Amgen (NASDAQ:AMGN) Price Target Raised to $315.00 at Citigroup

Amgen (NASDAQ:AMGN) had its target price lifted by Citigroup from $310.00 to $315.00 in a research note issued to investors on Wednesday morning,MarketScreener reports. The brokerage currently has a neutral rating on the medical research company’s stock.

AMGN has been the subject of several other reports. Wall Street Zen cut Amgen from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Cantor Fitzgerald reissued a “neutral” rating and issued a $305.00 price objective on shares of Amgen in a research report on Tuesday, June 24th. William Blair reissued an “outperform” rating on shares of Amgen in a research report on Tuesday, June 24th. Morgan Stanley increased their price objective on Amgen from $330.00 to $333.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 6th. Finally, Piper Sandler increased their price objective on Amgen from $328.00 to $342.00 and gave the company an “overweight” rating in a research report on Monday, August 25th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $309.15.

Amgen Stock Down 2.6%

Shares of Amgen stock opened at $279.22 on Wednesday. The stock has a market capitalization of $150.32 billion, a P/E ratio of 22.83, a PEG ratio of 2.49 and a beta of 0.49. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24. The stock has a 50 day moving average price of $289.84 and a two-hundred day moving average price of $289.92. Amgen has a 12-month low of $253.30 and a 12-month high of $335.88.

Amgen (NASDAQ:AMGN) last announced its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.28 by $0.74. The firm had revenue of $9.18 billion during the quarter, compared to analysts’ expectations of $8.86 billion. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.97 earnings per share. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Equities analysts expect that Amgen will post 20.62 earnings per share for the current year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 22nd were paid a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Friday, August 22nd. Amgen’s dividend payout ratio is presently 77.84%.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total transaction of $376,286.33. Following the completion of the transaction, the senior vice president directly owned 7,209 shares in the company, valued at $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Amgen by 1.6% during the second quarter. Vanguard Group Inc. now owns 53,711,570 shares of the medical research company’s stock worth $14,996,807,000 after acquiring an additional 841,117 shares in the last quarter. State Street Corp raised its stake in Amgen by 0.6% during the second quarter. State Street Corp now owns 29,357,026 shares of the medical research company’s stock worth $8,196,775,000 after acquiring an additional 177,035 shares in the last quarter. Geode Capital Management LLC raised its stake in Amgen by 2.3% during the second quarter. Geode Capital Management LLC now owns 13,018,617 shares of the medical research company’s stock worth $3,619,489,000 after acquiring an additional 291,271 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Amgen by 5.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 12,893,677 shares of the medical research company’s stock worth $3,600,043,000 after acquiring an additional 687,735 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its stake in shares of Amgen by 27,765.8% in the second quarter. Laurel Wealth Advisors LLC now owns 6,700,621 shares of the medical research company’s stock valued at $1,870,880,000 after buying an additional 6,676,575 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

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.