Amgen (NASDAQ:AMGN) Hits New 12-Month High – Still a Buy?

Amgen Inc. (NASDAQ:AMGN)’s share price reached a new 52-week high on Thursday . The stock traded as high as $349.80 and last traded at $349.25, with a volume of 524864 shares changing hands. The stock had previously closed at $343.60.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMGN shares. Scotiabank initiated coverage on Amgen in a research note on Thursday, November 13th. They set a “sector outperform” rating and a $385.00 price target on the stock. Guggenheim lifted their price target on Amgen from $288.00 to $305.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. BMO Capital Markets lifted their price target on shares of Amgen from $335.00 to $372.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. Bank of America upped their price target on Amgen from $261.00 to $272.00 and gave the stock an “underperform” rating in a report on Friday, September 26th. Finally, The Goldman Sachs Group raised their price objective on Amgen from $400.00 to $403.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $339.24.

Amgen Stock Up 1.1%

The company has a market cap of $187.02 billion, a PE ratio of 26.86, a P/E/G ratio of 2.94 and a beta of 0.45. The firm has a 50-day simple moving average of $331.69 and a two-hundred day simple moving average of $306.90. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.28 and a quick ratio of 0.99.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Tuesday, November 4th. The medical research company reported $5.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.01 by $0.63. The business had revenue of $9.56 billion for the quarter, compared to the consensus estimate of $8.98 billion. Amgen had a return on equity of 162.59% and a net margin of 19.47%.The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business earned $5.58 earnings per share. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. Research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 13th will be paid a dividend of $2.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This is a positive change from Amgen’s previous quarterly dividend of $2.38. This represents a $10.08 annualized dividend and a dividend yield of 2.9%. Amgen’s payout ratio is currently 73.57%.

Insider Buying and Selling

In related news, SVP Rachna Khosla sold 890 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $336.24, for a total value of $299,253.60. Following the sale, the senior vice president directly owned 7,082 shares of the company’s stock, valued at approximately $2,381,251.68. This trade represents a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Nancy A. Grygiel sold 3,139 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $337.26, for a total transaction of $1,058,659.14. Following the transaction, the senior vice president directly owned 7,225 shares of the company’s stock, valued at $2,436,703.50. This trade represents a 30.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 10,908 shares of company stock worth $3,674,966. 0.76% of the stock is owned by insiders.

Institutional Trading of Amgen

Several institutional investors have recently made changes to their positions in AMGN. Board of the Pension Protection Fund purchased a new stake in Amgen during the fourth quarter valued at about $26,000. Legacy Investment Solutions LLC purchased a new position in Amgen in the second quarter valued at approximately $27,000. Evelyn Partners Investment Management LLP acquired a new position in Amgen during the second quarter valued at approximately $32,000. Howard Hughes Medical Institute purchased a new stake in Amgen during the second quarter worth approximately $32,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Amgen in the fourth quarter worth $33,000. 76.50% of the stock is owned by hedge funds and other institutional investors.

Amgen Company Profile

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.