Wells Fargo & Company Cuts Amgen (NASDAQ:AMGN) Price Target to $280.00

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

Other equities analysts have also issued research reports about the company. Truist Financial cut their price target on Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Wolfe Research initiated coverage on shares of Amgen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. Robert W. Baird reiterated an “underperform” rating and set a $215.00 price objective on shares of Amgen in a research note on Wednesday, September 25th. Piper Sandler reduced their price objective on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, January 2nd. Finally, Redburn Partners dropped their target price on Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $314.91.

Amgen Price Performance

AMGN stock opened at $262.23 on Friday. 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 stock 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. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85. The company has a 50-day moving average price of $279.10 and a 200 day moving average price of $308.66.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data 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 company had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.96 EPS. Equities research analysts anticipate that Amgen will post 19.53 earnings per share for the current year.

Amgen Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in shares of Amgen during the third quarter worth $25,000. Legacy Investment Solutions LLC purchased a new position in Amgen during the 3rd quarter valued at about $29,000. Hershey Financial Advisers LLC acquired a new position in Amgen in the 2nd quarter valued at about $30,000. Matrix Trust Co acquired a new position in Amgen in the 3rd quarter valued at about $36,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Amgen during the third quarter worth about $56,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

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.