Amgen (NASDAQ:AMGN) Sets New 1-Year Low – What’s Next?

Amgen Inc. (NASDAQ:AMGN) hit a new 52-week low on Tuesday . The stock traded as low as $259.00 and last traded at $265.01, with a volume of 3493849 shares. The stock had previously closed at $294.00.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AMGN shares. Oppenheimer reissued an “outperform” rating and issued a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. Robert W. Baird restated an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Royal Bank of Canada reduced their price target on shares of Amgen from $360.00 to $330.00 and set an “outperform” rating for the company in a research report on Wednesday. Wells Fargo & Company cut Amgen from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. Finally, Sanford C. Bernstein initiated coverage on Amgen in a research report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price for the company. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.05.

Amgen Stock Up 0.0 %

The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The firm’s fifty day simple moving average is $313.58 and its 200-day simple moving average is $317.57. The company has a market cap of $150.55 billion, a PE ratio of 35.86, a P/E/G ratio of 2.62 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.47. The business had revenue of $8.50 billion for 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% on a year-over-year basis. During the same period in the prior year, the business earned $4.96 earnings per share. As a group, equities research analysts expect that Amgen Inc. will post 19.52 earnings per share for the current fiscal year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be issued a dividend of $2.25 per share. The ex-dividend date is Monday, November 18th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.21%. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Institutional Trading of Amgen

A number of hedge funds have recently bought and sold shares of AMGN. Meyer Handelman Co. raised its stake in Amgen by 7.2% during the second quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock worth $40,566,000 after purchasing an additional 8,700 shares during the period. First Horizon Advisors Inc. grew its position in Amgen by 3.2% during the third quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock valued at $19,581,000 after acquiring an additional 1,872 shares during the period. Napa Wealth Management purchased a new stake in Amgen during the third quarter valued at about $1,104,000. Swiss National Bank increased its stake in Amgen by 0.3% during the third quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock worth $513,033,000 after acquiring an additional 5,500 shares during the last quarter. Finally, Summit Trail Advisors LLC raised its holdings in shares of Amgen by 40.1% in the 3rd quarter. Summit Trail Advisors LLC now owns 7,552 shares of the medical research company’s stock worth $2,433,000 after purchasing an additional 2,163 shares during the period. Institutional investors and hedge funds 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.