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

Amgen (NASDAQ:AMGN) had its target price lifted by UBS Group from $470.00 to $530.00 in a research report sent to investors on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the medical research company’s stock.

A number of other equities research analysts have also recently weighed in on AMGN. Robert W. Baird raised their price target on Amgen from $215.00 to $230.00 and gave the company an “underperform” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. increased their price objective on shares of Amgen from $350.00 to $425.00 and gave the stock a “neutral” rating in a report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Amgen from $481.00 to $536.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley increased their price target on shares of Amgen from $359.00 to $410.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Scotiabank boosted their price objective on shares of Amgen from $500.00 to $530.00 and gave the stock a “sector outperform” rating in a research report on Wednesday. One equities research 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 issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $420.80.

Amgen Price Performance

Shares of AMGN traded up $0.14 during mid-day trading on Wednesday, reaching $460.42. The company had a trading volume of 2,579,312 shares, 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 company has a market capitalization of $248.92 billion, a P/E ratio of 26.71, a P/E/G ratio of 3.41 and a beta of 0.43. Amgen has a twelve month low of $312.39 and a twelve month high of $483.99. The company’s 50-day moving average is $422.43 and its 200-day moving average is $378.19.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $10.07 billion. During the same period in the prior year, the company posted $5.64 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities analysts anticipate that Amgen will post 23.33 EPS for the current year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be paid a $2.52 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.2%. Amgen’s dividend payout ratio is 58.47%.

Insider Activity at Amgen

In related news, SVP Rachna Khosla sold 1,252 shares of the company’s stock in a transaction dated 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 sale, the senior vice president owned 6,404 shares in the company, valued at approximately $2,666,817.72. This represents a 16.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amgen

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Amgen by 4.8% during the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock worth $17,874,974,000 after acquiring an additional 2,261,544 shares during the last quarter. State Street Corp raised its holdings in 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 purchasing an additional 11,656,755 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Amgen by 12.7% in 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 purchasing an additional 605,928 shares during the period. Bank of America Corp DE bought a new position in shares of Amgen during the second quarter worth $1,831,903,000. Finally, Amundi boosted its position in shares of Amgen by 15.2% during the second quarter. Amundi now owns 3,890,189 shares of the medical research company’s stock worth $1,408,715,000 after purchasing an additional 512,883 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen News Summary

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.