Amgen (NASDAQ:AMGN – Free Report) had its price target cut by Morgan Stanley from $281.00 to $278.00 in a research report released on Wednesday, Benzinga reports. They currently have an equal weight rating on the medical research company’s stock.
A number of other research firms have also weighed in on AMGN. BMO Capital Markets upgraded shares of Amgen from a market perform rating to an outperform rating and upped their target price for the stock from $286.00 to $326.00 in a report on Tuesday, December 19th. Wells Fargo & Company upped their price objective on shares of Amgen from $265.00 to $320.00 in a research report on Thursday, October 12th. SVB Leerink downgraded shares of Amgen from an outperform rating to a market perform rating and reduced their price objective for the stock from $324.00 to $318.00 in a research report on Wednesday. StockNews.com downgraded shares of Amgen from a strong-buy rating to a buy rating in a research report on Wednesday. Finally, UBS Group reduced their price objective on shares of Amgen from $315.00 to $314.00 and set a neutral rating for the company in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Amgen currently has a consensus rating of Moderate Buy and an average target price of $295.30.
Amgen Stock Performance
Amgen (NASDAQ:AMGN – Get Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.05. The company had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.13 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. Amgen’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.09 earnings per share. Sell-side analysts forecast that Amgen will post 19.53 EPS for the current year.
Amgen Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Shareholders of record on Friday, February 16th will be issued a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 3.09%. The ex-dividend date is Thursday, February 15th. This is a positive change from Amgen’s previous quarterly dividend of $2.13. Amgen’s payout ratio is currently 68.21%.
Insider Buying and Selling at Amgen
In other news, SVP Nancy A. Grygiel sold 2,096 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $273.03, for a total value of $572,270.88. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Amgen
Several large investors have recently added to or reduced their stakes in AMGN. Nomura Asset Management Co. Ltd. grew its stake in shares of Amgen by 1.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 381,262 shares of the medical research company’s stock valued at $109,811,000 after buying an additional 5,125 shares during the last quarter. Nixon Peabody Trust Co. bought a new position in Amgen in the fourth quarter worth approximately $447,000. Skopos Labs Inc. bought a new position in Amgen in the fourth quarter worth approximately $990,000. Congress Wealth Management LLC DE grew its stake in Amgen by 8.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 58,047 shares of the medical research company’s stock worth $16,719,000 after purchasing an additional 4,730 shares in the last quarter. Finally, Hoylecohen LLC lifted its holdings in Amgen by 34.9% during the fourth quarter. Hoylecohen LLC now owns 4,709 shares of the medical research company’s stock worth $1,356,000 after buying an additional 1,218 shares during the period. 74.44% of the stock is owned by institutional investors.
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 Behçet'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.
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