Amgen (NASDAQ:AMGN) Price Target Increased to $383.00 by Analysts at TD Cowen

Amgen (NASDAQ:AMGN) had its price objective boosted by TD Cowen from $381.00 to $383.00 in a report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the medical research company’s stock.

Other equities analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $305.00 target price (down previously from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Morgan Stanley lowered their target price on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Truist Financial downgraded shares of Amgen from a “buy” rating to a “hold” rating and boosted their target price for the stock from $320.00 to $333.00 in a report on Monday, October 14th. Argus boosted their target price on shares of Amgen from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $362.00 target price on shares of Amgen in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $332.55.

Amgen Stock Performance

AMGN opened at $316.74 on Monday. The firm has a market cap of $169.91 billion, a P/E ratio of 45.25, a PEG ratio of 2.86 and a beta of 0.61. Amgen has a 1-year low of $249.70 and a 1-year high of $346.85. The company has a 50 day simple moving average of $326.00 and a two-hundred day simple moving average of $312.76. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89.

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

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Stockholders of record on Friday, August 16th were paid a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s dividend payout ratio is currently 128.57%.

Institutional Investors Weigh In On Amgen

Several hedge funds and other institutional investors have recently made changes to their positions in AMGN. Eastern Bank increased its stake in Amgen by 285.6% in the 3rd quarter. Eastern Bank now owns 7,354 shares of the medical research company’s stock worth $2,370,000 after buying an additional 5,447 shares during the period. Signaturefd LLC increased its stake in Amgen by 1.7% in the 3rd quarter. Signaturefd LLC now owns 14,486 shares of the medical research company’s stock worth $4,668,000 after buying an additional 240 shares during the period. Sequoia Financial Advisors LLC increased its stake in Amgen by 9.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 134,582 shares of the medical research company’s stock worth $43,364,000 after buying an additional 11,679 shares during the period. Home Federal Bank of Tennessee increased its stake in Amgen by 4.0% in the 3rd quarter. Home Federal Bank of Tennessee now owns 2,598 shares of the medical research company’s stock worth $837,000 after buying an additional 101 shares during the period. Finally, DeDora Capital Inc. increased its stake in Amgen by 1.4% in the 3rd quarter. DeDora Capital Inc. now owns 5,436 shares of the medical research company’s stock worth $1,752,000 after buying an additional 76 shares during the period. Hedge funds and other institutional investors 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.