Amgen Inc. $AMGN Stake Raised by L2 Asset Management LLC

Key Points

• L2 Asset Management increased its Amgen stake by 12.6% in the second quarter, bringing its holdings to 31,241 shares valued at approximately $11.3 million. Institutional investors collectively own 76.5% of Amgen’s stock.
• Amgen reported quarterly earnings of $6.29 per share, beating estimates by $0.67, while revenue rose 9.5% year over year to $10.05 billion. The company also declared a quarterly dividend of $2.52 per share, equivalent to a 2.3% annual yield.
• Amgen shares opened at $443.84, near their 12-month high of $445.87, despite insiders selling more than $2.5 million of stock over the past 90 days. Analysts’ consensus rating remains “Hold,” with an average price target of $380.43.

L2 Asset Management LLC boosted its holdings in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 12.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,241 shares of the medical research company's stock after acquiring an additional 3,501 shares during the quarter. Amgen accounts for about 1.2% of L2 Asset Management LLC's investment portfolio, making the stock its 15th largest holding. L2 Asset Management LLC's holdings in Amgen were worth $11,313,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Amgen in the fourth quarter worth approximately $2,164,162,000. Capital World Investors grew its position in Amgen by 22.9% during the fourth quarter. Capital World Investors now owns 23,097,711 shares of the medical research company's stock valued at $7,560,249,000 after purchasing an additional 4,302,237 shares in the last quarter. BlackRock Inc. increased its stake in Amgen by 4.8% in the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company's stock valued at $17,874,974,000 after buying an additional 2,261,544 shares during the period. State Street Corp lifted its position in Amgen by 4.4% in the 4th quarter. State Street Corp now owns 30,591,403 shares of the medical research company's stock worth $10,012,872,000 after buying an additional 1,287,310 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Amgen by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 14,303,294 shares of the medical research company's stock worth $4,665,822,000 after buying an additional 1,035,779 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company's stock.

Insider Activity

In other Amgen news, SVP Nancy A. Grygiel sold 2,970 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the sale, the senior vice president owned 7,340 shares of the company's stock, valued at $2,951,854.40. The trade was a 28.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rachna Khosla sold 2,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the sale, the senior vice president owned 6,404 shares of the company's stock, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 6,222 shares of company stock worth $2,540,926. Corporate insiders own 0.85% of the company's stock.

Amgen Stock Performance

AMGN stock opened at $443.84 on Tuesday. The firm has a 50 day moving average of $380.90 and a two-hundred day moving average of $362.81. Amgen Inc. has a 12 month low of $269.77 and a 12 month high of $445.87. The company has a market capitalization of $239.95 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 3.17 and a beta of 0.41. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, beating analysts' consensus estimates of $5.62 by $0.67. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The business had revenue of $10.05 billion for the quarter, compared to the consensus estimate of $9.43 billion. During the same quarter last year, the firm earned $6.02 EPS. Amgen's revenue for the quarter was up 9.5% on a year-over-year basis. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. As a group, equities analysts anticipate that Amgen Inc. will post 22.92 EPS for the current fiscal year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be issued a dividend of $2.52 per share. This represents a $10.08 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 21st. Amgen's dividend payout ratio (DPR) is 62.65%.

Analyst Ratings Changes

A number of brokerages have issued reports on AMGN. Oppenheimer lifted their target price on shares of Amgen from $400.00 to $450.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Argus upped their price target on shares of Amgen from $375.00 to $460.00 and gave the stock a "buy" rating in a research note on Wednesday, August 19th. Barclays increased their price objective on Amgen from $360.00 to $380.00 and gave the stock an "equal weight" rating in a report on Friday, August 14th. Scotiabank lifted their price objective on Amgen from $385.00 to $450.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Amgen from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $380.43.

About Amgen

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source