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.
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.
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.
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