Amgen (NASDAQ:AMGN) Given New $328.00 Price Target at Royal Bank of Canada

Amgen (NASDAQ:AMGN) had its price objective decreased by Royal Bank of Canada from $332.00 to $328.00 in a research report sent to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical research company’s stock.

AMGN has been the subject of a number of other research reports. Truist Financial restated a buy rating and set a $320.00 price objective on shares of Amgen in a research report on Friday, April 12th. TD Cowen cut their target price on shares of Amgen from $370.00 to $360.00 and set a buy rating for the company in a research note on Wednesday, April 17th. Leerink Partnrs cut Amgen from an outperform rating to a market perform rating in a research note on Wednesday, February 7th. Raymond James initiated coverage on shares of Amgen in a research note on Thursday, March 28th. They issued a market perform rating for the company. Finally, William Blair raised Amgen from a market perform rating to an outperform rating in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $305.05.

Amgen Stock Performance

NASDAQ:AMGN opened at $311.29 on Friday. The stock has a market cap of $166.97 billion, a P/E ratio of 44.47, a PEG ratio of 3.01 and a beta of 0.60. Amgen has a 1-year low of $211.71 and a 1-year high of $329.72. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13. The firm has a 50-day moving average of $274.95 and a two-hundred day moving average of $281.46.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.76 by $0.20. Amgen had a net margin of 12.74% and a return on equity of 145.62%. The company had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. During the same period last year, the business earned $3.98 EPS. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, research analysts expect that Amgen will post 19.46 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s dividend payout ratio is 128.57%.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now directly owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Amgen

Hedge funds and other institutional investors have recently bought and sold shares of the business. Keener Financial Planning LLC lifted its position in Amgen by 6.6% during the 1st quarter. Keener Financial Planning LLC now owns 1,041 shares of the medical research company’s stock worth $296,000 after buying an additional 64 shares in the last quarter. Team Hewins LLC grew its position in shares of Amgen by 1.0% during the 1st quarter. Team Hewins LLC now owns 3,894 shares of the medical research company’s stock worth $1,107,000 after buying an additional 40 shares during the period. Affinity Investment Advisors LLC grew its position in shares of Amgen by 56.7% during the 1st quarter. Affinity Investment Advisors LLC now owns 5,923 shares of the medical research company’s stock worth $1,684,000 after buying an additional 2,142 shares during the period. Richardson Financial Services Inc. grew its position in shares of Amgen by 32.3% during the 1st quarter. Richardson Financial Services Inc. now owns 1,968 shares of the medical research company’s stock worth $560,000 after buying an additional 480 shares during the period. Finally, Catalina Capital Group LLC boosted its stake in Amgen by 65.0% during the 1st quarter. Catalina Capital Group LLC now owns 2,000 shares of the medical research company’s stock worth $569,000 after acquiring an additional 788 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

About Amgen

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.