Amgen Inc. (AMGN) Stock Rating Reaffirmed by Cann
Cann reiterated their buy rating on shares of Amgen Inc. (NASDAQ:AMGN) in a research note published on Wednesday. They currently have a $203.00 price objective on the medical research company’s stock, up from their prior price objective of $189.00.
“Amgen reported GAAP earnings per share of $2.91, which is 3.2% higher than our estimate of $2.83. Earnings exceeded our expectations due to higher than estimated product sales and a lower than estimated tax rate. Higher than estimated product sales were primarily driven by higher sales of Aranesp, Kyprolis, Blincyto, and Sensipar. Nearly all of Amgen’s products exceeded our estimates for International sales. Total product sales of $5.57 billion exceeded our estimated $5.47 billion by 1.8% and exceeded consensus product sales by 2.7%.”,” Cann’s analyst commented.
A number of other equities research analysts have also recently commented on AMGN. Mizuho set a $195.00 price target on shares of Amgen and gave the stock a buy rating in a report on Saturday, May 6th. UBS AG restated a neutral rating and issued a $174.00 price target (down from $175.00) on shares of Amgen in a report on Monday, May 22nd. Jefferies Group LLC restated a buy rating and issued a $195.00 price target on shares of Amgen in a report on Tuesday, July 11th. BMO Capital Markets cut shares of Amgen from an outperform rating to a market perform rating and set a $199.00 price target for the company. in a report on Friday, July 21st. They noted that the move was a valuation call. Finally, Oppenheimer Holdings, Inc. restated an outperform rating and issued a $189.00 price target on shares of Amgen in a report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eleven have issued a buy rating and three have given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $186.64.
Shares of Amgen (NASDAQ:AMGN) opened at 174.54 on Wednesday. The company has a 50-day moving average of $172.48 and a 200 day moving average of $166.30. The company has a market capitalization of $127.36 billion, a PE ratio of 15.90 and a beta of 1.36. Amgen has a 52-week low of $133.64 and a 52-week high of $184.21.
Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, July 25th. The medical research company reported $3.27 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.16. The business had revenue of $5.81 billion during the quarter, compared to analysts’ expectations of $5.67 billion. Amgen had a net margin of 35.46% and a return on equity of 29.85%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $2.84 earnings per share. Analysts predict that Amgen will post $12.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Thursday, August 17th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 2.64%. Amgen’s dividend payout ratio is 41.93%.
In other Amgen news, SVP Cynthia M. Patton sold 2,922 shares of Amgen stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $154.40, for a total value of $451,156.80. Following the sale, the senior vice president now owns 24,214 shares of the company’s stock, valued at $3,738,641.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Camelot Portfolios LLC bought a new stake in shares of Amgen during the first quarter valued at approximately $1,429,000. Private Asset Management Inc. raised its stake in shares of Amgen by 117.8% in the first quarter. Private Asset Management Inc. now owns 3,591 shares of the medical research company’s stock valued at $589,000 after buying an additional 1,942 shares in the last quarter. Cadence Bank NA raised its stake in shares of Amgen by 6.2% in the first quarter. Cadence Bank NA now owns 3,376 shares of the medical research company’s stock valued at $554,000 after buying an additional 197 shares in the last quarter. Stillwater Capital Advisors LLC bought a new stake in shares of Amgen during the first quarter valued at approximately $202,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of Amgen during the fourth quarter valued at approximately $275,209,000. 78.87% of the stock is currently owned by institutional investors and hedge funds.
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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