SVB Wealth LLC Cuts Stock Position in Amgen Inc. $AMGN

Key Points

• SVB Wealth LLC cut its Amgen stake by 40.4% in the first quarter, leaving it with 4,959 shares valued at about $1.75 million.
• Amgen reported better-than-expected quarterly results, posting EPS of $5.15 versus $4.77 expected, while revenue rose 5.8% year over year to $8.62 billion.
• Analysts are mostly cautious on the stock: the consensus rating is Hold with an average price target of $354.42, though some firms still have buy or strong buy ratings.

SVB Wealth LLC decreased its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 40.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,959 shares of the medical research company's stock after selling 3,356 shares during the period. SVB Wealth LLC's holdings in Amgen were worth $1,745,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock valued at $7,159,000 after buying an additional 5,226 shares during the period. Sivia Capital Partners LLC increased its position in shares of Amgen by 10.6% during the second quarter. Sivia Capital Partners LLC now owns 1,186 shares of the medical research company's stock worth $331,000 after acquiring an additional 114 shares during the period. Schnieders Capital Management LLC. raised its stake in shares of Amgen by 29.3% in the second quarter. Schnieders Capital Management LLC. now owns 25,859 shares of the medical research company's stock valued at $7,220,000 after acquiring an additional 5,853 shares in the last quarter. Main Street Financial Solutions LLC raised its stake in shares of 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 valued at $1,141,000 after acquiring an additional 416 shares in the last quarter. Finally, Ieq Capital LLC boosted its holdings 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 during the period. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen Stock Performance

Shares of AMGN opened at $347.01 on Wednesday. The company has a market capitalization of $187.28 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 3.46 and a beta of 0.42. Amgen Inc. has a 52-week low of $269.01 and a 52-week high of $391.29. The company has a quick ratio of 1.01, a current ratio of 1.26 and a debt-to-equity ratio of 5.65. The stock has a 50 day moving average price of $340.42 and a 200 day moving average price of $345.87.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The medical research company reported $5.15 earnings per share 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 company had revenue of $8.62 billion for the quarter, compared to analysts' expectations of $8.58 billion. During the same quarter last year, the company earned $4.90 earnings per share. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. Research analysts predict that Amgen Inc. will post 22.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Nancy A. Grygiel sold 1,237 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $323.73, for a total value of $400,454.01. Following the completion of the sale, the senior vice president directly owned 7,009 shares of the company's stock, valued at $2,269,023.57. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Leerink Partners reissued a "market perform" rating and set a $355.00 target price on shares of Amgen in a research note on Thursday, March 5th. Erste Group Bank reissued a "hold" rating on shares of Amgen in a research report on Tuesday, May 5th. Weiss Ratings restated a "buy (b)" rating on shares of Amgen in a research note on Thursday, June 18th. Wells Fargo & Company raised their target price on shares of Amgen from $375.00 to $390.00 and gave the company an "equal weight" rating in a report on Thursday, March 19th. Finally, Argus decreased their price target on shares of Amgen from $400.00 to $375.00 and set a "buy" rating for the company in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $354.42.

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.