Amgen (NASDAQ:AMGN) Price Target Raised to $515.00

Amgen (NASDAQ:AMGN) had its price target raised by Argus from $460.00 to $515.00 in a report issued on Thursday, MarketBeat Ratings reports. They currently have a buy rating on the medical research company’s stock.

A number of other equities analysts have also recently issued reports on AMGN. Piper Sandler increased their target price on Amgen from $427.00 to $457.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Canaccord Genuity Group boosted their price target on Amgen from $384.00 to $440.00 and gave the company a “hold” rating in a report on Wednesday, November 4th. TD Cowen upped their price objective on Amgen from $452.00 to $531.00 and gave the stock a “buy” rating in a research report on Wednesday, November 4th. Morgan Stanley upped their price objective on Amgen from $359.00 to $410.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 4th. Finally, Royal Bank Of Canada increased their price objective on Amgen from $430.00 to $470.00 and gave the stock an “outperform” rating in a report on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Amgen currently has an average rating of “Hold” and an average target price of $424.66.

Amgen Stock Down 0.3%

Shares of NASDAQ AMGN traded down $1.39 during mid-day trading on Thursday, reaching $465.67. 2,122,101 shares of the company’s stock were exchanged, compared to its average volume of 2,720,013. The firm has a market capitalization of $251.89 billion, a price-to-earnings ratio of 27.01, a PEG ratio of 3.25 and a beta of 0.43. The company has a current ratio of 1.48, a quick ratio of 1.20 and a debt-to-equity ratio of 3.60. The business has a fifty day simple moving average of $425.31 and a 200 day simple moving average of $381.17. Amgen has a twelve month low of $312.39 and a twelve month high of $483.99.

Amgen (NASDAQ:AMGN) last issued 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 return on equity of 114.99% and a net margin of 24.14%. The business had revenue of $10.37 billion during the quarter, compared to analyst estimates of $10.07 billion. During the same period in the previous year, the firm earned $5.64 EPS. Amgen’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts expect that Amgen will post 23.37 EPS for the current fiscal year.

Amgen Dividend Announcement

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

Institutional Trading of Amgen

A number of hedge funds and other institutional investors have recently modified their holdings of AMGN. Rational Advisors Inc. grew its position in Amgen by 13.7% during the second quarter. Rational Advisors Inc. now owns 199 shares of the medical research company’s stock worth $72,000 after buying an additional 24 shares in the last quarter. Beacon Financial Advisory LLC raised its holdings in Amgen by 2.0% in the 2nd quarter. Beacon Financial Advisory LLC now owns 1,274 shares of the medical research company’s stock valued at $461,000 after acquiring an additional 25 shares in the last quarter. James T. Borello RIA raised its holdings in Amgen by 13.6% in the 3rd quarter. James T. Borello RIA now owns 209 shares of the medical research company’s stock valued at $88,000 after acquiring an additional 25 shares in the last quarter. Sweeney & Michel LLC raised its holdings in Amgen by 0.5% in the 3rd quarter. Sweeney & Michel LLC now owns 5,129 shares of the medical research company’s stock valued at $2,162,000 after acquiring an additional 25 shares in the last quarter. Finally, 49 Wealth Management LLC lifted its position in shares of Amgen by 4.3% during the 3rd quarter. 49 Wealth Management LLC now owns 604 shares of the medical research company’s stock valued at $255,000 after acquiring an additional 25 shares during the period. Institutional investors and hedge funds own 76.50% of the company’s stock.

Latest Amgen News

These are some of the AMGN news items that stood out recently:

• Positive Sentiment: ETFs added a net $66.8 million of Amgen shares on Nov. 10, indicating institutional fund demand. Article
• Neutral Sentiment: A Trefis article examines Amgen’s valuation relative to peers, but the provided summary does not include its conclusion. Article
• Negative Sentiment: One report puts the consensus price target at $422.76, below the recent reference price of $465.67; that gap could temper sentiment despite Argus’ more bullish forecast. Article

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. Bradway, who has served as its chief executive officer since 2012.