Amgen (NASDAQ:AMGN) Price Target Raised to $465.00

Amgen (NASDAQ:AMGN) had its price objective raised by Citigroup from $405.00 to $465.00 in a research note released on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the medical research company’s stock.

A number of other research analysts also recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of Amgen from $384.00 to $440.00 and gave the stock a “hold” rating in a research report on Wednesday. UBS Group raised their target price on shares of Amgen from $430.00 to $470.00 and gave the company a “buy” rating in a research note on Friday, October 9th. BMO Capital Markets cut their price target on shares of Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a report on Monday, October 12th. Truist Financial increased their price objective on Amgen from $380.00 to $398.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Morgan Stanley raised their price objective on Amgen from $359.00 to $410.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $420.80.

Amgen Stock Up 0.0%

Shares of NASDAQ AMGN traded up $0.14 during mid-day trading on Wednesday, reaching $460.42. 2,579,312 shares of the company were exchanged, compared to its average volume of 2,619,150. Amgen has a 1 year low of $312.39 and a 1 year high of $483.99. The firm has a 50-day moving average of $422.43 and a 200 day moving average of $378.19. The stock has a market cap of $248.92 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 3.41 and a beta of 0.43. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.79 by $0.66. The company had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.07 billion. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.64 earnings per share. On average, research analysts expect that Amgen will post 23.33 earnings per share for the current year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 20th will be given a $2.52 dividend. The ex-dividend date is Friday, November 20th. This represents a $10.08 dividend on an annualized basis and a yield of 2.2%. Amgen’s dividend payout ratio is currently 58.47%.

Insiders Place Their Bets

In other Amgen news, SVP Rachna Khosla sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the transaction, the senior vice president directly owned 6,404 shares of the company’s stock, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Amgen

Hedge funds have recently added to or reduced their stakes in the business. Quest 10 Wealth Builders Inc. boosted its stake in shares of Amgen by 220.0% in the third quarter. Quest 10 Wealth Builders Inc. now owns 80 shares of the medical research company’s stock worth $34,000 after buying an additional 55 shares during the last quarter. Wellington Altus USA Inc. lifted its holdings in Amgen by 72.3% in the second quarter. Wellington Altus USA Inc. now owns 81 shares of the medical research company’s stock valued at $28,000 after acquiring an additional 34 shares during the period. Nvwm LLC lifted its holdings in Amgen by 412.5% in the third quarter. Nvwm LLC now owns 82 shares of the medical research company’s stock valued at $35,000 after acquiring an additional 66 shares during the period. PFS Partners LLC lifted its holdings in Amgen by 95.5% in the third quarter. PFS Partners LLC now owns 86 shares of the medical research company’s stock valued at $36,000 after acquiring an additional 42 shares during the period. Finally, TOWER TRUST & INVESTMENT Co purchased a new stake in Amgen in the 3rd quarter worth approximately $38,000. 76.50% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported quarterly earnings and revenue above expectations, with revenue up 8.5% year over year. Its earnings-call discussion also emphasized growth and pipeline momentum, supporting the case for continued expansion. Amgen Earnings Call Highlights Growth, Pipeline Momentum
• Positive Sentiment: A large real-world study found Repatha lowered heart-attack risk by 20% versus ezetimibe in patients with heart disease. The findings could strengthen the drug’s clinical and commercial position. Repatha real-world study
• Positive Sentiment: Scotiabank reiterated a Buy view and set a $530 price target; UBS also maintains a Buy rating with a $530 target. Separately, ETFs bought a net $79.8 million of AMGN shares in Wednesday’s session. Scotiabank price target ETF holdings
• Neutral Sentiment: Analyst opinions remain divided: Leerink Partners and Guggenheim have Hold/neutral ratings, while Scotiabank and UBS are more optimistic. The differing views suggest debate about how much of Amgen’s recent gains are already reflected in its valuation. Leerink Partners rating
• Negative Sentiment: Freedom Broker downgraded Amgen to Hold, adding to the cautious analyst commentary and potentially tempering enthusiasm after the recent rally. Freedom Broker downgrade

About Amgen

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases.

The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally.

Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A.