Amgen (NASDAQ:AMGN) Given New $330.00 Price Target at Royal Bank of Canada

Amgen (NASDAQ:AMGN) had its price objective lowered by Royal Bank of Canada from $360.00 to $330.00 in a report released on Wednesday morning, Marketbeat.com reports. Royal Bank of Canada currently has an outperform rating on the medical research company’s stock.

Other equities research analysts also recently issued research reports about the company. Wolfe Research initiated coverage on Amgen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $380.00 price objective on shares of Amgen in a research note on Tuesday, November 12th. Bank of America boosted their price target on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Barclays lifted their price objective on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Dbs Bank upgraded Amgen to a “strong-buy” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $323.05.

Amgen Stock Performance

Shares of NASDAQ AMGN opened at $282.87 on Wednesday. Amgen has a 1 year low of $257.80 and a 1 year high of $346.85. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. The stock has a fifty day moving average price of $311.37 and a two-hundred day moving average price of $317.14. The firm has a market cap of $152.05 billion, a P/E ratio of 36.22, a PEG ratio of 2.50 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued 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 company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. Amgen’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the company earned $4.96 EPS. Research analysts forecast that Amgen will post 19.52 EPS for the current fiscal year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s payout ratio is 115.24%.

Institutional Investors Weigh In On Amgen

Large investors have recently added to or reduced their stakes in the stock. Meyer Handelman Co. boosted its holdings in shares of Amgen by 7.2% during the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock worth $40,566,000 after buying an additional 8,700 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Amgen by 3.2% in the third quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock worth $19,581,000 after purchasing an additional 1,872 shares during the period. Swiss National Bank boosted its stake in Amgen by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock valued at $513,033,000 after purchasing an additional 5,500 shares during the period. Napa Wealth Management acquired a new stake in Amgen in the 3rd quarter valued at approximately $1,104,000. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Amgen by 40.1% during the third quarter. Summit Trail Advisors LLC now owns 7,552 shares of the medical research company’s stock worth $2,433,000 after buying an additional 2,163 shares during 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.