Amgen (NASDAQ:AMGN) Cut to Market Perform at SVB Leerink

SVB Leerink cut shares of Amgen (NASDAQ:AMGNFree Report) from an outperform rating to a market perform rating in a research note published on Wednesday morning, Marketbeat.com reports. The firm currently has $318.00 target price on the medical research company’s stock, down from their previous target price of $324.00.

Other research analysts have also recently issued reports about the company. Morgan Stanley lowered their price objective on Amgen from $300.00 to $291.00 and set an equal weight rating on the stock in a research report on Wednesday, November 1st. UBS Group dropped their price target 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. Daiwa Capital Markets raised shares of Amgen from a neutral rating to a buy rating and increased their price objective for the stock from $264.00 to $320.00 in a research note on Thursday, December 21st. Royal Bank of Canada upgraded shares of Amgen from a sector perform rating to an outperform rating and lifted their target price for the company from $256.00 to $300.00 in a research note on Tuesday, December 12th. Finally, Leerink Partnrs upgraded Amgen from a market perform rating to an outperform rating in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Amgen has an average rating of Moderate Buy and an average price target of $295.30.

Read Our Latest Stock Analysis on AMGN

Amgen Stock Performance

Shares of NASDAQ AMGN opened at $291.12 on Wednesday. The firm has a 50 day moving average of $295.30 and a 200 day moving average of $274.47. The firm has a market capitalization of $155.80 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 2.78 and a beta of 0.62. Amgen has a 12-month low of $211.71 and a 12-month high of $329.72. The company has a current ratio of 1.65, a quick ratio of 2.56 and a debt-to-equity ratio of 10.14.

Amgen (NASDAQ:AMGNGet Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.66 by $0.05. The firm had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.13 billion. Amgen had a return on equity of 154.27% and a net margin of 23.83%. Amgen’s revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business posted $4.09 EPS. On average, research analysts anticipate that Amgen will post 19.53 earnings per share for the current year.

Amgen Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Friday, February 16th will be given a $2.25 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $9.00 annualized dividend and a yield of 3.09%. This is a positive change from Amgen’s previous quarterly dividend of $2.13. Amgen’s dividend payout ratio (DPR) 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 that occurred on Monday, December 4th. The stock was sold at an average price of $273.03, for a total transaction of $572,270.88. Following the transaction, the senior vice president now owns 10,874 shares of the company’s stock, valued at approximately $2,968,928.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Amgen

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Amgen by 0.3% during the third quarter. Vanguard Group Inc. now owns 49,035,981 shares of the medical research company’s stock worth $13,178,910,000 after purchasing an additional 165,636 shares during the last quarter. Morgan Stanley grew its stake in Amgen by 12.9% in the 4th quarter. Morgan Stanley now owns 13,301,365 shares of the medical research company’s stock worth $3,493,471,000 after acquiring an additional 1,523,665 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Amgen by 3.2% during the second quarter. Geode Capital Management LLC now owns 11,799,183 shares of the medical research company’s stock worth $2,613,646,000 after acquiring an additional 368,924 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Amgen by 4.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 11,241,858 shares of the medical research company’s stock valued at $2,495,917,000 after acquiring an additional 480,421 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC grew its stake in Amgen by 83,875.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,541,011 shares of the medical research company’s stock worth $1,980,571,000 after purchasing an additional 7,532,031 shares in the last quarter. 74.44% of the stock is owned by institutional investors.

Amgen Company Profile

(Get Free Report)

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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