Amgen, Inc. (AMGN) Shares Gap Down Following Analyst Downgrade

Amgen, Inc. (NASDAQ:AMGN) shares gapped down before the market opened on Monday after Goldman Sachs Group lowered their price target on the stock from $208.00 to $202.00. The stock had previously closed at $169.85, but opened at $168.61. Goldman Sachs Group currently has a conviction-buy rating on the stock. Amgen shares last traded at $169.43, with a volume of 3,346,579 shares.

A number of other research analysts also recently commented on the company. Royal Bank of Canada set a $190.00 target price on Amgen and gave the stock a “buy” rating in a report on Wednesday, January 4th. Zacks Investment Research downgraded Amgen from a “hold” rating to a “sell” rating in a report on Tuesday, January 3rd. Leerink Swann set a $163.00 target price on Amgen and gave the stock a “hold” rating in a report on Monday, November 21st. Bank of America Corp raised Amgen from a “neutral” rating to a “buy” rating and increased their target price for the stock from $156.68 to $192.00 in a report on Wednesday, February 1st. Finally, Credit Suisse Group AG downgraded Amgen from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $200.00 to $180.00 in a report on Tuesday, December 20th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $187.41.

Several institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Amgen during the fourth quarter valued at about $1,016,913,000. FMR LLC boosted its position in shares of Amgen by 11.3% in the fourth quarter. FMR LLC now owns 40,789,786 shares of the medical research company’s stock valued at $5,963,875,000 after buying an additional 4,144,154 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Amgen during the fourth quarter valued at about $275,209,000. Asset Management One Co. Ltd. boosted its position in shares of Amgen by 426.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,331,811 shares of the medical research company’s stock valued at $194,885,000 after buying an additional 1,078,691 shares during the period. Finally, State Street Corp boosted its position in shares of Amgen by 2.8% in the fourth quarter. State Street Corp now owns 34,308,673 shares of the medical research company’s stock valued at $5,016,268,000 after buying an additional 919,966 shares during the period. Institutional investors own 79.04% of the company’s stock.

The stock’s 50-day moving average is $171.88 and its 200 day moving average is $159.85. The stock has a market cap of $124.64 billion, a P/E ratio of 16.53 and a beta of 1.15.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, February 2nd. The medical research company reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.10. Amgen had a return on equity of 29.42% and a net margin of 33.59%. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.75 billion. During the same period in the previous year, the company posted $2.61 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities analysts predict that Amgen, Inc. will post $12.31 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 8th. Stockholders of record on Wednesday, May 17th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Monday, May 15th. This represents a $4.60 annualized dividend and a dividend yield of 2.72%. Amgen’s dividend payout ratio is currently 44.92%.

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Amgen Company Profile

Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).

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