Stocks
Amgen Stake Reduced by Major Investor Despite Strong Earnings
The Manufacturers Life Insurance Company has reduced its stake in Amgen Inc., NASDAQ: AMGN, by 8.5% during the second quarter. The firm owned 1,150,794 shares of the medical research company's stock after selling 107,249 shares during the quarter.
The sale is a relatively small adjustment to the company's overall portfolio, as it only accounts for a 0.21% decrease in its holdings. This suggests that the insurance company remains committed to Amgen, despite the reduction in stake.
Amgen has had a strong year so far, with its stock price increasing by over 10%. The company reported earnings per share of $6.29 for the second quarter, beating analyst estimates. Its revenue was also up 9.5% compared to the same period last year.