SunTrust Banks Raises Amgen (NASDAQ:AMGN) Price Target to $268.00

Amgen (NASDAQ:AMGN) had its target price increased by SunTrust Banks from $254.00 to $268.00 in a report issued on Thursday, BenzingaRatingsTable reports. The firm currently has a buy rating on the medical research company’s stock. SunTrust Banks also issued estimates for Amgen’s Q3 2020 earnings at $3.46 EPS, Q4 2020 earnings at $3.41 EPS, FY2020 earnings at $15.37 EPS, FY2021 earnings at $16.42 EPS, FY2022 earnings at $18.58 EPS, FY2023 earnings at $19.35 EPS and FY2024 earnings at $21.29 EPS.

AMGN has been the topic of several other reports. Morgan Stanley dropped their price objective on shares of Amgen from $285.00 to $281.00 and set an overweight rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on Amgen from $225.00 to $232.00 and gave the stock a neutral rating in a research report on Tuesday, July 28th. Zacks Investment Research raised Amgen from a hold rating to a buy rating and set a $240.00 price target for the company in a report on Wednesday, April 15th. ValuEngine downgraded Amgen from a hold rating to a sell rating in a research note on Tuesday, May 26th. Finally, Cfra increased their price objective on Amgen from $223.00 to $259.00 and gave the stock a buy rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eighteen have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $253.15.

Shares of NASDAQ:AMGN opened at $244.67 on Thursday. Amgen has a one year low of $177.05 and a one year high of $264.97. The stock has a market capitalization of $143.93 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 2.08 and a beta of 0.94. The company has a 50-day simple moving average of $244.08 and a 200-day simple moving average of $227.31. The company has a debt-to-equity ratio of 3.20, a quick ratio of 1.28 and a current ratio of 2.18.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, July 28th. The medical research company reported $4.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.81 by $0.44. Amgen had a return on equity of 91.98% and a net margin of 30.04%. The firm had revenue of $6.21 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same period in the prior year, the business earned $3.97 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. As a group, research analysts forecast that Amgen will post 15.69 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 17th will be given a $1.60 dividend. 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 dividend payout ratio is presently 43.18%.

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

Several hedge funds have recently made changes to their positions in the company. Price Wealth LLC grew 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 valued at $33,000 after purchasing an additional 42 shares during the period. Lake Point Wealth Management grew its stake in shares of Amgen by 1,590.0% during the 1st quarter. Lake Point Wealth Management now owns 169 shares of the medical research company’s stock valued at $34,000 after buying an additional 159 shares during the period. Column Capital Advisors LLC increased its holdings in shares of Amgen by 98.0% during the 1st quarter. Column Capital Advisors LLC now owns 194 shares of the medical research company’s stock worth $39,000 after buying an additional 96 shares during the last quarter. Campbell Wealth Management acquired a new stake in shares of Amgen during the 2nd quarter worth $51,000. Finally, Providence Capital Advisors LLC purchased a new position in shares of Amgen in the 1st quarter worth $47,000. Institutional investors and hedge funds own 75.73% of the company’s stock.

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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