Amgen (NASDAQ: AMGN)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Tuesday. They currently have a $96.00 price target on the stock.
Zacks‘ analyst wrote, “Amgen reported fourth quarter 2012 earnings of $1.39 per share, 4 cents below the Zacks Consensus Estimate. Earnings, however, increased 16.8% from the year-ago period. Higher revenues and a lower share count contributed to the y-o-y increase in earnings. Total revenue increased 11.0% to $4,421 million in the fourth quarter of 2012, comfortably surpassing the Zacks Consensus Estimate of $4,371 million. Amgen guided above expectations for 2013. The company also provided an update on its long-term strategy. Amgen should be able to deliver on its long-term strategy based on expansion in key markets, launch of new manufacturing technologies, and pipeline development. However, nearer-term, we remain concerned about the performance of existing products. We are also concerned about the company’s dependence on Xgeva/Prolia for growth. We remain Neutral on the stock. “
A number of other firms have also recently commented on AMGN. Analysts at TheStreet reiterated a “buy” rating on shares of Amgen in a research note to investors on Tuesday. Separately, analysts at S&P Equity Research raised their price target on shares of Amgen from $100.00 to $104.00 in a research note to investors on Tuesday, February 26th. They now have a “buy” rating on the stock. Finally, analysts at Guggenheim raised their price target on shares of Amgen from $93.00 to $95.00 in a research note to investors on Tuesday, February 26th. They now have a “neutral” rating on the stock.
Eleven investment analysts have rated the stock with a buy rating, three have given an overweight rating, and sixteen have assigned a hold rating to the company’s stock. The company currently has an average rating of “overweight” and a consensus price target of $96.98.
Amgen traded up 0.34% on Tuesday, hitting $91.75. Amgen has a 1-year low of $65.37 and a 1-year high of $94.29. The stock’s 50-day moving average is currently $87.26. The company has a market cap of $68.668 billion and a price-to-earnings ratio of 16.57.
Amgen last released its earnings data on Wednesday, January 23rd. The company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by $0.02. The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter last year, the company posted $1.21 earnings per share. Amgen’s revenue was up 11.3% compared to the same quarter last year. Amgen has set its FY13 guidance at $6.85-7.15 EPS. On average, analysts predict that Amgen will post $7.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 7th. Stockholders of record on Thursday, May 16th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Tuesday, May 14th.
Amgen Inc. (Amgen) is a biotechnology medicines company. The Company discovers, develops, manufactures and markets medicines for illnesses.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.
