Amgen (NASDAQ:AMGN) Price Target Cut to $280.00 by Analysts at Wells Fargo & Company

Amgen (NASDAQ:AMGN) had its target price trimmed by Wells Fargo & Company from $335.00 to $280.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an equal weight rating on the medical research company’s stock.

Other equities research analysts also recently issued research reports about the company. Piper Sandler cut their price objective on Amgen from $344.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, January 2nd. Royal Bank of Canada decreased their price target on Amgen from $360.00 to $330.00 and set an “outperform” rating for the company in a research report on Wednesday, November 27th. Bank of America restated an “underperform” rating and set a $256.00 price objective on shares of Amgen in a report on Tuesday, December 10th. Wolfe Research initiated coverage on shares of Amgen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Leerink Partners cut their price target on shares of Amgen from $349.00 to $302.00 in a report on Wednesday, November 27th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $314.91.

Amgen Stock Down 0.7 %

AMGN opened at $262.23 on Friday. The stock’s fifty day moving average is $279.10 and its 200-day moving average is $308.76. Amgen has a one year low of $253.30 and a one year high of $346.85. The company has a market capitalization of $140.96 billion, a PE ratio of 33.58, a P/E/G ratio of 2.91 and a beta of 0.56. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. During the same period in the prior year, the company earned $4.96 EPS. Amgen’s revenue was up 23.2% on a year-over-year basis. On average, equities analysts predict that Amgen will post 19.53 EPS for the current fiscal year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.63%. This is a boost from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date is Friday, February 14th. Amgen’s payout ratio is presently 121.90%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of Amgen in the third quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new stake in Amgen in the 3rd quarter valued at approximately $29,000. Hershey Financial Advisers LLC bought a new position in Amgen in the 2nd quarter worth approximately $30,000. Matrix Trust Co acquired a new position in shares of Amgen during the third quarter worth approximately $36,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Amgen in the third quarter valued at approximately $56,000. 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.