Bank of America 13F: Cuts Amgen (AMGN) Stake by $150M
Bank of America cut its holdings in drugmaker Amgen by 7.5% during the period, leaving the bank with a multi-billion dollar stake.
Reviewed by automated data checks against the source filing. How we make and check alerts
Bank of America sold 416,333 shares from its stake in Amgen Inc. ($AMGN), a 7.52% decrease, according to a 13F filing with the SEC dated May 18, 2026. It reported 5,121,028 shares worth $1.85 billion at the end of the quarter.
Since the filing, $AMGN is up 3.6% after 1 week, up 5.3% after 1 month and up 34.1% to date (from the $322.51 close on May 18, 2026).
AMGN
Amgen Inc.
Key Points
- Bank of America trimmed its stake in Amgen Inc. (NasdaqGS: AMGN) by 7.5%, selling 416,333 shares during the period.
- The bank wrapped up the reporting period with 5,121,028 shares of the healthcare giant, valued at roughly $1.85 billion.
- Wall Street firms maintain a consensus hold rating on the drugmaker alongside a mean price target of $394.98.
Get $AMGN trade alerts by text
We text you when insiders, Congress or big funds trade $AMGN. Free.
Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Amgen Inc. alert may contain errors. Disclosures
Bank of America Scales Back Healthcare Holdings
Bank of America lowered its investment in Amgen Inc. (NasdaqGS: AMGN) during the reporting period, according to a Form 13F filing with the SEC. The filing reflects portfolio positioning as of May 18, 2026, and may not represent the bank's current position today. Large financial institutions regularly adjust their major equity holdings based on rebalancing strategies, sector rotation, or risk management goals.
Reducing the Amgen Position
The bank cut its stake by 7.5%, selling off 416,333 shares of the drug manufacturer. That reduction brought the firm down to 5,121,028 shares total. Based on market valuations at the time, the remaining block of shares carried an estimated value of $1.85 billion.
Stock Valuation and Market Context
Amgen shares trade on the NasdaqGS under the ticker AMGN, sitting well above their 52-week low of $288.00 and below a peak of $447.03. The company carries a trailing P/E ratio of 27.0, while its forward P/E sits at 17.7. The healthcare sector has seen steady rotation as investors weigh drug pipeline developments against broader market valuations.
Recent Earnings Performance
For its recent operational period, Amgen posted $38.1 billion in revenue, marking a 9.5% growth rate. The firm generated an earnings per share figure of $16.10, alongside a net profit margin of 23.0% and a return on equity of 91.5%. The company's next earnings report is slated for November 3, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
-
Forward outlook
2 target cuts vs 1 raises.
-
EPS & revenue
EPS beat estimates by 6.1%. Revenue missed estimates by 1.5%.
-
Profit surprise
EBITDA missed by 45 percent. Operating income missed by 28 percent.
-
Pre-earnings setup
Expectations were about average.
-
Analyst signal
1 target raise, 2 target cuts.
-
Earnings quality
Gross margin up 4.6 points. Operating margin up 16.5 points. Positive free cash flow.
Earnings Call Summary
Amgen had a strong first quarter with earnings per share of 5.15 dollars beating expectations of 4.73 dollars. Six key medicines grew sales by 24 percent year over year and now make up 70 percent of total sales. The obesity drug Meritide is advancing well in late-stage testing with new studies showing better tolerance when patients take it less frequently, potentially every eight to twelve weeks instead of weekly injections.
Guidance Amgen raised its 2026 outlook to revenue between 37.1 billion and 38.5 billion dollars, and earnings per share between 21.70 and 23.10 dollars. The company expects its fast-growing medicines like Repatha and Evenity to offset patent losses. Management said capital spending will remain at about 2.6 billion dollars to scale manufacturing for new drug launches.
Clearly negative report. The company missed important expectations and likely triggers downward revisions.
Dividend and Payouts
Income-focused investors track Amgen for its regular dividend distribution, which yields 2.32% annually. The company supports this payout with a dividend payout ratio of 60.9%, meaning it returns a healthy portion of its earnings to shareholders while retaining capital for drug discovery.
Analysts Set New Price Targets
Wall Street firms have kept a close watch on the drugmaker through October 2026. On October 13, 2026, Guggenheim maintained its neutral rating with a target of $378.00. BMO Capital followed on October 12, 2026, maintaining a market perform rating and a $415.00 target, while Wells Fargo held an equal-weight stance with a $430.00 target. UBS kept a buy rating on October 9, 2026, raising its target to $470.00. RBC Capital maintained an outperform rating on October 8, 2026, pushing its target to $430.00, and Cantor Fitzgerald kept a neutral rating with a $440.00 target. Truist Securities held a neutral rating with a $380.00 target on October 7, 2026, while Morgan Stanley maintained an equal-weight rating with a $359.00 target. Overall, the stock holds a consensus recommendation key of hold.
Inside Amgen's Operations
Headquartered in Thousand Oaks, California, Amgen discovers and delivers human therapeutics for serious illnesses across global markets. Its portfolio treats conditions ranging from rheumatoid arthritis and plaque psoriasis to various cancers and osteoporosis. Blockbuster products include Enbrel, Otezla, Prolia, and Repatha, which are distributed globally through pharmaceutical wholesale channels.
What to Watch at Amgen Inc.
Investors will look toward upcoming SEC disclosures and Amgen's November earnings release for clues on how institutional sentiment evolves. Because 13F reports look backward, market participants often check subsequent filings to see if major financial institutions continue trimming or start buying back into the healthcare sector.
Related Filing Alerts
Source: Bank of America's 13F filing on $AMGN (May 18, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Find the original filing: Bank of America 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts