Saturna Capital: “Amgen (AMGN) Stands as a Prodigious Generator of Cash”

Saturna Capital, an investment management firm, published its “Amana Funds” third-quarter 2021 investor letter – a copy of which can be downloaded here. For the third quarter of 2021, the Amana Income Fund Investor Shares returned -2.54% and the Institutional Shares returned -2.50%. The Amana Growth Fund Investor Shares returned 0.95%, ahead of the 0.58% return of the S&P 500 Index, as well as the NASDAQ Composite return of -0.22% for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Saturna Capital Amana Funds, in its Q3 2021 investor letter, mentioned Amgen Inc. (NASDAQ: AMGN) and discussed its stance on the firm. Amgen Inc. is a Thousand Oaks, California-based biotechnology company with a $119.0 billion market capitalization. AMGN delivered a -8.09% return since the beginning of the year, while its 12-month returns are down by -7.70%. The stock closed at $211.32 per share on December 07, 2021.

Here is what Saturna Capital Amana Funds has to say about Amgen Inc. in its Q3 2021 investor letter:

“Amgen has been on the bubble, but stands as a prodigious generator of cash, pays an attractive dividend yield, and its growth prospects appear to be improving. Valuation is also attractive, especially considering it features one of the cleaner profit and loss statements in terms of comparing earnings under Generally Accepted Accounting Principles (GAAP) to non-GAAP earnings. The latter often exists to flatter the company’s outlook.”

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Based on our calculations, Amgen Inc. (NASDAQ: AMGN) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. AMGN was in 52 hedge fund portfolios at the end of the third quarter of 2021, compared to 53 funds in the previous quarter. Amgen Inc. (NASDAQ: AMGN) delivered a -4.53% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.