Primecap Management Co. CA Sells 2,117,167 Shares of Amgen Inc. $AMGN

Primecap Management Co. CA lowered its position in shares of Amgen Inc. (NASDAQ:AMGN) by 23.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,756,962 shares of the medical research company’s stock after selling 2,117,167 shares during the period. Amgen comprises approximately 1.4% of Primecap Management Co. CA’s holdings, making the stock its 16th largest holding. Primecap Management Co. CA’s holdings in Amgen were worth $2,446,831,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AMGN. Norges Bank bought a new position in Amgen during the 4th quarter worth about $2,164,162,000. Capital World Investors raised its holdings in shares of Amgen by 22.9% in 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 purchasing an additional 4,302,237 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Amgen by 4.8% in the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after purchasing an additional 2,261,544 shares in the last quarter. State Street Corp lifted its position in shares of Amgen by 4.4% in the 4th quarter. State Street Corp now owns 30,591,403 shares of the medical research company’s stock worth $10,012,872,000 after purchasing an additional 1,287,310 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Amgen by 7.8% in the 4th 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 period. 76.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the transaction, the senior vice president directly owned 7,340 shares in the company, valued at $2,951,854.40. The trade was a 28.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Rachna Khosla sold 1,252 shares of the company’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 transaction, the senior vice president directly owned 6,404 shares in the company, valued at $2,666,817.72. This represents a 16.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 6,222 shares of company stock valued at $2,540,926. Company insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AMGN. Guggenheim increased their price objective on shares of Amgen from $343.00 to $388.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Daiwa Securities Group lowered their target price on Amgen from $410.00 to $390.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Canaccord Genuity Group increased their target price on Amgen from $366.00 to $384.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Freedom Capital upgraded Amgen from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, Argus boosted their price target on Amgen from $375.00 to $460.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Amgen has an average rating of “Hold” and a consensus price target of $380.43.

Amgen Stock Down 0.4%

Shares of Amgen stock opened at $442.24 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. The company has a market cap of $239.09 billion, a P/E ratio of 27.49, a PEG ratio of 3.20 and a beta of 0.41. The firm’s 50 day moving average price is $382.78 and its 200-day moving average price is $363.35. Amgen Inc. has a 52-week low of $269.77 and a 52-week high of $447.03.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, August 4th. The medical research company reported $6.29 EPS for the quarter, beating analysts’ consensus estimates of $5.62 by $0.67. The company had revenue of $10.05 billion during the quarter, compared to analysts’ expectations of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. Amgen’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.02 earnings per share. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, sell-side analysts predict that Amgen Inc. will post 22.92 EPS for the current fiscal year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 21st will be given a dividend of $2.52 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.3%. Amgen’s dividend payout ratio is presently 62.65%.

Amgen Company 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.