Smead Capital Management 13F: Cuts Amgen (AMGN) Stake by $31M

Smead Capital Management has reduced its stake in Amgen Inc. (NasdaqGS: AMGN) by 72,737 shares in a filing on October 16, 2026. Following this change, Smead now holds 586,504 shares valued at approximately $247.2 million, reflecting an 11.0% decrease from its previous position.

What Changed in Smead Capital Management's Amgen Position

Smead Capital's cut means it sold off 72,737 shares, lowering its stake from 659,241 to 586,504 shares. The firm did not disclose a specific cost basis for the shares sold. This move comes as the stock trades above its 50-day and 200-day moving averages, indicating strong price momentum.

Other Institutional Activity in Amgen

In the same quarter, other significant holders of Amgen include Blackrock Inc., which grew its holdings by 2,260,856 shares, ending with 49,362,016 shares worth about $21.3 billion. Vanguard Capital Management LLC also slightly increased its stake, adding 234,604 shares for a total of 35,250,101 shares valued at approximately $15.2 billion. State Street Corporation maintained its position at 30,560,537 shares worth about $13.2 billion, while Capital World Investors reduced its stake by 213,811 shares, bringing its total down to 29,075,329 shares valued at roughly $12.6 billion.

Amgen Inc. Stock Up 1.5%

As of October 16, 2026, Amgen shares are trading around $432.06, which is above both the 50-day moving average of $414.46 and the 200-day average of $368.38. However, the stock is about 3.3% below its 52-week high of $447.03, reflecting resilience in the current market. The shares are also above the 52-week low of $288, indicating a strong recovery over the past year.

Recent Earnings

For the trailing twelve months, Amgen reported revenue of about $38.1 billion, with an earnings per share (EPS) of $16.1. The company has shown a revenue growth of 9.5% year-over-year. The next earnings report is expected on November 3, 2026, which will provide further insights into the company's financial health.

Insider Buying and Selling at Amgen Inc.

There have been some recent insider sales at Amgen. On August 6, 2026, Officer Nancy A Grygiel sold 2,970 shares at an average price of $402.16, totaling about $1.19 million. On the same day, Derek Miller, another officer, sold 3,890 shares at an average price of $402.54, amounting to about $1.57 million. These transactions occurred before Smead's latest filing.

Analysts Set New Price Targets

On October 8, 2026, RBC Capital maintained an Outperform rating on Amgen with a price target of $430.00, up from a prior target of $400.00. UBS also maintained a Buy rating, raising its target to $470.00 on October 9, 2026. BMO Capital kept its Market Perform rating with a target of $415.00 on October 12, while Wells Fargo maintained an Equal-Weight rating with a target of $430.00. Guggenheim also maintained its Neutral rating with a target of $378.00 on October 13, 2026.

About Amgen

Amgen Inc. is a biotechnology company based in Thousand Oaks, CA, that discovers, develops, manufactures, and delivers human therapeutics worldwide. The firm focuses on innovative medicines in areas like oncology and cardiovascular disease. Smead Capital's position adjustment reflects ongoing strategic decisions in this dynamic healthcare sector.

Bottom Line

Investors will be watching for Amgen's next earnings report on November 3, 2026, which may provide further insights into the company's performance and strategic direction. Keep in mind that 13F filings are backward-looking and show holdings as of the end of the reporting quarter, which may not represent current positions.