Amgen (NASDAQ:AMGN) Price Target Cut to $302.00 by Analysts at Leerink Partners

Amgen (NASDAQ:AMGN) had its price target trimmed by Leerink Partners from $349.00 to $302.00 in a research note published on Wednesday.

A number of other equities research analysts also recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. Barclays boosted their price objective on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Wolfe Research initiated coverage on shares of Amgen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. Dbs Bank raised Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Royal Bank of Canada dropped their price objective on Amgen from $360.00 to $330.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $323.05.

Amgen Trading Up 0.0 %

Shares of Amgen stock opened at $280.07 on Wednesday. The firm has a market cap of $150.55 billion, a price-to-earnings ratio of 35.86, a price-to-earnings-growth ratio of 2.62 and a beta of 0.60. Amgen has a 52-week low of $257.80 and a 52-week high of $346.85. The company’s 50-day simple moving average is $313.58 and its 200-day simple moving average is $317.57. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.96 EPS. As a group, equities research analysts anticipate that Amgen will post 19.52 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a $2.25 dividend. The ex-dividend date is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 3.21%. Amgen’s payout ratio is currently 115.24%.

Institutional Trading of Amgen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Kennedy Capital Management LLC purchased a new stake in Amgen in the first quarter valued at approximately $3,240,000. LRI Investments LLC acquired a new position in shares of Amgen in the 1st quarter valued at $152,000. Redwood Grove Capital LLC grew its stake in shares of Amgen by 17.2% during the 1st quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock valued at $13,558,000 after buying an additional 7,000 shares during the period. Cetera Investment Advisers increased its holdings in shares of Amgen by 268.9% during the 1st quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock worth $66,355,000 after buying an additional 170,108 shares during the last quarter. Finally, Cetera Advisors LLC raised its position in shares of Amgen by 151.3% in the 1st quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock worth $20,182,000 after buying an additional 42,739 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

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.