Amgen (NASDAQ:AMGN) Given New $298.00 Price Target at Truist Financial

Amgen (NASDAQ:AMGN) had its target price cut by Truist Financial from $333.00 to $298.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a hold rating on the medical research company’s stock.

Several other research firms have also commented on AMGN. UBS Group lowered 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. Citigroup dropped their price target on Amgen from $335.00 to $310.00 in a research report on Wednesday, November 27th. Redburn Partners decreased their price objective on Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Robert W. Baird reiterated an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $310.00 price target on shares of Amgen in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Amgen presently has an average rating of “Hold” and an average price target of $317.30.

Amgen Stock Up 0.8 %

Shares of AMGN stock opened at $264.21 on Wednesday. The company’s fifty day simple moving average is $281.35 and its two-hundred day simple moving average is $309.46. Amgen has a 52 week low of $253.30 and a 52 week high of $346.85. The stock has a market cap of $142.02 billion, a P/E ratio of 33.83, a PEG ratio of 2.91 and a beta of 0.56. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. The business 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%. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same quarter last year, the business posted $4.96 EPS. Analysts predict that Amgen will post 19.53 EPS for the current fiscal year.

Amgen Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.60%. This is an increase from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend is Friday, February 14th. Amgen’s payout ratio is 121.90%.

Institutional Investors Weigh In On Amgen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Capital Performance Advisors LLP acquired a new stake in Amgen in the 3rd quarter worth approximately $25,000. Strategic Financial Concepts LLC acquired a new position in shares of Amgen in the 2nd quarter valued at $26,000. Legacy Investment Solutions LLC purchased a new position in Amgen in the 3rd quarter worth $29,000. Hershey Financial Advisers LLC acquired a new stake in Amgen during the 2nd quarter worth about $30,000. Finally, Matrix Trust Co purchased a new stake in Amgen during the 3rd quarter valued at about $36,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

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.