Argent Capital Reduces Amgen Stake by 3.5% in Q3

Argent Capital Management LLC has reduced its stake in Amgen Inc. (NASDAQ: AMGN) by 3.5% during the third quarter of 2023. The institutional investor sold 2,546 shares, bringing its total holdings to 69,486 shares. This adjustment makes Amgen represent 0.2% of Argent Capital Management LLC's overall portfolio, ranking it as the 28th largest holding. The value of these shares was approximately $29.3 million at the end of the quarter.

Other institutional investors have also adjusted their positions in Amgen. Rational Advisors Inc. increased its holdings by 13.7% in the second quarter, now owning 199 shares worth $72,000. Beacon Financial Advisory LLC raised its stake by 2.0%, holding 1,274 shares valued at $461,000. Similarly, Legacy Financial Advisors Inc., Roman Butler Fullerton & Co., and Round Rock Advisors LLC all boosted their positions in Amgen during the second quarter.

Analysts have recently updated their price targets for Amgen. Canaccord Genuity Group raised its target to $384.00 with a 'hold' rating, while Argus increased its target to $460.00 with a 'buy' rating. Piper Sandler set the highest target at $457.00 with an 'overweight' rating. The consensus target price among analysts is $385.25, with a mixed outlook of hold, buy, and sell ratings.

Amgen's stock has shown mixed performance, trading at $403.06 during mid-day trading on Monday. The company's market cap stands at $217.91 billion, with a P/E ratio of 25.04. Amgen recently reported strong earnings for the second quarter, beating estimates with $6.29 EPS and $10.05 billion in revenue. The company declared a quarterly dividend of $2.52 per share, representing a 2.5% yield.