Amgen (NASDAQ:AMGN) Downgraded by Freedom Broker to Hold

Freedom Broker downgraded shares of Amgen (NASDAQ:AMGN) from a buy rating to a hold rating in a report released on Friday morning,Benzinga reports. The firm currently has $470.00 price target on the medical research company’s stock, up from their prior price target of $450.00.

Several other analysts have also recently commented on the company. Royal Bank Of Canada increased their target price on Amgen from $430.00 to $470.00 and gave the stock an “outperform” rating in a report on Wednesday. The Goldman Sachs Group raised their target price on Amgen from $481.00 to $536.00 and gave the company a “buy” rating in a research note on Wednesday. Argus lifted their price target on Amgen from $375.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Cantor Fitzgerald upped their price target on shares of Amgen from $440.00 to $465.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, BMO Capital Markets reduced their price target 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 equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Amgen presently has a consensus rating of “Hold” and an average target price of $420.80.

Amgen Price Performance

Shares of Amgen stock traded up $0.14 during midday trading on Friday, hitting $460.42. 2,579,312 shares of the company were exchanged, compared to its average volume of 2,619,150. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. The firm has a market cap of $248.92 billion, a P/E ratio of 26.71, a PEG ratio of 3.41 and a beta of 0.43. Amgen has a 52 week low of $312.39 and a 52 week high of $483.99. The firm has a 50 day simple moving average of $422.43 and a 200-day simple moving average of $378.19.

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

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be given a $2.52 dividend. 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 dividend payout ratio (DPR) is presently 58.47%.

Insider Buying and Selling

In other news, SVP Rachna Khosla sold 2,000 shares of Amgen stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the completion of the sale, the senior vice president directly owned 6,404 shares of the company’s stock, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Amgen

Large investors have recently made changes to their positions in the company. Silver Oak Advisory Group Inc. bought a new stake in shares of Amgen during the 3rd quarter valued at $226,000. Cornerstone Advisory LLC lifted its stake in shares of Amgen by 3.6% in the 3rd quarter. Cornerstone Advisory LLC now owns 2,147 shares of the medical research company’s stock valued at $905,000 after purchasing an additional 74 shares during the period. Ibex Wealth Advisors boosted its position in shares of Amgen by 4.2% in the 3rd quarter. Ibex Wealth Advisors now owns 32,995 shares of the medical research company’s stock worth $13,908,000 after purchasing an additional 1,340 shares during the last quarter. Vista Capital Partners Inc. bought a new position in shares of Amgen in the 3rd quarter worth $440,000. Finally, BankPlus Trust Department boosted its position in shares of Amgen by 4.5% in the 3rd quarter. BankPlus Trust Department now owns 13,151 shares of the medical research company’s stock worth $5,543,000 after purchasing an additional 562 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Trending Headlines about Amgen

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

Amgen Company Profile

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.