The Manufacturers Life Insurance Company Raises Stock Position in Amgen Inc. $AMGN

Key Points

• The Manufacturers Life Insurance Company increased its Amgen stake by 5.5% in the first quarter, purchasing 65,753 additional shares and bringing its holdings to 1.26 million shares valued at approximately $442.6 million.
• Institutional ownership remains high at 76.5%, with Vanguard, State Street, Capital World Investors and Geode Capital among major holders that also increased their positions.
• Amgen exceeded quarterly earnings expectations, reporting $5.15 EPS and $8.62 billion in revenue, while analysts maintain a consensus “Hold” rating and an average price target of $356.62.

The Manufacturers Life Insurance Company increased its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,258,043 shares of the medical research company's stock after purchasing an additional 65,753 shares during the quarter. The Manufacturers Life Insurance Company owned 0.23% of Amgen worth $442,642,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Amgen by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 54,838,826 shares of the medical research company's stock valued at $17,949,296,000 after buying an additional 961,975 shares in the last quarter. State Street Corp grew its stake 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 valued at $10,012,872,000 after acquiring an additional 1,287,310 shares during the last quarter. Capital World Investors increased its holdings in Amgen by 22.9% during the 4th quarter. Capital World Investors now owns 23,097,711 shares of the medical research company's stock valued at $7,560,249,000 after acquiring an additional 4,302,237 shares in the last quarter. Geode Capital Management LLC increased its holdings in Amgen by 7.8% during the 4th quarter. Geode Capital Management LLC now owns 14,303,294 shares of the medical research company's stock valued at $4,665,822,000 after acquiring an additional 1,035,779 shares in the last quarter. Finally, Norges Bank acquired a new position in Amgen during the fourth quarter worth about $2,164,162,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen Stock Performance

NASDAQ:AMGN opened at $376.26 on Tuesday. The company has a debt-to-equity ratio of 5.65, a current ratio of 1.26 and a quick ratio of 1.01. The firm has a market cap of $203.07 billion, a PE ratio of 26.18, a P/E/G ratio of 3.80 and a beta of 0.41. The firm has a 50 day simple moving average of $352.31 and a 200-day simple moving average of $352.35. Amgen Inc. has a 1-year low of $269.77 and a 1-year high of $391.29.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results 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. The firm had revenue of $8.62 billion for 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 revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.90 earnings per share. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. On average, equities analysts expect that Amgen Inc. will post 22.31 EPS for the current year.

Analyst Upgrades and Downgrades

AMGN has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed a "positive" rating on shares of Amgen in a report on Thursday, June 18th. Argus cut their price objective on Amgen from $400.00 to $375.00 and set a "buy" rating for the company in a research report on Wednesday, May 20th. Truist Financial upped their target price on Amgen from $327.00 to $340.00 and gave the company a "hold" rating in a research note on Tuesday, July 7th. Erste Group Bank reiterated a "hold" rating on shares of Amgen in a report on Tuesday, May 5th. Finally, UBS Group raised their price target on Amgen from $400.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Two 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $356.62.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 1,237 shares of Amgen stock in a transaction 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 sale, the senior vice president 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by company insiders.

Amgen Profile

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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