Amgen Inc. (AMGN) Downgraded to “Hold” at Argus
Argus downgraded shares of Amgen Inc. (NASDAQ:AMGN) from a buy rating to a hold rating in a research report report published on Wednesday. The brokerage currently has $195.00 price objective on the medical research company’s stock, up from their prior price objective of $175.22.
“We would consider a more constructive stance on AMGN on signs of stronger contributions from the company’s new drug pipeline or from its biosimilars portfolio,” the firm said.”We note, however, that Amgen may not generate commercial revenue from biosimilars until 2019 due to regulatory and legal hurdles.,” Argus’ analyst wrote.
AMGN has been the topic of a number of other reports. BMO Capital Markets reissued a market perform rating and set a $198.00 price objective on shares of Amgen in a research report on Thursday, October 26th. Cann reissued a buy rating on shares of Amgen in a research report on Monday, August 28th. Oppenheimer Holdings, Inc. reissued a buy rating and set a $203.00 price objective on shares of Amgen in a research report on Thursday, September 7th. Mizuho reissued a buy rating and set a $198.00 price objective (up from $183.00) on shares of Amgen in a research report on Thursday, September 28th. Finally, Zacks Investment Research downgraded shares of Amgen from a buy rating to a hold rating in a research report on Monday, October 16th. Thirteen analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $190.03.
Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.11 by $0.16. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.75 billion. Amgen had a net margin of 35.54% and a return on equity of 29.90%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.02 EPS.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 2.63%. The ex-dividend date is Thursday, November 16th. Amgen’s dividend payout ratio is currently 41.63%.
Amgen declared that its board has initiated a stock buyback plan on Wednesday, October 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
In other Amgen news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $185.95, for a total transaction of $283,573.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of AMGN. Janus Henderson Group PLC lifted its stake in Amgen by 3,664.7% during the 2nd quarter. Janus Henderson Group PLC now owns 3,699,351 shares of the medical research company’s stock valued at $637,139,000 after acquiring an additional 3,601,087 shares during the period. FMR LLC increased its position in shares of Amgen by 4.8% during the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after purchasing an additional 2,587,041 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Amgen by 40.9% during the 2nd quarter. Renaissance Technologies LLC now owns 3,400,145 shares of the medical research company’s stock valued at $585,607,000 after purchasing an additional 986,700 shares during the last quarter. BlackRock Inc. increased its position in shares of Amgen by 1.9% during the 2nd quarter. BlackRock Inc. now owns 49,451,203 shares of the medical research company’s stock valued at $8,516,980,000 after purchasing an additional 909,689 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Amgen by 12.9% during the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after purchasing an additional 806,119 shares during the last quarter. Institutional investors and hedge funds own 78.13% of the company’s stock.
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).
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