Amgen (NASDAQ:AMGN) Price Target Cut to $223.00

Amgen (NASDAQ:AMGN) had its price target trimmed by Royal Bank of Canada from $236.00 to $223.00 in a report released on Wednesday, The Fly reports. The firm currently has a sector perform rating on the medical research company’s stock.

Other equities analysts have also recently issued reports about the company. Wolfe Research assumed coverage on Amgen in a report on Tuesday, March 31st. They set a market perform rating and a $218.00 price objective on the stock. Zacks Investment Research upgraded shares of Amgen from a hold rating to a buy rating and set a $240.00 price objective for the company in a report on Wednesday, April 15th. SVB Leerink increased their target price on shares of Amgen from $253.00 to $261.00 and gave the company a market perform rating in a report on Wednesday. Wells Fargo & Co lifted their target price on shares of Amgen from $220.00 to $237.00 and gave the stock an equal weight rating in a research report on Friday, May 1st. Finally, Oppenheimer upped their price target on shares of Amgen from $252.00 to $265.00 and gave the company an outperform rating in a research report on Monday, July 20th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $253.15.

Shares of Amgen stock opened at $244.67 on Wednesday. The company has a debt-to-equity ratio of 3.20, a current ratio of 2.18 and a quick ratio of 1.28. Amgen has a 1 year low of $177.05 and a 1 year high of $264.97. The firm has a market cap of $143.93 billion, a PE ratio of 19.99, a PEG ratio of 2.08 and a beta of 0.94. The company has a 50 day simple moving average of $244.08 and a two-hundred day simple moving average of $227.31.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, July 28th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.81 by $0.44. The company had revenue of $6.21 billion during the quarter, compared to the consensus estimate of $6.19 billion. Amgen had a net margin of 30.04% and a return on equity of 91.98%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.97 EPS. As a group, research analysts anticipate that Amgen will post 15.69 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 17th will be issued a $1.60 dividend. The ex-dividend date is Friday, August 14th. This represents a $6.40 annualized dividend and a yield of 2.62%. Amgen’s dividend payout ratio (DPR) is presently 43.18%.

In other news, Director Ronald D. Sugar sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $229.27, for a total value of $229,270.00. Following the completion of the transaction, the director now owns 16,482 shares in the company, valued at approximately $3,778,828.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director R Sanders Williams sold 425 shares of Amgen stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $237.31, for a total value of $100,856.75. Following the sale, the director now owns 5,834 shares in the company, valued at $1,384,466.54. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,425 shares of company stock worth $818,457. Insiders own 0.36% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Price Wealth LLC increased its stake in shares of Amgen by 42.9% in the 2nd quarter. Price Wealth LLC now owns 140 shares of the medical research company’s stock worth $33,000 after acquiring an additional 42 shares in the last quarter. Lake Point Wealth Management grew its holdings in Amgen by 1,590.0% in the first quarter. Lake Point Wealth Management now owns 169 shares of the medical research company’s stock worth $34,000 after purchasing an additional 159 shares during the period. Column Capital Advisors LLC increased its stake in shares of Amgen by 98.0% during the first quarter. Column Capital Advisors LLC now owns 194 shares of the medical research company’s stock valued at $39,000 after purchasing an additional 96 shares in the last quarter. Providence Capital Advisors LLC purchased a new position in shares of Amgen during the first quarter valued at approximately $47,000. Finally, Campbell Wealth Management bought a new stake in shares of Amgen in the 2nd quarter worth approximately $51,000. Hedge funds and other institutional investors own 75.73% of the company’s stock.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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