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.
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.
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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