Citigroup Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its price target cut by Citigroup from $335.00 to $310.00 in a research note published on Wednesday.

AMGN has been the topic of a number of other research reports. Robert W. Baird reaffirmed an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research report on Wednesday, September 25th. Wolfe Research initiated coverage on Amgen in a research report on Friday, November 15th. They issued a “peer perform” rating on the stock. Redburn Partners dropped their price objective on Amgen from $200.00 to $195.00 in a research note on Wednesday. Oppenheimer restated an “outperform” rating and set a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. Finally, Wells Fargo & Company cut shares of Amgen from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Amgen currently has an average rating of “Hold” and a consensus target price of $323.05.

Amgen Trading Up 1.0 %

Shares of AMGN stock opened at $282.87 on Wednesday. Amgen has a twelve month low of $257.80 and a twelve month high of $346.85. The stock has a market cap of $152.05 billion, a price-to-earnings ratio of 36.22, a PEG ratio of 2.50 and a beta of 0.60. The company’s 50-day moving average price is $311.37 and its 200-day moving average price is $317.14. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last released 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. The firm had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.96 EPS. As a group, equities analysts predict that Amgen will post 19.52 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be given a dividend of $2.25 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a dividend yield of 3.18%. Amgen’s dividend payout ratio is presently 115.24%.

Institutional Investors Weigh In On Amgen

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Amgen during the third quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Amgen during the second quarter worth approximately $26,000. Legacy Investment Solutions LLC acquired a new position in shares of Amgen in the 3rd quarter valued at $29,000. Hershey Financial Advisers LLC acquired a new stake in Amgen during the 2nd quarter worth $30,000. Finally, nVerses Capital LLC purchased a new position in Amgen during the 2nd quarter worth $31,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Company Profile

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.