to be paid on March 6, 2025, to shareholders on record as of February 13, 2025. This marks an increase from the previous dividend of $2.38 per share, resulting in an annualized dividend of $10.08 and a yield of 3.1%. The company’s dividend payout ratio currently stands at 73.57%.
Several analysts have recently updated their ratings for Amgen. Daiwa Capital Markets raised its target price from $310.00 to $370.00 with an “outperform” rating. Argus increased its price target from $310.00 to $360.00, maintaining a “buy” rating. Guggenheim also revised its target upward from $288.00 to $305.00, rating the stock as “neutral.” Bank of America set its price objective at $272.00 with an “underperform” rating, while Citigroup raised its target from $310.00 to $315.00.
Currently, two analysts have given Amgen a “Strong Buy” rating, ten have rated it as a “Buy,” nine have assigned a “Hold” rating, and one has issued a “Sell” recommendation. According to data from MarketBeat, the average rating is “Moderate Buy” with a target price of $339.45.
Insider trading activity has also been notable, with executive vice president Murdo Gordon selling 6,879 shares on November 12, 2024, for a total of $2,317,053.57. After this transaction, he retained 41,923 shares valued at approximately $14.12 million. Senior vice president Rachna Khosla sold 890 shares during the same period, valued at $299,253.60.
Amgen Inc., headquartered in Thousand Oaks, California, is a leading biotechnology company founded in 1980. The firm specializes in developing biologic medicines for serious illnesses, with a focus that spans oncology, supportive care, nephrology, bone health, and cardiovascular diseases.
