Analysts Set Amgen Inc. (NASDAQ:AMGN) Price Target at $297.40

Shares of Amgen Inc. (NASDAQ:AMGN) have been assigned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are covering the company, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $305.05.

A number of research analysts recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $350.00 price objective on shares of Amgen in a research note on Thursday, February 1st. Royal Bank of Canada decreased their price target on Amgen from $332.00 to $328.00 and set an “outperform” rating on the stock in a research report on Friday. TD Cowen reduced their price objective on shares of Amgen from $370.00 to $360.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. Raymond James initiated coverage on shares of Amgen in a report on Thursday, March 28th. They issued a “market perform” rating for the company. Finally, Truist Financial reiterated a “buy” rating and issued a $320.00 price objective on shares of Amgen in a research report on Friday, April 12th.

Insider Buying and Selling at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the transaction, the senior vice president now directly owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Amgen

Large investors have recently made changes to their positions in the business. Richardson Financial Services Inc. raised its holdings in Amgen by 32.3% in the 1st quarter. Richardson Financial Services Inc. now owns 1,968 shares of the medical research company’s stock worth $560,000 after acquiring an additional 480 shares during the last quarter. Catalina Capital Group LLC raised its holdings in Amgen by 65.0% in the 1st quarter. Catalina Capital Group LLC now owns 2,000 shares of the medical research company’s stock worth $569,000 after acquiring an additional 788 shares during the last quarter. Avidian Wealth Solutions LLC raised its holdings in Amgen by 10.2% in the 1st quarter. Avidian Wealth Solutions LLC now owns 3,304 shares of the medical research company’s stock worth $939,000 after acquiring an additional 307 shares during the last quarter. Southern Capital Advisors LLC raised its holdings in Amgen by 106.3% in the 1st quarter. Southern Capital Advisors LLC now owns 1,436 shares of the medical research company’s stock worth $408,000 after acquiring an additional 740 shares during the last quarter. Finally, TFB Advisors LLC raised its holdings in Amgen by 56.9% in the 1st quarter. TFB Advisors LLC now owns 3,643 shares of the medical research company’s stock worth $1,010,000 after acquiring an additional 1,321 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen Stock Up 11.8 %

AMGN opened at $311.29 on Wednesday. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13. The company’s 50-day moving average is $274.51 and its 200 day moving average is $281.33. Amgen has a fifty-two week low of $211.71 and a fifty-two week high of $329.72. The firm has a market capitalization of $166.97 billion, a P/E ratio of 24.92, a PEG ratio of 2.68 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. The company had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.45 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The firm’s revenue was up 22.0% on a year-over-year basis. During the same period last year, the firm earned $3.98 earnings per share. Research analysts expect that Amgen will post 19.43 earnings per share for the current fiscal year.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $9.00 annualized dividend and a yield of 2.89%. Amgen’s payout ratio is 72.06%.

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.