Cantor Fitzgerald Begins Coverage on Amgen (NASDAQ:AMGN)

Cantor Fitzgerald initiated coverage on shares of Amgen (NASDAQ:AMGN) in a research report report published on Friday morning, MarketBeat reports. The brokerage issued an overweight rating and a $405.00 price target on the medical research company’s stock. Cantor Fitzgerald also issued estimates for Amgen’s FY2024 earnings at $19.48 EPS.

Other equities analysts have also issued reports about the company. Argus boosted their target price on Amgen from $300.00 to $340.00 and gave the stock a buy rating in a research report on Thursday, June 27th. Morgan Stanley reduced their price objective on shares of Amgen from $310.00 to $303.00 and set an equal weight rating on the stock in a research note on Thursday, July 11th. TD Cowen increased their target price on shares of Amgen from $360.00 to $381.00 and gave the stock a buy rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered shares of Amgen from an overweight rating to an equal weight rating and boosted their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Finally, Dbs Bank raised shares of Amgen to a strong-buy rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $325.55.

Amgen Trading Up 1.1 %

Shares of NASDAQ AMGN opened at $322.67 on Friday. Amgen has a fifty-two week low of $249.70 and a fifty-two week high of $346.85. The firm has a market capitalization of $173.09 billion, a P/E ratio of 46.10, a P/E/G ratio of 2.98 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. The company’s 50 day simple moving average is $328.77 and its 200 day simple moving average is $307.76.

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 company had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the company earned $5.00 EPS. On average, analysts predict that Amgen will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s dividend payout ratio (DPR) is currently 128.57%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Hershey Financial Advisers LLC acquired a new position in shares of Amgen during the 2nd quarter worth about $30,000. United Community Bank acquired a new position in Amgen during the fourth quarter valued at approximately $29,000. Horizon Financial Services LLC bought a new position in Amgen in the first quarter valued at approximately $28,000. nVerses Capital LLC acquired a new position in shares of Amgen during the 2nd quarter worth approximately $31,000. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Amgen during the 2nd quarter worth approximately $33,000. 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.