Amgen (AMGN) PT Lowered to $183.00 at Royal Bank of Canada
Amgen (NASDAQ:AMGN) had its price target decreased by Royal Bank of Canada to $183.00 in a report published on Wednesday morning. Royal Bank of Canada currently has a sector perform rating on the medical research company’s stock.
A number of other research analysts have also commented on AMGN. Cowen reissued a buy rating and set a $204.00 price target on shares of Amgen in a report on Tuesday. Mizuho set a $200.00 price target on Amgen and gave the company a buy rating in a report on Tuesday. ValuEngine lowered Amgen from a buy rating to a hold rating in a report on Monday, April 2nd. Zacks Investment Research lowered Amgen from a buy rating to a hold rating in a report on Tuesday, April 17th. Finally, Barclays lowered their target price on Amgen from $190.00 to $180.00 and set an equal weight rating on the stock in a report on Thursday, April 5th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Amgen has an average rating of Hold and an average price target of $190.48.
Shares of AMGN opened at $177.46 on Wednesday. The firm has a market cap of $116,043.38, a PE ratio of 14.11, a price-to-earnings-growth ratio of 2.05 and a beta of 1.36. The company has a current ratio of 3.88, a quick ratio of 5.17 and a debt-to-equity ratio of 2.14. Amgen has a one year low of $152.16 and a one year high of $201.23.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 17th will be paid a $1.32 dividend. The ex-dividend date of this dividend is Wednesday, May 16th. This represents a $5.28 dividend on an annualized basis and a yield of 2.98%. Amgen’s dividend payout ratio is currently 41.97%.
Amgen declared that its Board of Directors has authorized a share buyback program on Thursday, February 1st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
In related news, EVP Sean E. Harper sold 1,525 shares of Amgen stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $174.18, for a total value of $265,624.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 4,575 shares of company stock worth $818,330 in the last three months. 0.19% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in Amgen by 4.8% during the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock worth $9,817,037,000 after acquiring an additional 2,587,041 shares during the period. Vanguard Group Inc. boosted its position in Amgen by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock worth $8,981,266,000 after acquiring an additional 489,720 shares during the period. Bank of New York Mellon Corp boosted its position in Amgen by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,166,002 shares of the medical research company’s stock worth $1,522,551,000 after acquiring an additional 140,117 shares during the period. Geode Capital Management LLC boosted its position in Amgen by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 8,110,133 shares of the medical research company’s stock worth $1,407,552,000 after acquiring an additional 199,838 shares during the period. Finally, Nordea Investment Management AB boosted its position in Amgen by 12.9% during the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock worth $1,212,602,000 after acquiring an additional 806,119 shares during the period. 85.76% of the stock is currently owned by hedge funds and other institutional investors.
Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.
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