Amgen (NASDAQ:AMGN) Price Target Raised to $355.00

Amgen (NASDAQ:AMGN) had its price target lifted by BMO Capital Markets from $336.00 to $355.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the medical research company’s stock.

A number of other research analysts have also recently weighed in on AMGN. UBS Group dropped their price target on Amgen from $314.00 to $284.00 and set a neutral rating for the company in a research report on Wednesday, April 17th. Truist Financial restated a buy rating and set a $320.00 target price on shares of Amgen in a report on Friday, April 12th. Barclays raised shares of Amgen from an underweight rating to an equal weight rating and upped their price target for the company from $230.00 to $300.00 in a report on Friday. Morgan Stanley cut their price objective on Amgen from $281.00 to $278.00 and set an equal weight rating for the company in a research report on Wednesday, February 7th. Finally, SVB Leerink cut Amgen from an outperform rating to a market perform rating and lowered their target price for the company from $324.00 to $318.00 in a report on Wednesday, February 7th. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Amgen presently has an average rating of Moderate Buy and an average price target of $305.05.

Amgen Stock Performance

Shares of AMGN opened at $311.29 on Friday. The company has a market capitalization of $166.97 billion, a PE ratio of 44.47, a P/E/G ratio of 3.01 and a beta of 0.60. Amgen has a 52-week low of $211.71 and a 52-week high of $329.72. The company has a 50-day simple moving average of $274.95 and a 200-day simple moving average of $281.46. The company has a quick ratio of 1.13, a current ratio of 1.65 and a debt-to-equity ratio of 10.14.

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

Amgen Dividend Announcement

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

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. J.W. Cole Advisors Inc. lifted its stake in shares of Amgen by 11.7% during the third quarter. J.W. Cole Advisors Inc. now owns 2,785 shares of the medical research company’s stock worth $748,000 after purchasing an additional 292 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Amgen by 1.5% in the 3rd quarter. Brown Advisory Inc. now owns 344,853 shares of the medical research company’s stock worth $92,683,000 after acquiring an additional 5,253 shares during the period. Rovin Capital UT ADV acquired a new stake in Amgen in the third quarter valued at approximately $360,000. Summit Wealth & Retirement Planning Inc. purchased a new stake in shares of Amgen during the third quarter valued at approximately $208,000. Finally, Groesbeck Investment Management Corp NJ lifted its position in shares of Amgen by 6.8% during the third quarter. Groesbeck Investment Management Corp NJ now owns 3,588 shares of the medical research company’s stock worth $964,000 after purchasing an additional 230 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Company Profile

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.