M&G PLC Increases Stake in Amgen as Institutional Interest Grows

M&G PLC has increased its stake in **Amgen Inc.** by **3.8%** during the third quarter of 2023, according to a recent filing with the **Securities & Exchange Commission**. The company now holds **454,584 shares** of the biotechnology firm, which amounts to approximately **0.08%** of Amgen, valued at **$128.19 million**.

This adjustment in M&G’s holdings reflects a broader trend among institutional investors, who are actively adjusting their positions in Amgen. Notably, **Laurel Wealth Advisors LLC** significantly raised its stake by an astounding **27,765.8%** in the second quarter, acquiring **6,700,621 shares** worth around **$1.87 billion**. Meanwhile, **Norges Bank** entered the scene by purchasing a new stake valued at **$1.66 billion** during the same period.

Vanguard Group Inc. also expanded its holdings by **1.6%**, now owning **53,711,570 shares** worth approximately **$15 billion**. **Charles Schwab Investment Management Inc.** increased its stake by **5.6%**, bringing its total to **12,893,677 shares**, valued at **$3.6 billion**. Additionally, **Mizuho Markets Cayman LP** acquired a new stake worth about **$135.6 million**.

The growing institutional interest underscores the confidence in Amgen’s prospects, with these investors collectively owning **76.5%** of the company’s stock.

Amgen’s Stock Performance and Dividends

On **February 5, 2024**, Amgen’s stock opened at **$369.19** per share, reflecting a **0.8%** increase. The company boasts a market capitalization of **$198.8 billion**, a price-to-earnings ratio of **25.94**, and a beta of **0.46**. The stock has fluctuated between a one-year low of **$261.43** and a high of **$385.12**.

Amgen has also announced a quarterly dividend of **$2.52** per share, which will be paid on **March 6, 2024**, to investors of record as of **February 13, 2024**. This represents an annualized dividend of **$10.08** and a yield of **2.7%**, marking an increase from the previous dividend of **$2.38**. The payout ratio currently stands at **70.84%**, indicating a sustainable dividend policy.

Analyst Outlook and Ratings

Recent analyst activity has further fueled interest in Amgen’s stock. **Argus** raised its price target from **$360.00** to **$400.00**, maintaining a “buy” rating. Similarly, **Daiwa Securities Group** increased its target from **$370.00** to **$410.00** and rated the stock as “outperform.”

Other analysts have echoed this optimism, with **Weiss Ratings** reiterating a “buy” rating and **Leerink Partners** increasing its price objective from **$305.00** to **$355.00**. Overall, Amgen has received one “Strong Buy,” fifteen “Buy,” ten “Hold,” and one “Sell” rating, leading to an average rating of “Moderate Buy” and a consensus target price of **$354.04**.

In insider news, **Nancy A. Grygiel**, Senior Vice President at Amgen, sold **3,139 shares** on **November 20, 2023**, at an average price of **$337.26**. This transaction, valued at **$1,058,659.14**, represented a **30.29%** reduction in her position. Following the sale, Grygiel holds **7,225 shares** valued at approximately **$2.44 million**.

Amgen continues to be a significant player in the biotechnology sector, focusing on the development of therapies for serious illnesses. Founded in **1980** and based in **Thousand Oaks, California**, the company is dedicated to advancing biologic medicines, particularly in areas such as oncology and cardiovascular disease.

Investors and analysts alike are closely monitoring Amgen’s developments, reflecting the company’s impact on the biotechnology landscape and its potential for sustained growth in the coming years.