Amgen (NASDAQ:AMGN) Price Target Raised to $410.00

Amgen (NASDAQ:AMGN) had its price objective boosted by Morgan Stanley from $359.00 to $410.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the medical research company’s stock.

A number of other equities analysts have also recently weighed in on the company. BMO Capital Markets reduced their price target on Amgen from $450.00 to $415.00 and set a “market perform” rating for the company in a report on Monday, October 12th. UBS Group upped their target price on Amgen from $430.00 to $470.00 and gave the stock a “buy” rating in a research note on Friday, October 9th. Truist Financial lifted their price target on shares of Amgen from $380.00 to $398.00 and gave the company a “hold” rating in a research note on Wednesday. Barclays upped their price objective on shares of Amgen from $380.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of Amgen in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Amgen currently has a consensus rating of “Hold” and an average price target of $420.80.

Amgen Stock Performance

Shares of NASDAQ:AMGN traded up $0.14 during trading on Wednesday, hitting $460.42. 2,579,312 shares of the stock traded hands, compared to its average volume of 2,619,150. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. The company has a market cap of $248.92 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 3.41 and a beta of 0.43. The company has a fifty day moving average price of $422.43 and a two-hundred day moving average price of $378.19. Amgen has a 52-week low of $312.39 and a 52-week high of $483.99.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.79 by $0.66. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.64 earnings per share. As a group, equities analysts predict that Amgen will post 23.33 EPS for the current year.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be issued a dividend of $2.52 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.2%. Amgen’s dividend payout ratio is presently 58.47%.

Insider Activity at Amgen

In other news, SVP Rachna Khosla sold 1,252 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the sale, the senior vice president directly owned 6,404 shares in the company, valued at $2,666,817.72. This represents a 16.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amgen

Institutional investors and hedge funds have recently bought and sold shares of the business. Cornerstone Advisory LLC boosted its stake in Amgen by 3.6% during the third quarter. Cornerstone Advisory LLC now owns 2,147 shares of the medical research company’s stock worth $905,000 after buying an additional 74 shares during the last quarter. Ibex Wealth Advisors increased its stake in shares of Amgen by 4.2% in the 3rd quarter. Ibex Wealth Advisors now owns 32,995 shares of the medical research company’s stock worth $13,908,000 after acquiring an additional 1,340 shares during the last quarter. Vista Capital Partners Inc. acquired a new stake in shares of Amgen in the 3rd quarter worth $440,000. BankPlus Trust Department raised its holdings in shares of Amgen by 4.5% during the 3rd quarter. BankPlus Trust Department now owns 13,151 shares of the medical research company’s stock worth $5,543,000 after acquiring an additional 562 shares during the period. Finally, Financial Freedom LLC purchased a new position in shares of Amgen during the 3rd quarter worth $98,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported quarterly earnings and revenue above expectations, with revenue up 8.5% year over year. Its earnings-call discussion also emphasized growth and pipeline momentum, supporting the case for continued expansion. Amgen Earnings Call Highlights Growth, Pipeline Momentum
• Positive Sentiment: A large real-world study found Repatha lowered heart-attack risk by 20% versus ezetimibe in patients with heart disease. The findings could strengthen the drug’s clinical and commercial position. Repatha real-world study
• Positive Sentiment: Scotiabank reiterated a Buy view and set a $530 price target; UBS also maintains a Buy rating with a $530 target. Separately, ETFs bought a net $79.8 million of AMGN shares in Wednesday’s session. Scotiabank price target ETF holdings
• Neutral Sentiment: Analyst opinions remain divided: Leerink Partners and Guggenheim have Hold/neutral ratings, while Scotiabank and UBS are more optimistic. The differing views suggest debate about how much of Amgen’s recent gains are already reflected in its valuation. Leerink Partners rating
• Negative Sentiment: Freedom Broker downgraded Amgen to Hold, adding to the cautious analyst commentary and potentially tempering enthusiasm after the recent rally. Freedom Broker downgrade

Amgen Company Profile

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases.

The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally.

Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A.