Bank of America Corp DE Invests $1.83 Billion in Amgen Inc. $AMGN

Key Points

• Bank of America acquired 5.06 million Amgen shares worth approximately $1.83 billion, giving it a 0.94% stake. Institutional investors collectively own 76.5% of Amgen.
• Amgen reported stronger-than-expected quarterly results, with EPS of $6.29 versus the $5.62 consensus and revenue of $10.05 billion, up 9.5% year over year.
• Analyst sentiment remains mixed: Amgen has an overall “Hold” rating and an average price target of $381.68, while recent insider transactions have primarily involved selling shares.

Bank of America Corp DE bought a new position in Amgen Inc. (NASDAQ:AMGN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,058,830 shares of the medical research company's stock, valued at approximately $1,831,903,000. Bank of America Corp DE owned about 0.94% of Amgen at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Adell Harriman & Carpenter Inc. grew its stake in shares of Amgen by 7.9% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 22,008 shares of the medical research company's stock worth $7,204,000 after acquiring an additional 1,609 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Amgen during the fourth quarter valued at approximately $22,441,000. Integrated Advisors Network LLC lifted its position in Amgen by 50.5% during the first quarter. Integrated Advisors Network LLC now owns 18,941 shares of the medical research company's stock valued at $6,664,000 after purchasing an additional 6,356 shares during the period. National Pension Service lifted its position in Amgen by 4.7% during the fourth quarter. National Pension Service now owns 1,239,549 shares of the medical research company's stock valued at $405,717,000 after purchasing an additional 55,489 shares during the period. Finally, KBC Group NV boosted its holdings in Amgen by 51.7% in the second quarter. KBC Group NV now owns 382,676 shares of the medical research company's stock worth $138,574,000 after purchasing an additional 130,497 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company's stock.

Insider Transactions at Amgen

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the firm's stock in a transaction on 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 transaction, the senior vice president owned 7,340 shares in the company, valued at $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rachna Khosla sold 1,252 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $416.43, for a total value of $521,370.36. Following the sale, the senior vice president owned 6,404 shares in the company, valued at approximately $2,666,817.72. The trade was a 16.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,222 shares of company stock worth $2,540,926 in the last 90 days. Insiders own 0.85% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Oppenheimer increased their target price on Amgen from $400.00 to $450.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. HSBC downgraded Amgen from a "buy" rating to a "hold" rating and cut their price target for the company from $445.00 to $425.00 in a research note on Thursday, September 10th. Robert W. Baird upped their price target on shares of Amgen from $215.00 to $230.00 and gave the company an "underperform" rating in a research report on Wednesday, August 5th. Guggenheim increased their price objective on shares of Amgen from $343.00 to $388.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Finally, UBS Group raised their price objective on shares of Amgen from $420.00 to $440.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Amgen currently has an average rating of "Hold" and an average price target of $381.68.

Amgen Stock Up 1.1%

Shares of NASDAQ:AMGN opened at $381.50 on Tuesday. The company has a market cap of $206.25 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 2.72 and a beta of 0.43. Amgen Inc. has a 12 month low of $269.77 and a 12 month high of $447.03. The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The company has a 50-day moving average price of $400.67 and a 200 day moving average price of $367.82.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping analysts' consensus estimates of $5.62 by $0.67. The company had revenue of $10.05 billion for the quarter, compared to analyst estimates of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. As a group, equities research analysts predict that Amgen Inc. will post 22.94 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 21st were issued a $2.52 dividend. This represents a $10.08 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, August 21st. Amgen's dividend payout ratio (DPR) is currently 62.65%.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: The FDA approved an update to IMDELLTRA’s prescribing information that substantially reduces monitoring time for the first two doses. The change could make treatment easier to administer in community healthcare settings, potentially broadening access for patients with extensive-stage small cell lung cancer and supporting commercial adoption. FDA approves reduced monitoring time for first two doses of IMDELLTRA
• Positive Sentiment: Amgen’s phase 3 dazodalibep study remains a key pipeline catalyst for investors focused on Sjögren’s disease. Any favorable clinical data could expand the company’s growth prospects beyond its established medicines, although the study remains an ongoing development program. Amgen’s Phase 3 Dazodalibep Study Nears Data Spotlight for Sjögren’s Investors
• Neutral Sentiment: Amgen is receiving elevated attention from investors and is being highlighted as both a value stock and a relatively defensive healthcare holding ahead of potential Federal Reserve rate hikes. These articles may increase visibility but do not represent material changes to the company’s fundamentals. Why Amgen is a Strong Value Stock
• Negative Sentiment: Investor sentiment remains pressured by an HSBC downgrade and concerns about the broader cardiovascular drug-development landscape after Novartis reported disappointing results for its Lp(a)-lowering therapy. The news raised questions about related opportunities and contributed to recent caution toward Amgen despite its strong second-quarter earnings performance. Amgen stock falls after HSBC downgrade

Amgen Profile

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and rare diseases. The company uses biologic research, genetics and other advanced technologies to develop treatments intended to address significant unmet medical needs.

Amgen's medicines include Enbrel for certain inflammatory diseases; Prolia and Evenity for bone-related conditions; Xgeva for complications associated with cancer and bone disease; Repatha for cardiovascular risk reduction; Otezla for inflammatory conditions; and Aimovig for migraine prevention.

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.