TD Cowen Cuts Amgen (NASDAQ:AMGN) Price Target to $360.00

Amgen (NASDAQ:AMGN) had its price target lowered by TD Cowen from $370.00 to $360.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

A number of other equities research analysts also recently weighed in on the stock. Oppenheimer reiterated an outperform rating and issued a $350.00 price target on shares of Amgen in a research report on Thursday, February 1st. Daiwa Capital Markets raised Amgen from a neutral rating to a buy rating and lifted their price objective for the company from $264.00 to $320.00 in a report on Thursday, December 21st. Truist Financial reiterated a buy rating and set a $320.00 target price on shares of Amgen in a research report on Friday, April 12th. BMO Capital Markets upgraded Amgen from a market perform rating to an outperform rating and raised their price target for the stock from $286.00 to $326.00 in a research report on Tuesday, December 19th. Finally, Morgan Stanley cut their price objective on shares of Amgen from $281.00 to $278.00 and set an equal weight rating for the company in a research report on Wednesday, February 7th. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $298.38.

Amgen Stock Performance

Shares of AMGN stock opened at $264.07 on Wednesday. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72. The company has a market capitalization of $141.52 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 2.47 and a beta of 0.58. The company has a 50-day simple moving average of $277.99 and a 200 day simple moving average of $281.37. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.66 by $0.05. Amgen had a return on equity of 154.27% and a net margin of 23.83%. The company had revenue of $8.20 billion for the quarter, compared to the consensus estimate of $8.13 billion. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.09 earnings per share. On average, sell-side analysts predict that Amgen will post 19.47 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Thursday, May 16th. Amgen’s dividend payout ratio is presently 72.06%.

Hedge Funds Weigh In On Amgen

Several institutional investors have recently added to or reduced their stakes in AMGN. Moneta Group Investment Advisors LLC grew its position in shares of Amgen by 83,875.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,541,011 shares of the medical research company’s stock valued at $1,980,571,000 after acquiring an additional 7,532,031 shares during the period. Norges Bank purchased a new position in Amgen in the fourth quarter valued at approximately $1,556,912,000. Price T Rowe Associates Inc. MD grew its holdings in Amgen by 158.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,950,013 shares of the medical research company’s stock valued at $774,791,000 after purchasing an additional 1,806,456 shares during the period. International Assets Investment Management LLC purchased a new stake in Amgen in the fourth quarter worth $4,589,900,000. Finally, Morgan Stanley increased its position in Amgen by 12.9% in the fourth quarter. Morgan Stanley now owns 13,301,365 shares of the medical research company’s stock worth $3,493,471,000 after buying an additional 1,523,665 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

About Amgen

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.