Amgen (NASDAQ:AMGN) Price Target Raised to $530.00

Amgen (NASDAQ:AMGN) had its price objective increased by Scotiabank from $500.00 to $530.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a sector outperform rating on the medical research company’s stock.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reiterated an “outperform” rating on shares of Amgen in a research report on Friday, October 23rd. Sanford C. Bernstein lifted their price target on Amgen from $345.00 to $400.00 and gave the company a “market perform” rating in a research note on Wednesday. Morgan Stanley upped their price objective on Amgen from $359.00 to $410.00 and gave the stock an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Amgen from $350.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, BMO Capital Markets decreased their target price on shares of Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $420.80.

Amgen Stock Performance

AMGN traded up $0.14 on Wednesday, hitting $460.42. 2,579,312 shares of the company traded hands, compared to its average volume of 2,619,150. The stock has a market capitalization of $248.92 billion, a PE ratio of 26.71, a PEG ratio of 3.41 and a beta of 0.43. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. Amgen has a 12-month low of $312.39 and a 12-month high of $483.99. The company has a 50 day moving average of $422.43 and a 200-day moving average of $378.19.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share for the quarter, beating the consensus estimate of $5.79 by $0.66. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The business had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter in the previous year, the firm earned $5.64 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Sell-side analysts anticipate that Amgen will post 23.33 earnings per share for the current year.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be given a dividend of $2.52 per share. This represents a $10.08 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, November 20th. Amgen’s payout ratio is presently 58.47%.

Insiders Place Their Bets

In other news, SVP Rachna Khosla sold 1,252 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the transaction, the senior vice president owned 6,404 shares in the company, valued at $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Amgen

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Amgen by 4.8% in the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after purchasing an additional 2,261,544 shares during the last quarter. State Street Corp boosted its position in shares of Amgen by 38.2% in the second quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock worth $15,283,363,000 after buying an additional 11,656,755 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Amgen by 12.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company’s stock worth $1,952,156,000 after acquiring an additional 605,928 shares during the last quarter. Bank of America Corp DE acquired a new position in Amgen during the 2nd quarter worth $1,831,903,000. Finally, Amundi increased its holdings in Amgen by 15.2% in the second quarter. Amundi now owns 3,890,189 shares of the medical research company’s stock valued at $1,408,715,000 after buying an additional 512,883 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported quarterly earnings and revenue above expectations, with revenue up 8.5% year over year. Its earnings-call discussion also emphasized growth and pipeline momentum, supporting the case for continued expansion. Amgen Earnings Call Highlights Growth, Pipeline Momentum
• Positive Sentiment: A large real-world study found Repatha lowered heart-attack risk by 20% versus ezetimibe in patients with heart disease. The findings could strengthen the drug’s clinical and commercial position. Repatha real-world study
• Positive Sentiment: Scotiabank reiterated a Buy view and set a $530 price target; UBS also maintains a Buy rating with a $530 target. Separately, ETFs bought a net $79.8 million of AMGN shares in Wednesday’s session. Scotiabank price target ETF holdings
• Neutral Sentiment: Analyst opinions remain divided: Leerink Partners and Guggenheim have Hold/neutral ratings, while Scotiabank and UBS are more optimistic. The differing views suggest debate about how much of Amgen’s recent gains are already reflected in its valuation. Leerink Partners rating
• Negative Sentiment: Freedom Broker downgraded Amgen to Hold, adding to the cautious analyst commentary and potentially tempering enthusiasm after the recent rally. Freedom Broker downgrade

About Amgen

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases.

The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally.

Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A.