Amgen (AMGN) Price Target Cut to $200.00 by Analysts at Morgan Stanley

Amgen (NASDAQ:AMGN) had its target price reduced by Morgan Stanley from $205.00 to $200.00 in a research report report published on Wednesday morning. Morgan Stanley currently has an overweight rating on the medical research company’s stock.

A number of other equities research analysts have also recently commented on the stock. Royal Bank of Canada lowered their price target on shares of Amgen to $183.00 and set a sector perform rating on the stock in a report on Wednesday. Mizuho set a $200.00 price objective on shares of Amgen and gave the stock a buy rating in a report on Tuesday. Cowen restated a buy rating and issued a $204.00 price objective on shares of Amgen in a report on Tuesday. Zacks Investment Research cut shares of Amgen from a buy rating to a hold rating in a report on Tuesday, April 17th. Finally, TheStreet cut shares of Amgen from a b- rating to a c+ rating in a report on Wednesday, April 11th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the company’s stock. Amgen currently has a consensus rating of Hold and a consensus target price of $190.48.

Shares of Amgen stock traded down $2.26 during mid-day trading on Wednesday, hitting $172.57. 1,277,446 shares of the stock were exchanged, compared to its average volume of 4,741,580. Amgen has a 12 month low of $152.16 and a 12 month high of $201.23. The company has a quick ratio of 5.17, a current ratio of 5.49 and a debt-to-equity ratio of 1.35. The stock has a market cap of $114,902.43, a P/E ratio of 13.72, a P/E/G ratio of 2.10 and a beta of 1.36.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, April 24th. The medical research company reported $3.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.24 by $0.23. Amgen had a net margin of 9.67% and a return on equity of 31.55%. The firm had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter last year, the firm earned $3.15 EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. equities analysts anticipate that Amgen will post 13.28 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 17th will be paid a dividend of $1.32 per share. The ex-dividend date is Wednesday, May 16th. This represents a $5.28 annualized dividend and a yield of 3.06%. Amgen’s payout ratio is 41.97%.

Amgen declared that its board has authorized a stock buyback plan on Thursday, February 1st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the medical research company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

In related news, EVP Sean E. Harper sold 1,525 shares of the firm’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $189.75, for a total transaction of $289,368.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 4,575 shares of company stock valued at $818,330 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of AMGN. FMR LLC lifted its stake in shares of Amgen by 4.8% in the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after purchasing an additional 2,587,041 shares during the period. Vanguard Group Inc. grew its position in shares of Amgen by 0.9% during the second quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock worth $8,981,266,000 after acquiring an additional 489,720 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Amgen by 1.7% during the third quarter. Bank of New York Mellon Corp now owns 8,166,002 shares of the medical research company’s stock worth $1,522,551,000 after acquiring an additional 140,117 shares during the last quarter. Geode Capital Management LLC grew its position in Amgen by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 8,110,133 shares of the medical research company’s stock valued at $1,407,552,000 after buying an additional 199,838 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Amgen by 12.9% in the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after buying an additional 806,119 shares during the last quarter. 85.76% of the stock is owned by institutional investors and hedge funds.

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Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.

Analyst Recommendations for Amgen (NASDAQ:AMGN)

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