Amgen Inc. (NASDAQ:AMGN) Receives $332.55 Average Target Price from Brokerages

Amgen Inc. (NASDAQ:AMGN) has earned an average recommendation of “Moderate Buy” from the twenty-four research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $332.55.

A number of brokerages have recently commented on AMGN. Truist Financial cut Amgen from a “buy” rating to a “hold” rating and increased their price target for the company from $320.00 to $333.00 in a research note on Monday, October 14th. Robert W. Baird reiterated an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research report on Wednesday, September 25th. Oppenheimer restated an “outperform” rating and set a $380.00 price target on shares of Amgen in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $405.00 price objective on shares of Amgen in a research note on Tuesday. Finally, Sanford C. Bernstein initiated coverage on shares of Amgen in a research report on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price on the stock.

Amgen Price Performance

Shares of NASDAQ:AMGN opened at $316.98 on Wednesday. The firm has a 50 day moving average of $325.58 and a 200-day moving average of $313.14. Amgen has a 12 month low of $249.70 and a 12 month high of $346.85. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $170.04 billion, a PE ratio of 45.28, a PEG ratio of 2.86 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). The firm had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.00 earnings per share. On average, equities research analysts predict that Amgen will post 19.49 EPS for the current fiscal year.

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.84%. Amgen’s payout ratio is currently 128.57%.

Institutional Investors Weigh In On Amgen

Hedge funds and other institutional investors have recently modified their holdings of the company. Hoxton Planning & Management LLC grew its holdings in shares of Amgen by 5.7% during the first quarter. Hoxton Planning & Management LLC now owns 739 shares of the medical research company’s stock valued at $210,000 after buying an additional 40 shares during the last quarter. First Financial Corp IN increased its holdings in Amgen by 15.7% during the 1st quarter. First Financial Corp IN now owns 390 shares of the medical research company’s stock worth $111,000 after purchasing an additional 53 shares in the last quarter. Sound Income Strategies LLC increased its holdings in Amgen by 17.4% during the 1st quarter. Sound Income Strategies LLC now owns 1,080 shares of the medical research company’s stock worth $307,000 after purchasing an additional 160 shares in the last quarter. Elevated Capital Advisors LLC lifted its holdings in shares of Amgen by 8.0% in the first quarter. Elevated Capital Advisors LLC now owns 1,328 shares of the medical research company’s stock valued at $378,000 after purchasing an additional 98 shares in the last quarter. Finally, Sovereign Financial Group Inc. lifted its holdings in shares of Amgen by 11.0% in the first quarter. Sovereign Financial Group Inc. now owns 1,451 shares of the medical research company’s stock valued at $413,000 after purchasing an additional 144 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.