Redburn Partners Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its price target trimmed by Redburn Partners from $200.00 to $195.00 in a report published on Wednesday morning.

A number of other research firms also recently issued reports on AMGN. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Barclays lifted their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Leerink Partners reduced their price objective on shares of Amgen from $349.00 to $302.00 in a research note on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 target price on shares of Amgen in a research report on Tuesday, November 12th. Finally, Royal Bank of Canada decreased their price target on Amgen from $360.00 to $330.00 and set an “outperform” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $323.05.

Amgen Trading Up 1.0 %

AMGN opened at $282.87 on Wednesday. The firm’s fifty day simple moving average is $311.37 and its 200 day simple moving average is $317.14. The stock has a market capitalization of $152.05 billion, a P/E ratio of 36.22, a P/E/G ratio of 2.50 and a beta of 0.60. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. Amgen has a 12 month low of $257.80 and a 12 month high of $346.85.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.96 earnings per share. As a group, research analysts anticipate that Amgen will post 19.52 EPS for the current fiscal year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio is presently 115.24%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Old North State Trust LLC raised its stake in Amgen by 6.7% during the third quarter. Old North State Trust LLC now owns 1,666 shares of the medical research company’s stock worth $537,000 after buying an additional 104 shares during the last quarter. Franklin Resources Inc. grew its holdings in Amgen by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 2,156,091 shares of the medical research company’s stock worth $699,910,000 after acquiring an additional 76,798 shares during the period. Asset Advisors Investment Management LLC raised its position in shares of Amgen by 9.0% in the 3rd quarter. Asset Advisors Investment Management LLC now owns 35,934 shares of the medical research company’s stock worth $11,578,000 after acquiring an additional 2,954 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of Amgen by 3.2% in the 3rd quarter. Synovus Financial Corp now owns 65,564 shares of the medical research company’s stock valued at $21,124,000 after purchasing an additional 2,046 shares during the period. Finally, Tidal Investments LLC boosted its position in shares of Amgen by 2.7% during the 3rd quarter. Tidal Investments LLC now owns 24,480 shares of the medical research company’s stock valued at $7,888,000 after purchasing an additional 646 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.