Conning Inc. Has $33.85 Million Position in Amgen Inc. $AMGN

Key Points

• Conning Inc. reduced its Amgen stake by 5.4% in the first quarter, selling 5,475 shares and ending with 96,214 shares valued at about $33.85 million.
• Institutional ownership remains high, with 76.5% of Amgen’s stock held by institutional investors and hedge funds; several other firms also increased their positions.
• Amgen beat quarterly expectations, reporting EPS of $5.15 versus the $4.77 estimate and revenue of $8.62 billion, while analysts currently hold an average “Hold” rating with a consensus price target of $355.73.

Conning Inc. cut its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,214 shares of the medical research company's stock after selling 5,475 shares during the period. Conning Inc.'s holdings in Amgen were worth $33,853,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its position in shares of Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after acquiring an additional 5,226 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Amgen by 10.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,186 shares of the medical research company's stock valued at $331,000 after acquiring an additional 114 shares during the period. Schnieders Capital Management LLC. boosted its stake in Amgen by 29.3% during the second quarter. Schnieders Capital Management LLC. now owns 25,859 shares of the medical research company's stock worth $7,220,000 after acquiring an additional 5,853 shares in the last quarter. Main Street Financial Solutions LLC grew its holdings in Amgen by 11.3% in the second quarter. Main Street Financial Solutions LLC now owns 4,086 shares of the medical research company's stock worth $1,141,000 after purchasing an additional 416 shares during the period. Finally, Ieq Capital LLC increased its stake in Amgen by 5.1% in the second quarter. Ieq Capital LLC now owns 54,152 shares of the medical research company's stock valued at $15,120,000 after purchasing an additional 2,611 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Freedom Capital raised shares of Amgen from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Truist Financial boosted their target price on Amgen from $327.00 to $340.00 and gave the company a "hold" rating in a research report on Tuesday. Morgan Stanley dropped their price target on Amgen from $340.00 to $333.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Mizuho increased their price target on Amgen from $295.00 to $303.00 and gave the stock a "neutral" rating in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group set a $389.00 price objective on Amgen in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $355.73.

Amgen Trading Down 0.1%

Shares of Amgen stock opened at $363.39 on Friday. The company has a market capitalization of $196.13 billion, a P/E ratio of 25.29, a price-to-earnings-growth ratio of 3.59 and a beta of 0.41. The stock has a fifty day simple moving average of $344.81 and a 200 day simple moving average of $349.32. Amgen Inc. has a 12-month low of $269.77 and a 12-month high of $391.29. The company has a current ratio of 1.26, a quick ratio of 1.01 and a debt-to-equity ratio of 5.65.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical research company reported $5.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.77 by $0.38. Amgen had a net margin of 20.96% and a return on equity of 137.41%. The firm had revenue of $8.62 billion for the quarter, compared to the consensus estimate of $8.58 billion. During the same period in the previous year, the firm earned $4.90 EPS. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. On average, sell-side analysts anticipate that Amgen Inc. will post 22.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 1,237 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $323.73, for a total transaction of $400,454.01. Following the transaction, the senior vice president directly owned 7,009 shares in the company, valued at approximately $2,269,023.57. The trade was a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company's stock.

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.

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