Forum Financial Management LP Sells 2,792 Shares of Amgen Inc. $AMGN

Key Points

• Forum Financial Management LP trimmed its Amgen stake by 0.8% in the first quarter, selling 2,792 shares and ending with 347,970 shares valued at about $122.4 million.
• Amgen continues to draw heavy institutional ownership, with investors like Norges Bank, Capital World Investors, and State Street making large moves; institutions now hold 76.5% of the stock.
• Analyst sentiment is mixed but mostly cautious: Amgen carries a Hold consensus rating with a $354.42 target, while the company recently beat quarterly EPS and revenue estimates on strong year-over-year revenue growth.

Forum Financial Management LP lowered its stake in Amgen Inc. (NASDAQ:AMGN - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 347,970 shares of the medical research company's stock after selling 2,792 shares during the period. Amgen makes up approximately 1.7% of Forum Financial Management LP's holdings, making the stock its 11th largest holding. Forum Financial Management LP owned about 0.06% of Amgen worth $122,433,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMGN. Norges Bank purchased a new position in Amgen in the 4th quarter worth approximately $2,164,162,000. Capital World Investors boosted its stake in shares of 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 during the period. State Street Corp boosted its stake in shares of Amgen by 4.4% during the fourth quarter. State Street Corp now owns 30,591,403 shares of the medical research company's stock valued at $10,012,872,000 after purchasing an additional 1,287,310 shares during the period. Geode Capital Management LLC grew its holdings in shares of Amgen by 7.8% in the fourth quarter. Geode Capital Management LLC now owns 14,303,294 shares of the medical research company's stock worth $4,665,822,000 after purchasing an additional 1,035,779 shares during the last quarter. Finally, Amundi grew its holdings in shares of Amgen by 41.1% in the fourth quarter. Amundi now owns 3,396,945 shares of the medical research company's stock worth $1,111,854,000 after purchasing an additional 988,856 shares during the last quarter. Institutional investors own 76.50% of the company's stock.

Analysts Set New Price Targets

AMGN has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Amgen from $332.00 to $340.00 and gave the company an "equal weight" rating in a report on Tuesday, June 9th. Erste Group Bank reissued a "hold" rating on shares of Amgen in a report on Tuesday, May 5th. Daiwa Securities Group decreased their price objective on shares of Amgen from $410.00 to $390.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Royal Bank Of Canada reiterated a "positive" rating on shares of Amgen in a report on Thursday, June 18th. Finally, Canaccord Genuity Group initiated coverage on Amgen in a report on Monday, April 20th. They set a "hold" rating and a $366.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Amgen presently has a consensus rating of "Hold" and a consensus target price of $354.42.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 1,237 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $323.73, for a total value of $400,454.01. Following the completion of the transaction, the senior vice president owned 7,009 shares of the company's stock, valued at approximately $2,269,023.57. This represents a 15.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company's stock.

Amgen Price Performance

Shares of NASDAQ AMGN opened at $360.55 on Tuesday. Amgen Inc. has a 1 year low of $269.77 and a 1 year high of $391.29. The stock has a market capitalization of $194.59 billion, a P/E ratio of 25.09, a P/E/G ratio of 3.60 and a beta of 0.42. The company's 50-day moving average is $340.92 and its 200 day moving average is $346.71. The company has a debt-to-equity ratio of 5.65, a current ratio of 1.26 and a quick ratio of 1.01.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The medical research company reported $5.15 EPS for the quarter, topping the consensus estimate of $4.77 by $0.38. The business had revenue of $8.62 billion during the quarter, compared to analyst estimates of $8.58 billion. Amgen had a net margin of 20.96% and a return on equity of 137.41%. Amgen's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $4.90 earnings per share. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. On average, sell-side analysts expect that Amgen Inc. will post 22.38 earnings per share for the current year.

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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