Colton Groome Cuts Amgen Stake by 78.4% in Third Quarter
Colton Groome Financial Advisors LLC significantly reduced its stake in Amgen Inc. (NASDAQ: AMGN) during the third quarter, selling 3,524 shares, a 78.4% decrease. The institutional investor now holds 970 shares, valued at $409,000. Other hedge funds have also adjusted their positions in Amgen, with some increasing their holdings while others, like insiders, have sold shares. Wellington Altus USA Inc. boosted its stake by 72.3% in the second quarter, while Tower View Wealth Management LLC increased its position by 331.6% in the first quarter. Institutional investors and hedge funds collectively own 76.5% of Amgen's stock.
Insider activity also played a role in Amgen's recent movements. SVP Nancy Grygiel sold 2,970 shares on August 6th at an average price of $402.16, reducing her ownership by 28.81%. SVP Rachna Khosla sold 1,252 shares on August 13th at $416.43, decreasing her position by 16.35%. In total, insiders sold 6,222 shares worth $2,540,926 in the last quarter, with corporate insiders now owning 0.85% of the stock.
Amgen's stock traded down 0.3% on Tuesday, closing at $401.80. The company has a market cap of $217.23 billion, a P/E ratio of 24.94, and a debt-to-equity ratio of 4.44. Amgen reported strong earnings for the quarter ended August 4th, with $6.29 earnings per share, beating estimates by $0.67. Revenue was $10.05 billion, up 9.5% year-over-year. The company also recently announced a quarterly dividend of $2.52 per share, representing a 2.5% dividend yield.
Analysts have mixed views on Amgen. Argus raised its price target to $460.00 with a "buy" rating, while BMO Capital Markets downgraded the stock to "market perform" with a $450.00 target. Piper Sandler raised its target to $457.00 with an "overweight" rating. Overall, the stock has a consensus "Hold" rating with an average target price of $385.25.