Dubuque Bank & Trust Co., a leading financial institution, has decided to reduce its stakes in Amgen Inc. (NASDAQ:AMGN) by 15.5% in the fourth quarter. This move has caught the attention of industry experts and investors, who are now closely monitoring the performance of Amgen’s stocks.
As per the recent filing submitted by Dubuque Bank & Trust Co. with the Securities and Exchange Commission (SEC), it presently owns 35,428 shares of Amgen’s medical research company stock after selling 6,494 shares during the last quarter. With this retention, Amgen accounts for only 1.2% of Dubuque Bank & Trust Co.’s holdings, making it the bank’s 19th largest position.
The value of Dubuque Bank & Trust Co.’s holdings in Amgen has been assessed to be $9,305,000 as per their most recent filing with the Securities and Exchange Commission (SEC). This decision comes at a time when investors and experts have been scrutinizing Amgen’s quarterly earnings data.
Amgen had released its quarterly earnings data on Tuesday, February 7th, where it reported $4.09 earnings per share for the quarter, surpassing analysts’ consensus estimate of $4.04 by $0.05. Furthermore, it had a return on equity of 359.47% and a net margin of 24.89%.
While these fiscal results appear promising on paper, there is no need to read too much into them just yet since many stakeholders are not entirely convinced that they signal an overall positive trend in Amgen’s business operations as standalone indicators can’t give you detailed figures about what is happening within any organization.
Amgen is known for its extensive repertoire in biotechnology research and development in human therapeutics; however, its success is based on more than just quarterly returns as factors such as competitive pressure, regulatory compliance, and efficiency in product development play a crucial role.
Despite the uncertainty that comes with such investments, Dubuque Bank & Trust Co.’s decision is noteworthy as they clearly understand the fluctuations in the stock market and recognize when it’s time to move funds around. Investors are waiting with bated breath to examine Amgen’s performance for the current fiscal year, with research predicting earnings per share of 17.77.
Amgen Inc. Continues to Hold Its Ground as an Eminent Biotech Firm on NASDAQ During Q2 2023 Despite Uncertainty from Outside Researchers and Investors
As the biotech industry continues to grow and expand, Amgen Inc. remains a prominent player in the field. The company, known for its discovery, development, manufacture, and marketing of human therapeutics, was founded in 1980 and has since become a leader in biotechnology research.
Despite recent modifications to holdings by institutional investors and hedge funds, including Threadgill Financial LLC’s acquisition of a new stake worth $214,000 in Q4 2022; NewSquare Capital LLC growing their position by 7.3% to now own 18,425 shares estimated at $4,153,000 after acquiring an additional 1,249 shares during the last quarter; GPS Wealth Strategies Group LLC increasing their position by 31.1%, owning 1,046 shares worth $236k after acquiring an additional 248 shares last quarter; and OmniStar Financial Group Inc. boosting its stake by 24.0%, now owning 8,098 shares worth $1.825m after purchasing an additional 1,568 shares in Q3 last year. The majority of Amgen’s stock (75.53%) is still owned by institutional investors.
On Friday April 22nd NASDAQ AMGN traded down to $243.16 with a trading volume of 698,139 shares compared to the average trade volume of over two million (2,393,027) across the past year. This saw Amgen’s stock reach closer to its 52-week low of $223.30 than the high of $296.67 recorded within the same timeframe.
Amgen’s financial indicators showed that as at April 22nd it had a current ratio of 1.41 and a quick ratio of 1.10 whilst holding a debt-to-equity ratio of 10:20%. With a market capitalization rate reaching up to $129.bn it is expected that Amgen will continue to grow in the near future.
Barclays recently cut their price point on Amgen from $230.00 to $227.00, stating their belief that a sell rating is appropriate for such stock. Speakign of ratings, the average given by analysts’ seem relatively mixed;Â Four have rated the stock as a sell and three suggest it should be held, while six analysts recommend buying and only one suggests strongly buying shares of Amgen.
Additionally, Amgen has declared a quarterly dividend paid out at $2.13 per share on Thursday June 8th with an ex-dividend date of Wednesday May 17th; this dividend payout ratio currently sits at 70.36%.
In summary, despite facing some uncertainty among outside researchers & investors about its future growth potential- mainly due to Barclays recent reductions-Â Amgen maintains its place as an eminent biotech firm on the NASDAQ exchange during Q2 2023.
