Amgen (NASDAQ:AMGN) Lowered to Hold at Truist Financial

Truist Financial cut shares of Amgen (NASDAQ:AMGN) from a buy rating to a hold rating in a report released on Monday, Marketbeat reports. They currently have $333.00 price target on the medical research company’s stock, up from their previous price target of $320.00.

Other analysts have also issued reports about the company. Cantor Fitzgerald assumed coverage on Amgen in a research report on Friday, September 27th. They set an overweight rating and a $405.00 target price on the stock. Morgan Stanley cut their target price on Amgen from $310.00 to $303.00 and set an equal weight rating on the stock in a research report on Thursday, July 11th. Jefferies Financial Group reissued a buy rating and set a $380.00 price target (up previously from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $305.00 price target (down from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Finally, TD Cowen raised their price objective on shares of Amgen from $360.00 to $381.00 and gave the stock a buy rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Amgen currently has a consensus rating of Hold and an average target price of $326.95.

Amgen Stock Performance

Shares of NASDAQ:AMGN opened at $324.62 on Monday. The business’s 50-day simple moving average is $326.05 and its 200 day simple moving average is $311.20. The company has a market cap of $174.14 billion, a P/E ratio of 46.37, a PEG ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.89 and a current ratio of 1.26. Amgen has a one year low of $249.70 and a one year high of $346.85.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). The firm had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. Amgen had a return on equity of 161.72% and a net margin of 10.12%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.00 earnings per share. On average, sell-side analysts forecast that Amgen will post 19.49 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were paid a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s payout ratio is 128.57%.

Institutional Investors Weigh In On Amgen

Several large investors have recently made changes to their positions in AMGN. Vanguard Group Inc. increased its position in Amgen by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock valued at $14,809,720,000 after acquiring an additional 3,045,657 shares during the period. Capital International Investors increased its holdings in shares of Amgen by 547.8% during the first quarter. Capital International Investors now owns 7,005,269 shares of the medical research company’s stock valued at $1,991,738,000 after purchasing an additional 5,923,915 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Amgen by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,701,631 shares of the medical research company’s stock valued at $844,137,000 after purchasing an additional 162,223 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Amgen by 137.1% in the first quarter. Janus Henderson Group PLC now owns 2,381,133 shares of the medical research company’s stock worth $676,984,000 after purchasing an additional 1,377,007 shares during the period. Finally, Boston Partners grew its position in Amgen by 27.4% in the 1st quarter. Boston Partners now owns 2,237,334 shares of the medical research company’s stock valued at $635,179,000 after buying an additional 481,214 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.