Amgen (NASDAQ:AMGN) Price Target Cut to $310.00 by Analysts at Piper Sandler

Amgen (NASDAQ:AMGN) had its price objective lowered by Piper Sandler from $344.00 to $310.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the medical research company’s stock.

AMGN has been the subject of a number of other research reports. UBS Group decreased their price objective on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Truist Financial cut Amgen from a “buy” rating to a “hold” rating and lifted their price target for the stock from $320.00 to $333.00 in a report on Monday, October 14th. Citigroup lowered their price target on Amgen from $335.00 to $310.00 in a research report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $405.00 target price on shares of Amgen in a research note on Tuesday, October 22nd. Finally, Leerink Partners dropped their price target on Amgen from $349.00 to $302.00 in a research note on Wednesday, November 27th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $318.83.

Amgen Stock Down 0.5 %

Shares of AMGN stock opened at $259.28 on Thursday. The firm’s fifty day moving average price is $285.75 and its two-hundred day moving average price is $310.70. 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 1 year low of $253.30 and a 1 year high of $346.85. The firm has a market capitalization of $139.37 billion, a P/E ratio of 33.20, a PEG ratio of 2.91 and a beta of 0.55.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business’s revenue was up 23.2% compared to the same quarter last year. During the same period last year, the company earned $4.96 earnings per share. On average, equities analysts predict that Amgen will post 19.53 EPS for the current fiscal year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $2.38 dividend. This is a positive change from Amgen’s previous quarterly dividend of $2.25. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date is Friday, February 14th. Amgen’s dividend payout ratio is currently 121.90%.

Institutional Investors Weigh In On Amgen

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ascent Group LLC boosted its holdings in shares of Amgen by 0.3% during the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock worth $3,421,000 after buying an additional 31 shares in the last quarter. Cadinha & Co. LLC grew its holdings in Amgen by 0.6% in the third quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock worth $1,678,000 after purchasing an additional 32 shares during the period. Lansing Street Advisors increased its stake in Amgen by 1.3% in the third quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock valued at $832,000 after purchasing an additional 32 shares in the last quarter. Unionview LLC raised its holdings in shares of Amgen by 3.8% during the third quarter. Unionview LLC now owns 876 shares of the medical research company’s stock valued at $282,000 after purchasing an additional 32 shares during the period. Finally, D Orazio & Associates Inc. boosted its position in shares of Amgen by 1.1% during the 2nd quarter. D Orazio & Associates Inc. now owns 3,101 shares of the medical research company’s stock worth $969,000 after purchasing an additional 33 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

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.