Citigroup Upgrades Amgen (AMGN) to “Buy”

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Citigroup upgraded shares of Amgen (NASDAQ:AMGN) from a neutral rating to a buy rating in a report published on Wednesday morning, Benzinga reports. The brokerage currently has $205.00 price objective on the medical research company’s stock, down from their prior price objective of $211.00.

Other analysts have also issued reports about the stock. Mizuho reissued a buy rating and set a $211.00 price target on shares of Amgen in a research report on Wednesday, February 13th. BidaskClub lowered shares of Amgen from a strong-buy rating to a buy rating in a research report on Tuesday, January 29th. Oppenheimer set a $224.00 price target on shares of Amgen and gave the company a buy rating in a research report on Sunday, January 27th. Cowen reissued a buy rating and set a $234.00 price target on shares of Amgen in a research report on Tuesday, February 26th. Finally, Zacks Investment Research raised shares of Amgen from a hold rating to a buy rating and set a $215.00 price target for the company in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the stock. Amgen currently has a consensus rating of Hold and an average target price of $209.05.

AMGN stock opened at $171.28 on Wednesday. The stock has a market cap of $104.47 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 2.24 and a beta of 1.15. Amgen has a one year low of $166.30 and a one year high of $210.19. The company has a quick ratio of 2.53, a current ratio of 2.77 and a debt-to-equity ratio of 2.71.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, April 30th. The medical research company reported $3.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.45 by $0.11. The business had revenue of $5.56 billion during the quarter, compared to analyst estimates of $5.55 billion. Amgen had a net margin of 34.00% and a return on equity of 71.02%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.47 earnings per share. Analysts predict that Amgen will post 13.94 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Thursday, May 16th. Amgen’s payout ratio is currently 40.28%.

In related news, Director Ronald D. Sugar sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $193.18, for a total value of $386,360.00. Following the completion of the transaction, the director now directly owns 15,092 shares of the company’s stock, valued at approximately $2,915,472.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 6,000 shares of company stock valued at $1,115,580 over the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in Amgen by 2.0% in the 4th quarter. BlackRock Inc. now owns 46,127,396 shares of the medical research company’s stock worth $8,979,621,000 after buying an additional 906,568 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Amgen by 20,103.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 31,424,215 shares of the medical research company’s stock worth $161,000 after buying an additional 31,268,677 shares during the period. Geode Capital Management LLC increased its holdings in Amgen by 9.1% in the 1st quarter. Geode Capital Management LLC now owns 9,651,354 shares of the medical research company’s stock worth $1,831,047,000 after buying an additional 801,130 shares during the period. Northern Trust Corp increased its holdings in Amgen by 4.7% in the 4th quarter. Northern Trust Corp now owns 9,182,050 shares of the medical research company’s stock worth $1,787,470,000 after buying an additional 408,675 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Amgen by 22.9% in the 1st quarter. Wells Fargo & Company MN now owns 7,527,083 shares of the medical research company’s stock worth $1,429,995,000 after buying an additional 1,403,169 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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Analyst Recommendations for Amgen (NASDAQ:AMGN)

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