Amgen (NASDAQ:AMGN) Price Target Cut to $281.00 by Analysts at Morgan Stanley

Amgen (NASDAQ:AMGN) had its target price cut by Morgan Stanley from $285.00 to $281.00 in a research note issued to investors on Wednesday morning, 24/7 WallStreet reports. They currently have an overweight rating on the medical research company’s stock.

Other equities research analysts have also issued research reports about the company. Wolfe Research started coverage on Amgen in a research report on Tuesday, March 31st. They set a market perform rating and a $218.00 price objective on the stock. Guggenheim started coverage on Amgen in a research note on Wednesday, April 15th. They issued a neutral rating and a $225.00 price objective for the company. BMO Capital Markets lifted their target price on shares of Amgen from $274.00 to $291.00 and gave the stock an outperform rating in a research report on Friday, May 1st. Zacks Investment Research raised shares of Amgen from a hold rating to a buy rating and set a $240.00 target price on the stock in a report on Wednesday, April 15th. Finally, BidaskClub downgraded shares of Amgen from a buy rating to a hold rating in a research note on Saturday, July 25th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have given a buy rating to the company’s stock. Amgen presently has an average rating of Buy and an average price target of $253.15.

AMGN opened at $244.67 on Wednesday. The company has a market cap of $143.93 billion, a P/E ratio of 19.99, a PEG ratio of 2.08 and a beta of 0.94. The company has a current ratio of 2.18, a quick ratio of 1.28 and a debt-to-equity ratio of 3.20. The company’s 50 day moving average is $244.08 and its 200-day moving average is $227.31. Amgen has a 1-year low of $177.05 and a 1-year high of $264.97.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, July 28th. The medical research company reported $4.25 earnings per share for the quarter, beating analysts’ consensus estimates of $3.81 by $0.44. The firm had revenue of $6.21 billion for the quarter, compared to analyst estimates of $6.19 billion. Amgen had a net margin of 30.04% and a return on equity of 91.98%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $3.97 earnings per share. On average, equities analysts forecast that Amgen will post 15.69 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Friday, August 14th. Amgen’s payout ratio is 43.18%.

In related news, Director Ronald D. Sugar sold 1,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $229.27, for a total transaction of $229,270.00. Following the transaction, the director now directly owns 16,482 shares of the company’s stock, valued at $3,778,828.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director R Sanders Williams sold 425 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $237.31, for a total transaction of $100,856.75. Following the completion of the sale, the director now owns 5,834 shares of the company’s stock, valued at $1,384,466.54. The disclosure for this sale can be found here. Insiders sold a total of 3,425 shares of company stock valued at $818,457 in the last quarter. 0.36% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Price Wealth LLC boosted its holdings in Amgen by 42.9% in the second quarter. Price Wealth LLC now owns 140 shares of the medical research company’s stock worth $33,000 after acquiring an additional 42 shares in the last quarter. Lake Point Wealth Management raised its position in shares of Amgen by 1,590.0% during the first quarter. Lake Point Wealth Management now owns 169 shares of the medical research company’s stock worth $34,000 after purchasing an additional 159 shares during the period. Column Capital Advisors LLC lifted its holdings in shares of Amgen by 98.0% in the 1st quarter. Column Capital Advisors LLC now owns 194 shares of the medical research company’s stock worth $39,000 after purchasing an additional 96 shares in the last quarter. Providence Capital Advisors LLC bought a new position in shares of Amgen in the 1st quarter worth $47,000. Finally, Campbell Wealth Management acquired a new stake in Amgen in the 2nd quarter valued at $51,000. 75.73% of the stock is owned by institutional investors and hedge funds.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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Analyst Recommendations for Amgen (NASDAQ:AMGN)

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