Amgen (NASDAQ:AMGN) Now Covered by Analysts at Citigroup

by · The Markets Daily

Citigroup initiated coverage on shares of Amgen (NASDAQ:AMGN – Free Report) in a report released on Thursday morning, MarketBeat.com reports. The firm issued a neutral rating and a $335.00 price objective on the medical research company’s stock.

Other analysts have also recently issued research reports about the stock. Oppenheimer reiterated an “outperform” rating and issued a $380.00 price objective on shares of Amgen in a research note on Wednesday, August 7th. Barclays raised their price objective on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Wells Fargo & Company cut shares of Amgen from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Amgen from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Truist Financial cut shares of Amgen from a “buy” rating to a “hold” rating and lifted their target price for the stock from $320.00 to $333.00 in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $333.57.

Check Out Our Latest Stock Analysis on Amgen

Amgen Stock Down 4.3 %

Shares of NASDAQ AMGN traded down $12.60 during mid-day trading on Thursday, reaching $283.33. The company had a trading volume of 3,775,470 shares, compared to its average volume of 2,446,816. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The firm has a 50 day simple moving average of $321.59 and a two-hundred day simple moving average of $318.00. The stock has a market cap of $152.30 billion, a P/E ratio of 36.44, a PEG ratio of 2.69 and a beta of 0.60. Amgen has a 52-week low of $260.52 and a 52-week high of $346.85.

Amgen (NASDAQ:AMGN – Get Free Report) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. The business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.96 earnings per share. Sell-side analysts predict that Amgen will post 19.51 earnings per share for the current year.

Amgen Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in Amgen during the 3rd quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Amgen in the 2nd quarter valued at about $26,000. Hershey Financial Advisers LLC bought a new stake in shares of Amgen in the 2nd quarter valued at about $30,000. nVerses Capital LLC bought a new stake in shares of Amgen in the 2nd quarter valued at about $31,000. Finally, Bbjs Financial Advisors LLC bought a new stake in shares of Amgen in the 2nd quarter valued at about $33,000. 76.50% of the stock is owned by institutional investors.

Amgen Company Profile

(Get Free Report)

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.

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