Amgen (NASDAQ:AMGN) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Amgen (NASDAQ:AMGN) in a report published on Friday, MarketBeat.com reports. The brokerage issued an overweight rating and a $405.00 price objective on the medical research company’s stock. Cantor Fitzgerald also issued estimates for Amgen’s FY2024 earnings at $19.48 EPS.

Several other brokerages have also weighed in on AMGN. Dbs Bank raised shares of Amgen to a strong-buy rating in a research report on Monday, September 16th. Robert W. Baird reaffirmed an underperform rating and issued a $215.00 price target on shares of Amgen in a research report on Wednesday, September 25th. TD Cowen upped their price target on Amgen from $360.00 to $381.00 and gave the stock a buy rating in a research note on Wednesday, August 7th. Bank of America raised their price objective on Amgen from $325.00 to $330.00 and gave the company a neutral rating in a research note on Wednesday, August 7th. Finally, Oppenheimer reaffirmed an outperform rating and set a $380.00 target price on shares of Amgen in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Amgen has an average rating of Moderate Buy and a consensus price target of $325.55.

Amgen Stock Down 0.1 %

AMGN stock opened at $322.21 on Friday. The company has a 50 day moving average of $328.49 and a two-hundred day moving average of $308.12. The company has a market cap of $172.84 billion, a price-to-earnings ratio of 46.03, a PEG ratio of 2.98 and a beta of 0.61. Amgen has a 12-month low of $249.70 and a 12-month high of $346.85. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.01 by ($0.04). Amgen had a return on equity of 161.72% and a net margin of 10.12%. The firm had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.35 billion. During the same quarter in the prior year, the business posted $5.00 earnings per share. Amgen’s revenue was up 20.1% on a year-over-year basis. On average, equities analysts anticipate that Amgen will post 19.49 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were paid a $2.25 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.79%. Amgen’s payout ratio is currently 128.57%.

Institutional Investors Weigh In On Amgen

Institutional investors have recently added to or reduced their stakes in the stock. Keynote Financial Services LLC boosted its stake in Amgen by 0.6% in the 2nd quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock valued at $1,530,000 after buying an additional 30 shares in the last quarter. Ascent Group LLC grew its holdings in shares of Amgen by 0.3% in the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock worth $3,421,000 after purchasing an additional 31 shares during the last quarter. RFP Financial Group LLC increased its position in shares of Amgen by 17.1% during the 1st quarter. RFP Financial Group LLC now owns 219 shares of the medical research company’s stock worth $62,000 after purchasing an additional 32 shares in the last quarter. Hofer & Associates. Inc increased its position in shares of Amgen by 0.5% during the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock worth $2,024,000 after purchasing an additional 32 shares in the last quarter. Finally, Blossom Wealth Management lifted its holdings in Amgen by 3.3% during the 2nd quarter. Blossom Wealth Management now owns 1,023 shares of the medical research company’s stock valued at $320,000 after purchasing an additional 33 shares during the last quarter. 76.50% of the stock is 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.