Amgen (NASDAQ:AMGN – Free Report) had its target price raised by Morgan Stanley from $330.00 to $333.00 in a report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the medical research company’s stock.
Several other brokerages have also commented on AMGN. UBS Group decreased their price objective on shares of Amgen from $326.00 to $317.00 and set a “neutral” rating for the company in a report on Wednesday. William Blair restated an “outperform” rating on shares of Amgen in a report on Tuesday, June 24th. Bank of America upped their price objective on shares of Amgen from $252.00 to $261.00 and gave the stock an “underperform” rating in a report on Wednesday, July 23rd. Erste Group Bank downgraded shares of Amgen from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 8th. Finally, Citigroup upped their target price on shares of Amgen from $300.00 to $305.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen currently has a consensus rating of “Hold” and an average target price of $303.76.
Check Out Our Latest Research Report on Amgen
Amgen Trading Up 1.2%
Amgen (NASDAQ:AMGN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 EPS for the quarter, beating analysts’ consensus estimates of $5.28 by $0.74. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The company had revenue of $9.18 billion during the quarter, compared to analyst estimates of $8.86 billion. During the same period in the prior year, the business posted $4.97 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts forecast that Amgen will post 20.62 earnings per share for the current year.
Amgen Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be paid a dividend of $2.38 per share. The ex-dividend date is Friday, August 22nd. This represents a $9.52 annualized dividend and a yield of 3.3%. Amgen’s dividend payout ratio is currently 77.84%.
Insider Transactions at Amgen
In other news, SVP Rachna Khosla sold 1,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the transaction, the senior vice president owned 8,162 shares in the company, valued at $2,364,368.16. This represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.76% of the company’s stock.
Hedge Funds Weigh In On Amgen
Several institutional investors have recently made changes to their positions in the business. MTM Investment Management LLC bought a new position in shares of Amgen in the 2nd quarter worth approximately $56,000. Rockefeller Capital Management L.P. lifted its stake in shares of Amgen by 5.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 522,925 shares of the medical research company’s stock worth $146,006,000 after purchasing an additional 25,254 shares during the period. Alberta Investment Management Corp bought a new position in shares of Amgen in the 2nd quarter worth approximately $474,000. Cornerstone Advisors LLC lifted its stake in shares of Amgen by 22.1% in the 2nd quarter. Cornerstone Advisors LLC now owns 32,600 shares of the medical research company’s stock worth $9,102,000 after purchasing an additional 5,900 shares during the period. Finally, Citizens Financial Group Inc. RI raised its stake in Amgen by 63.9% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 15,668 shares of the medical research company’s stock worth $4,375,000 after acquiring an additional 6,110 shares during the period. Institutional investors own 76.50% of the company’s stock.
Amgen Company Profile
Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.
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