On May 28, 2023, Kinsale Capital Group Inc. disclosed their new investment portfolio with the Securities and Exchange Commission (SEC). The firm announced a newly acquired stake in Amgen Inc. (NASDAQ: AMGN) during the fourth quarter of the fiscal year. As per their recent filing with SEC, Kinsale Capital Group procured around 1,510 shares of AMGN stock at a market value of $397,000.
Amgen is a biotechnology company that specializes in discovering, developing, manufacturing, and promoting human therapeutics. Established on April 8, 1980, by William K. Bowes Jr., Franklin Pitcher Johnson Jr., George B. Rathmann, and Joseph Rubinfeld in Thousand Oaks, California; Amgen operates through Human Therapeutics segment.
In mid-day trading on Friday before this announcement was made public; shares of AMGN stock traded down $0.85 and reached $216.61 while 1,548,057 shares were exchanged compared to its average volume of 2,328,275. Furthermore, the stock’s fifty-day simple moving average is $238.03 alongside its two-hundred-day simple moving average is $252.92 with a market cap of $115.74 billion.
It should be noted that over that past year due to various economic factors such as high inflation rates and increased competition among other healthcare companies has caused some fluctuations in AMGN share prices reaching its highest peak at $296.67 and lowest dip at $214.48.
With such an investment strategy and prudential management by Kinsale Capital Group Inc., Amgen currently accounts for only 0.3 % of the firms’ total investment portfolio but still stands out as the company’s eighteenth largest holding showing strong faith in their investments and making their presence felt in both Wall Street and the biotech industry alike.
Overall this investment depicts an important milestone for the healthcare industry and underlines the principles of hard work, perseverance, and innovative medical research that Amgen Inc. stands for.
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Investor Interest Grows in Amgen Despite Mixed Analyst Reviews
The biotechnology company Amgen has seen a significant rise in institutional investor interest over the last several quarters. Edmp Inc., for example, boosted its position in Amgen shares by 25,517.5% in Q4 2022, while Vanguard Group increased its position by 2.8% and Arrowstreet Capital Limited Partnership raised its stake by 164.9% during the last quarter of Q1 2023. Similarly, Capital Wealth Planning LLC and Robeco Institutional Asset Management B.V. grew their holdings in the medical research firm’s stock significantly.
However, these rising investments have not stopped some equities research analysts from lowering their ratings on AMGN shares. Credit Suisse Group issued an “underperform” rating for Amgen after decreasing its target price from $240 to $220 earlier this year, and four other analysts gave it a sell rating.
Despite these mixed reviews on the company’s shareholdings performance, Amgen reported solid financials during Q1 of 2023 with a revenue of $6.11 billion and earning of $3.98 per share. The company’s human therapeutics divisions remain its primary profit earner, developing innovative therapies that bridge the gap between patient needs and scientific advancements.
As of May 28, 2023, Amgen is slated to pay quarterly dividends totaling $2.13 per share to shareholders recorded as of May 18th—an annualized yield rate of nearly four percent on investment at current market rates.
Founded in California four decades ago, Amgen remains headquartered there but maintains operations globally today with facilities in more than thirty countries worldwide. And despite mixed success with equity research analyses from several prominent firms concerning investor confidence investing directly into AMGN shares—as of Bloomberg data published on May 28th—the company retains a consensus “Hold” rating among investors so far this year with price targets averaging out around $250 per share.
Overall, Amgen remains a significant player in the biotechnology industry, with a demonstrated commitment to technological advancements in human therapeutics and innovative solutions for patient wellbeing. While equities analysts have taken differing stances on the company’s investment potential over recent years, Amgen looks robust financially and poised for further growth in the medical research sector.