Amgen (NASDAQ:AMGN) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Amgen (NASDAQ:AMGN) in a research note issued to investors on Friday morning, 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.

Other analysts have also issued reports about the company. Bank of America boosted their price objective on Amgen from $325.00 to $330.00 and gave the company a neutral rating in a report on Wednesday, August 7th. Robert W. Baird restated an underperform rating and set a $215.00 price objective on shares of Amgen in a research report on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $305.00 target price (down from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. TD Cowen upped their price target on shares of Amgen from $360.00 to $381.00 and gave the stock a buy rating in a research report on Wednesday, August 7th. Finally, Argus increased their price objective on shares of Amgen from $300.00 to $340.00 and gave the stock a buy rating in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $325.55.

Amgen Price Performance

Shares of Amgen stock opened at $322.21 on Friday. The business’s fifty day moving average price is $328.49 and its 200 day moving average price is $308.12. Amgen has a twelve month low of $249.70 and a twelve month high of $346.85. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $172.84 billion, a P/E ratio of 46.03, a PEG ratio of 2.98 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 previous year, the firm posted $5.00 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, research analysts anticipate that Amgen will post 19.49 earnings per share for the current year.

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Stockholders of record on Friday, August 16th were given a dividend of $2.25 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.79%. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Institutional Investors Weigh In On Amgen

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Strategic Financial Concepts LLC acquired a new stake in Amgen during the 2nd quarter worth about $26,000. Horizon Financial Services LLC acquired a new stake in shares of Amgen during the first quarter valued at approximately $28,000. United Community Bank acquired a new stake in shares of Amgen during the fourth quarter valued at approximately $29,000. Hershey Financial Advisers LLC purchased a new stake in shares of Amgen in the 2nd quarter valued at approximately $30,000. Finally, nVerses Capital LLC acquired a new position in Amgen in the 2nd quarter worth approximately $31,000. 76.50% of the stock is 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.