Oppenheimer Boosts Amgen (NASDAQ:AMGN) Price Target to $230.00

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Amgen (NASDAQ:AMGN) had its target price hoisted by Oppenheimer from $210.00 to $230.00 in a research note released on Tuesday, The Fly reports. The brokerage currently has an outperform rating on the medical research company’s stock. Oppenheimer also issued estimates for Amgen’s Q3 2019 earnings at $3.48 EPS, Q4 2019 earnings at $3.29 EPS, FY2019 earnings at $14.31 EPS, FY2020 earnings at $15.96 EPS, FY2021 earnings at $16.78 EPS, FY2022 earnings at $17.29 EPS and FY2023 earnings at $17.81 EPS.

A number of other research analysts have also recently issued reports on AMGN. Piper Jaffray Companies set a $210.00 target price on shares of Amgen and gave the company a buy rating in a report on Saturday, August 10th. BidaskClub raised shares of Amgen from a sell rating to a hold rating in a report on Thursday, August 1st. Mizuho reaffirmed a buy rating and issued a $208.00 target price on shares of Amgen in a report on Monday, July 1st. Cowen reaffirmed a buy rating and issued a $229.00 target price on shares of Amgen in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reaffirmed a hold rating on shares of Amgen in a report on Friday, August 9th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Amgen presently has an average rating of Buy and a consensus price target of $211.44.

NASDAQ AMGN opened at $199.31 on Tuesday. The stock has a market capitalization of $123.61 billion, a P/E ratio of 14.08, a P/E/G ratio of 2.42 and a beta of 1.19. Amgen has a 52-week low of $166.30 and a 52-week high of $211.90. The firm has a 50-day moving average price of $183.54 and a 200 day moving average price of $182.71. The company has a quick ratio of 2.60, a current ratio of 2.89 and a debt-to-equity ratio of 2.58.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, July 30th. The medical research company reported $3.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.58 by $0.39. Amgen had a net margin of 33.78% and a return on equity of 76.17%. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.67 billion. During the same period in the prior year, the company posted $3.83 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Amgen will post 14.25 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 15th will be given a $1.45 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $5.80 annualized dividend and a dividend yield of 2.91%. Amgen’s dividend payout ratio is presently 40.28%.

In other news, Director Ronald D. Sugar sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $187.58, for a total value of $375,160.00. Following the sale, the director now directly owns 16,336 shares in the company, valued at $3,064,306.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R Sanders Williams sold 425 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $183.04, for a total transaction of $77,792.00. Following the completion of the sale, the director now owns 16,336 shares in the company, valued at $2,990,141.44. The disclosure for this sale can be found here. Insiders sold 4,425 shares of company stock worth $804,312 over the last quarter. Company insiders own 0.25% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Capital Financial Planning LLC acquired a new stake in Amgen during the fourth quarter worth approximately $27,000. Advisors Preferred LLC acquired a new stake in Amgen during the second quarter worth approximately $30,000. Arbor Wealth Management LLC boosted its position in Amgen by 154.5% during the second quarter. Arbor Wealth Management LLC now owns 168 shares of the medical research company’s stock worth $31,000 after acquiring an additional 102 shares during the last quarter. C J Advisory Inc acquired a new stake in Amgen during the first quarter worth approximately $40,000. Finally, Clarfeld Financial Advisors LLC acquired a new stake in Amgen during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 78.96% of the company’s stock.

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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