Amgen (NASDAQ:AMGN) Price Target Lowered to $298.00 at Truist Financial

Amgen (NASDAQ:AMGN) had its price target lowered by Truist Financial from $333.00 to $298.00 in a report published on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the medical research company’s stock.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft reduced their price target on Amgen from $305.00 to $285.00 in a report on Wednesday, November 27th. Piper Sandler Companies reissued an “overweight” rating and issued a $310.00 price target on shares of Amgen in a research note on Thursday, January 2nd. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Wolfe Research started coverage on shares of Amgen in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 target price on shares of Amgen in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $317.30.

Amgen Stock Up 0.8 %

Amgen stock opened at $264.21 on Wednesday. Amgen has a 52 week low of $253.30 and a 52 week high of $346.85. The firm has a market cap of $142.02 billion, a price-to-earnings ratio of 33.83, a price-to-earnings-growth ratio of 2.91 and a beta of 0.56. The business’s 50-day moving average price is $281.35 and its 200 day moving average price is $309.46. 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 posted its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The firm had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. During the same period in the previous year, the firm earned $4.96 EPS. The business’s quarterly revenue was up 23.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Amgen will post 19.53 earnings per share for the current year.

Amgen Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a $2.38 dividend. The ex-dividend date is Friday, February 14th. This represents a $9.52 dividend on an annualized basis and a yield of 3.60%. This is an increase from Amgen’s previous quarterly dividend of $2.25. Amgen’s payout ratio is currently 121.90%.

Institutional Trading of Amgen

Several institutional investors and hedge funds have recently bought and sold shares of AMGN. Ascent Group LLC grew its position in Amgen by 0.3% in the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after acquiring an additional 31 shares in the last quarter. Cadinha & Co. LLC grew its holdings in shares of Amgen by 0.6% in the third quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock valued at $1,678,000 after purchasing an additional 32 shares in the last quarter. Lansing Street Advisors increased its stake in Amgen by 1.3% during the 3rd quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock worth $832,000 after buying an additional 32 shares during the period. Unionview LLC boosted its position in Amgen by 3.8% in the 3rd quarter. Unionview LLC now owns 876 shares of the medical research company’s stock valued at $282,000 after buying an additional 32 shares during the period. Finally, D Orazio & Associates Inc. boosted its position in Amgen by 1.1% in the 2nd quarter. D Orazio & Associates Inc. now owns 3,101 shares of the medical research company’s stock valued at $969,000 after buying an additional 33 shares during the period. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

About Amgen

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.