Amgen (NASDAQ:AMGN) Given New $295.00 Price Target at Citigroup

Amgen (NASDAQ:AMGN) had its price target lowered by Citigroup from $310.00 to $295.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the medical research company’s stock.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $324.00 price objective on shares of Amgen in a research note on Friday, January 24th. William Blair restated an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Sanford C. Bernstein began coverage on shares of Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price objective on the stock. Wolfe Research began coverage on shares of Amgen in a research note on Friday, November 15th. They issued a “peer perform” rating on the stock. Finally, Piper Sandler lowered their price objective on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $314.00.

Amgen Trading Down 0.9 %

Shares of AMGN stock opened at $280.30 on Tuesday. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The business’s 50 day moving average is $271.47 and its two-hundred day moving average is $305.51. The company has a market cap of $150.67 billion, a PE ratio of 35.89, a price-to-earnings-growth ratio of 2.78 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating the consensus estimate of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter last year, the company posted $4.96 earnings per share. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. Equities analysts predict that Amgen will post 19.56 EPS for the current year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a yield of 3.40%. This is a positive change from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date is Friday, February 14th. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Hedge Funds Weigh In On Amgen

Several institutional investors have recently modified their holdings of the stock. Cadinha & Co. LLC grew its position in shares of Amgen by 0.6% during the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock worth $1,678,000 after buying an additional 32 shares during the period. Lansing Street Advisors grew its position in shares of Amgen by 1.3% during the 3rd quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock worth $832,000 after buying an additional 32 shares during the period. Unionview LLC grew its position in shares of Amgen by 3.8% during the 3rd quarter. Unionview LLC now owns 876 shares of the medical research company’s stock worth $282,000 after buying an additional 32 shares during the period. Traveka Wealth LLC grew its position in shares of Amgen by 4.3% in the 3rd quarter. Traveka Wealth LLC now owns 807 shares of the medical research company’s stock valued at $260,000 after purchasing an additional 33 shares during the period. Finally, AM Investment Strategies LLC grew its position in shares of Amgen by 0.4% in the 3rd quarter. AM Investment Strategies LLC now owns 7,471 shares of the medical research company’s stock valued at $2,407,000 after purchasing an additional 33 shares during the period. 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.