Amgen (NASDAQ:AMGN) Downgraded by BidaskClub

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BidaskClub lowered shares of Amgen (NASDAQ:AMGN) from a hold rating to a sell rating in a research note released on Thursday, BidAskClub reports.

Several other equities research analysts have also recently weighed in on AMGN. William Blair reiterated a hold rating on shares of Amgen in a report on Friday, August 30th. Wells Fargo & Co reiterated a market perform rating and issued a $220.00 price objective (up previously from $202.00) on shares of Amgen in a report on Tuesday, August 27th. They noted that the move was a valuation call. Morgan Stanley dropped their price objective on Amgen from $211.00 to $207.00 and set an overweight rating for the company in a report on Monday, July 15th. Piper Jaffray Companies increased their price objective on Amgen from $210.00 to $218.00 and gave the stock an overweight rating in a report on Monday, August 26th. Finally, Royal Bank of Canada increased their price objective on Amgen from $192.00 to $206.00 and gave the stock a sector perform rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $217.33.

AMGN opened at $195.47 on Thursday. The stock’s 50 day simple moving average is $196.60 and its 200 day simple moving average is $185.19. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.89 and a quick ratio of 2.60. Amgen has a 1 year low of $166.30 and a 1 year high of $211.90. The firm has a market cap of $116.34 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 2.27 and a beta of 1.11.

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 return on equity of 76.17% and a net margin of 33.78%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.67 billion. During the same period last year, the company earned $3.83 EPS. Amgen’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Amgen will post 14.3 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 15th were paid a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Wednesday, August 14th. Amgen’s payout ratio is presently 40.28%.

In other news, SVP Cynthia M. Patton sold 13,426 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $208.07, for a total value of $2,793,547.82. Following the completion of the transaction, the senior vice president now owns 32,648 shares in the company, valued at approximately $6,793,069.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ronald D. Sugar sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $206.70, for a total value of $413,400.00. Following the completion of the transaction, the director now owns 16,336 shares of the company’s stock, valued at approximately $3,376,651.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,851 shares of company stock valued at $3,659,900. 0.25% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMGN. Nuveen Asset Management LLC raised its stake in Amgen by 1,334.9% during the second quarter. Nuveen Asset Management LLC now owns 4,942,807 shares of the medical research company’s stock valued at $910,860,000 after buying an additional 4,598,329 shares during the last quarter. Thoroughbred Financial Services LLC raised its stake in Amgen by 19,447.3% during the second quarter. Thoroughbred Financial Services LLC now owns 1,805,392 shares of the medical research company’s stock valued at $180,539,000 after buying an additional 1,796,156 shares during the last quarter. BlackRock Inc. raised its stake in Amgen by 3.4% during the second quarter. BlackRock Inc. now owns 47,717,316 shares of the medical research company’s stock valued at $8,793,346,000 after buying an additional 1,585,911 shares during the last quarter. Ruffer LLP purchased a new position in Amgen during the second quarter valued at $192,788,000. Finally, Ellis Investment Partners LLC raised its stake in Amgen by 18,906.7% during the first quarter. Ellis Investment Partners LLC now owns 605,934 shares of the medical research company’s stock valued at $605,000 after buying an additional 602,746 shares during the last quarter. Institutional investors own 76.28% of the company’s stock.

Amgen Company Profile

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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