MassMutual Boosts Amgen Stake by Over 100% in Latest Quarter

MassMutual Private Wealth & Trust FSB significantly increased its stake in Amgen Inc. (NASDAQ: AMGN) during the third quarter, boosting its position by 105.8%. The firm now holds 13,514 shares, valued at approximately $5,696,000, following the acquisition of an additional 6,947 shares. This move comes as several other institutional investors have also adjusted their holdings in Amgen, with some increasing their stakes while others have reduced them.

Among the notable changes, Wellington Altus USA Inc. grew its position by 72.3% in the second quarter, while Tower View Wealth Management LLC lifted its stake by 331.6% during the first quarter. New positions were also established by Security National Bank of Sioux City, Evergreen Advisors LLC, and University of Texas Texas AM Investment Management Co. Collectively, institutional investors and hedge funds now own 76.50% of Amgen's stock.

Analysts have offered mixed views on Amgen's stock. Barclays raised its target price to $380.00 with an "equal weight" rating, while Cantor Fitzgerald maintained a "neutral" rating. Oppenheimer reaffirmed an "outperform" rating, and Piper Sandler increased its price objective to $457.00 with an "overweight" rating. Conversely, HSBC downgraded the stock to "hold" and reduced its target price to $425.00. The consensus among analysts currently stands at a "Hold" rating with an average target price of $385.25.

In insider transactions, SVP Rachna Khosla sold 1,252 shares at an average price of $416.43, reducing her position by 16.35%. Similarly, SVP Nancy A. Grygiel sold 2,970 shares at $402.16, decreasing her stake by 28.81%. Over the past ninety days, insiders have sold a total of 6,222 shares valued at $2,540,926, with insiders now owning 0.85% of the company's stock.