Equitable Holdings Invests Heavily in Amgen Amid Broader Institutional Buying

Equitable Holdings Inc. has made significant investments in Amgen Inc., purchasing 24,845 shares of the medical research company's stock in the second quarter.

The purchase was valued at approximately $8.997 million, bringing Equitable's total holdings to a substantial amount.

This move is part of a broader trend of institutional investors increasing their stakes in Amgen, with several other firms, including Roman Butler Fullerton & Co., High Note Wealth LLC, TAGStone Capital Inc., and Verus Capital Partners LLC, also boosting their positions in the company during the second quarter.

Wall Street analysts have been bullish on Amgen, with Royal Bank Of Canada upgrading its price target to $400.00 from $370.00 and assigning an 'outperform' rating, while UBS Group raised its target price to $440.00 from $420.00 and gave the company a 'buy' rating.

Amgen's revenue has been steadily increasing, with the company reporting $10.05 billion in quarterly revenue, beating the consensus estimate of $9.43 billion.