Royal Bank of Canada Lowers Amgen (NASDAQ:AMGN) Price Target to $330.00

Amgen (NASDAQ:AMGN) had its target price cut by Royal Bank of Canada from $360.00 to $330.00 in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have an outperform rating on the medical research company’s stock.

Other analysts also recently issued reports about the company. TD Cowen lifted their price objective on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Bank of America upped their price target on shares of Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays increased their price objective on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Robert W. Baird restated an “underperform” rating and set a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Finally, Truist Financial cut Amgen from a “buy” rating to a “hold” rating and increased their target price for the company from $320.00 to $333.00 in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.05.

Amgen Trading Up 0.0 %

Shares of AMGN opened at $280.07 on Wednesday. The firm has a market capitalization of $150.55 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 2.62 and a beta of 0.60. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. Amgen has a 1-year low of $257.80 and a 1-year high of $346.85. The company has a 50-day moving average of $313.58 and a 200 day moving average of $317.57.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.96 earnings per share. On average, research analysts expect that Amgen will post 19.52 EPS for the current year.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio is presently 115.24%.

Institutional Investors Weigh In On Amgen

Institutional investors and hedge funds have recently modified their holdings of the company. Kennedy Capital Management LLC acquired a new stake in shares of Amgen in the first quarter worth $3,240,000. LRI Investments LLC acquired a new stake in Amgen during the 1st quarter worth about $152,000. Redwood Grove Capital LLC lifted its holdings in shares of Amgen by 17.2% in the 1st quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock valued at $13,558,000 after buying an additional 7,000 shares during the period. Cetera Investment Advisers boosted its stake in shares of Amgen by 268.9% in the first quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock worth $66,355,000 after buying an additional 170,108 shares during the last quarter. Finally, Cetera Advisors LLC grew its holdings in Amgen by 151.3% during the first quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock worth $20,182,000 after acquiring an additional 42,739 shares during the period. Institutional investors and hedge funds 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.