Abner Herrman & Brock LLC Sells Amgen Stake Amid Strong Earnings
Abner Herrman & Brock LLC decreased its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 24.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,418 shares of the medical research company's stock after selling 2,680 shares during the period.
Abner Herrman & Brock LLC's holdings in Amgen were worth $3,048,000 at the end of the most recent reporting period. This is not an isolated instance; other hedge funds have also recently made changes to their positions in the company.
Anfield Capital Management LLC lifted its position in shares of Amgen by 1,000.0% in the 4th quarter, while Dogwood Wealth Management LLC increased its position in shares of Amgen by 275.0%. Meanwhile, Tower View Wealth Management LLC raised its stake in Amgen by 331.6%, and Manning & Napier Advisors LLC raised its stake by 49.2%
Amgen's stock has been performing well, with a current ratio of 1.37, a quick ratio of 1.01, and a debt-to-equity ratio of 4.44. The company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.62 by $0.67.
Despite strong results, analyst sentiment remains mixed, with some rating the stock as 'Hold' and others 'Buy'. Additionally, pipeline disappointment has limited the upside case, as Amgen dropped its obesity-drug candidate AMG 513. The company's commercial portfolio includes biologics used in oncology, supportive care, nephrology, bone health, and cardiovascular disease.