SunTrust Banks initiated coverage on shares of Amgen (NASDAQ:AMGN) in a research note released on Tuesday, 24/7 WallStreet reports. The brokerage issued a buy rating and a $256.00 price target on the medical research company’s stock.
Other equities analysts have also issued research reports about the stock. Morgan Stanley reduced their price target on shares of Amgen from $211.00 to $207.00 and set an overweight rating for the company in a research report on Monday, July 15th. Leerink Swann increased their price target on shares of Amgen from $189.00 to $205.00 and gave the company a market perform rating in a research report on Wednesday, October 30th. Cowen set a $231.00 price target on shares of Amgen and gave the company a buy rating in a research report on Sunday, September 29th. Bank of America began coverage on shares of Amgen in a research report on Wednesday, October 16th. They set a neutral rating and a $215.00 price target for the company. Finally, Wells Fargo & Co restated a market perform rating and set a $220.00 price target (up previously from $202.00) on shares of Amgen in a research report on Tuesday, August 27th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $221.47.
AMGN traded up $2.36 during trading on Tuesday, reaching $220.86. 2,016,400 shares of the company’s stock were exchanged, compared to its average volume of 2,383,752. The company has a current ratio of 2.89, a quick ratio of 2.59 and a debt-to-equity ratio of 2.54. Amgen has a one year low of $166.30 and a one year high of $225.26. The firm has a fifty day moving average price of $205.51 and a two-hundred day moving average price of $190.14. The stock has a market capitalization of $130.52 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 2.26 and a beta of 1.09.
Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Tuesday, October 29th. The medical research company reported $3.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.53 by $0.13. Amgen had a net margin of 34.48% and a return on equity of 80.26%. The firm had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.63 billion. During the same quarter in the prior year, the company posted $3.69 earnings per share. The business’s revenue was down 2.8% on a year-over-year basis. Sell-side analysts expect that Amgen will post 14.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, November 14th. Amgen’s payout ratio is 40.28%.
In other news, Director Ronald D. Sugar sold 2,000 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $193.58, for a total value of $387,160.00. Following the sale, the director now directly owns 16,436 shares of the company’s stock, valued at $3,181,680.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Cynthia M. Patton sold 13,426 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $208.07, for a total transaction of $2,793,547.82. Following the completion of the sale, the senior vice president now directly owns 32,648 shares in the company, valued at $6,793,069.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,851 shares of company stock worth $3,685,674. Insiders own 0.25% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Valmark Advisers Inc. raised its stake in Amgen by 15.7% in the third quarter. Valmark Advisers Inc. now owns 1,255 shares of the medical research company’s stock valued at $243,000 after purchasing an additional 170 shares in the last quarter. Cetera Investment Advisers raised its stake in Amgen by 18.7% in the third quarter. Cetera Investment Advisers now owns 1,938 shares of the medical research company’s stock valued at $378,000 after purchasing an additional 305 shares in the last quarter. Trillium Asset Management LLC raised its stake in Amgen by 225.2% in the third quarter. Trillium Asset Management LLC now owns 4,006 shares of the medical research company’s stock valued at $775,000 after purchasing an additional 2,774 shares in the last quarter. Tiedemann Advisors LLC raised its stake in Amgen by 1.2% in the third quarter. Tiedemann Advisors LLC now owns 11,331 shares of the medical research company’s stock valued at $2,191,000 after purchasing an additional 137 shares in the last quarter. Finally, Rational Advisors LLC raised its stake in Amgen by 596.7% in the third quarter. Rational Advisors LLC now owns 15,948 shares of the medical research company’s stock valued at $3,087,000 after purchasing an additional 13,659 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.
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, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.
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