Amgen (NASDAQ:AMGN) Price Target Raised to $350.00 at The Goldman Sachs Group

Amgen (NASDAQ:AMGNFree Report) had its price target raised by The Goldman Sachs Group from $313.00 to $350.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the medical research company’s stock.

AMGN has been the subject of a number of other reports. Wells Fargo & Company upped their price target on shares of Amgen from $265.00 to $320.00 in a research report on Thursday, October 12th. StockNews.com raised shares of Amgen from a buy rating to a strong-buy rating in a research report on Saturday, January 27th. Morgan Stanley decreased their price objective on shares of Amgen from $300.00 to $291.00 and set an equal weight rating for the company in a research report on Wednesday, November 1st. Argus upped their price objective on shares of Amgen from $280.00 to $310.00 and gave the company a buy rating in a research report on Tuesday, October 17th. Finally, Daiwa Capital Markets upgraded shares of Amgen from a neutral rating to a buy rating and upped their target price for the company from $264.00 to $320.00 in a research note on Thursday, December 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $295.95.

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Amgen Trading Down 6.4 %

AMGN stock opened at $295.87 on Wednesday. The company has a market cap of $158.34 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 2.89 and a beta of 0.62. The company has a quick ratio of 2.56, a current ratio of 2.86 and a debt-to-equity ratio of 7.71. The business has a fifty day simple moving average of $294.42 and a 200-day simple moving average of $273.66. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72.

Amgen (NASDAQ:AMGNGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.05. The business had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.13 billion. Amgen had a return on equity of 165.37% and a net margin of 28.20%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm posted $4.09 EPS. On average, equities research analysts expect that Amgen will post 18.61 EPS for the current year.

Amgen Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 7th. Stockholders of record on Friday, February 16th will be issued a $2.25 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Amgen’s previous quarterly dividend of $2.13. This represents a $9.00 annualized dividend and a dividend yield of 3.04%. Amgen’s dividend payout ratio (DPR) is 60.55%.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,096 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $273.03, for a total transaction of $572,270.88. Following the completion of the sale, the senior vice president now directly owns 10,874 shares in the company, valued at $2,968,928.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Amgen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Moneta Group Investment Advisors LLC boosted its stake in Amgen by 83,875.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,541,011 shares of the medical research company’s stock worth $1,980,571,000 after purchasing an additional 7,532,031 shares during the period. Norges Bank purchased a new stake in Amgen in the 4th quarter worth approximately $1,351,778,000. Price T Rowe Associates Inc. MD lifted its position in Amgen by 158.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,950,013 shares of the medical research company’s stock worth $774,791,000 after buying an additional 1,806,456 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Amgen in the 4th quarter worth approximately $4,589,900,000. Finally, Morgan Stanley lifted its position in Amgen by 12.9% in the 4th quarter. Morgan Stanley now owns 13,301,365 shares of the medical research company’s stock worth $3,493,471,000 after buying an additional 1,523,665 shares in the last quarter. Institutional investors and hedge funds own 74.44% of the company’s stock.

Amgen Company Profile

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Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Beh├žet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.

Further Reading

Analyst Recommendations for Amgen (NASDAQ:AMGN)

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