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

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

Other analysts also recently issued reports about the stock. Truist Financial lowered their price objective on shares of Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a report on Wednesday. StockNews.com downgraded shares of Amgen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 18th. Dbs Bank upgraded Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Wolfe Research began coverage on Amgen in a research note on Friday, November 15th. They set a “peer perform” rating for the company. Finally, Barclays raised their price target 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. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Amgen presently has an average rating of “Hold” and an average target price of $314.91.

Amgen Trading Down 0.7 %

Shares of NASDAQ AMGN opened at $262.23 on Friday. The company has a market cap 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 current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The company has a 50-day moving average of $279.10 and a two-hundred day moving average of $308.76. Amgen has a 1-year low of $253.30 and a 1-year high of $346.85.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.96 earnings per share. As a group, equities analysts expect that Amgen will post 19.53 earnings per share for the current fiscal year.

Amgen Increases Dividend

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

Institutional Trading of Amgen

Large investors have recently bought and sold shares of the business. Graypoint LLC boosted its position in shares of Amgen by 42.1% during the 4th quarter. Graypoint LLC now owns 7,339 shares of the medical research company’s stock valued at $1,913,000 after purchasing an additional 2,175 shares in the last quarter. HBW Advisory Services LLC boosted its holdings in shares of Amgen by 1.0% during the 4th quarter. HBW Advisory Services LLC now owns 8,559 shares of the medical research company’s stock worth $2,231,000 after buying an additional 88 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Amgen by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 11,712 shares of the medical research company’s stock worth $3,053,000 after buying an additional 285 shares in the last quarter. ORG Wealth Partners LLC grew its position in shares of Amgen by 10.6% during the 4th quarter. ORG Wealth Partners LLC now owns 1,227 shares of the medical research company’s stock worth $320,000 after buying an additional 118 shares during the period. Finally, Ridgewood Investments LLC increased its stake in shares of Amgen by 11,422.2% in the 4th quarter. Ridgewood Investments LLC now owns 2,074 shares of the medical research company’s stock valued at $541,000 after acquiring an additional 2,056 shares in the last quarter. 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.