Amgen (NASDAQ:AMGN) Price Target Raised to $465.00

Amgen (NASDAQ:AMGN) had its target price boosted by Cantor Fitzgerald from $440.00 to $465.00 in a research note issued to investors on Wednesday, Marketbeat reports. Cantor Fitzgerald currently has a neutral rating on the medical research company’s stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $410.00 price target on shares of Amgen in a report on Wednesday, September 23rd. Wall Street Zen upgraded Amgen from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Bank of America increased their price target on Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a research note on Wednesday, August 5th. TD Cowen raised their price target on Amgen from $420.00 to $452.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Barclays lifted their price objective on Amgen from $380.00 to $400.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $420.80.

Amgen Price Performance

AMGN stock traded up $0.14 during midday trading on Wednesday, hitting $460.42. The company’s stock had a trading volume of 2,579,312 shares, compared to its average volume of 2,619,150. Amgen has a 12 month low of $312.39 and a 12 month high of $483.99. 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 firm has a market capitalization of $248.92 billion, a price-to-earnings ratio of 26.71, a price-to-earnings-growth ratio of 3.41 and a beta of 0.43. The company has a 50 day moving average of $422.43 and a two-hundred day moving average of $378.19.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.79 by $0.66. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.07 billion. During the same quarter last year, the business posted $5.64 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, analysts expect that Amgen will post 23.33 EPS for the current year.

Amgen Announces Dividend

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

Insider Activity

In other news, SVP Rachna Khosla sold 1,252 shares of Amgen stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the transaction, the senior vice president owned 6,404 shares in the company, valued at approximately $2,666,817.72. The trade was a 16.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is owned by insiders.

Institutional Trading of Amgen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 period. Ibex Wealth Advisors raised its stake in shares of Amgen by 4.2% in the third quarter. Ibex Wealth Advisors now owns 32,995 shares of the medical research company’s stock valued at $13,908,000 after acquiring an additional 1,340 shares during the period. Vista Capital Partners Inc. purchased a new stake in shares of Amgen in the third quarter valued at $440,000. BankPlus Trust Department lifted its holdings in shares of Amgen by 4.5% in 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 last quarter. Finally, Financial Freedom LLC bought a new stake in shares of Amgen in the 3rd quarter worth about $98,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Key Amgen News

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

About Amgen

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.