Raymond James Upgrades Amgen (NASDAQ:AMGN) to Outperform

Amgen (NASDAQ:AMGN) was upgraded by Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Sunday, Marketbeat Ratings reports. The firm currently has a $255.00 price objective on the medical research company’s stock. Raymond James’ price target indicates a potential upside of 24.76% from the company’s current price.

AMGN has been the topic of a number of other research reports. Oppenheimer cut their price objective on shares of Amgen from $250.00 to $240.00 and set an “outperform” rating on the stock in a report on Thursday, March 26th. Evercore ISI upgraded shares of Amgen from an “in-line” rating to an “outperform” rating in a report on Tuesday, January 21st. Cantor Fitzgerald reiterated a “buy” rating and issued a $255.00 price objective on shares of Amgen in a report on Tuesday, January 14th. BMO Capital Markets boosted their price objective on shares of Amgen from $240.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, January 9th. Finally, Morgan Stanley cut their price objective on shares of Amgen from $280.00 to $277.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have issued a buy rating to the stock. Amgen presently has a consensus rating of “Hold” and a consensus price target of $238.65.

Amgen stock traded down $4.09 during trading on Friday, reaching $204.39. 1,279,143 shares of the company’s stock were exchanged, compared to its average volume of 4,660,025. The company’s 50-day moving average is $208.92 and its two-hundred day moving average is $217.79. The company has a debt-to-equity ratio of 2.79, a quick ratio of 1.16 and a current ratio of 1.44. Amgen has a 52-week low of $166.30 and a 52-week high of $244.99. The firm has a market cap of $116.94 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.34 and a beta of 1.10.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Thursday, January 30th. The medical research company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.17. Amgen had a net margin of 33.57% and a return on equity of 85.52%. The firm had revenue of $6.20 billion during the quarter, compared to analysts’ expectations of $6.04 billion. During the same period in the prior year, the company earned $3.42 EPS. The firm’s revenue was down .5% on a year-over-year basis. Analysts anticipate that Amgen will post 15.48 EPS for the current year.

In other Amgen news, SVP David Piacquad sold 9,264 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $229.93, for a total value of $2,130,071.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R Sanders Williams sold 425 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $233.72, for a total transaction of $99,331.00. Following the completion of the transaction, the director now owns 4,988 shares of the company’s stock, valued at approximately $1,165,795.36. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. Lowe Brockenbrough & Co. Inc. boosted its holdings in shares of Amgen by 0.5% in the third quarter. Lowe Brockenbrough & Co. Inc. now owns 30,380 shares of the medical research company’s stock valued at $5,879,000 after acquiring an additional 155 shares in the last quarter. Blair William & Co. IL boosted its holdings in shares of Amgen by 4.7% in the fourth quarter. Blair William & Co. IL now owns 110,580 shares of the medical research company’s stock valued at $26,657,000 after acquiring an additional 4,995 shares in the last quarter. Evoke Wealth LLC bought a new position in shares of Amgen in the third quarter valued at approximately $507,000. JT Stratford LLC boosted its holdings in shares of Amgen by 12.4% in the third quarter. JT Stratford LLC now owns 10,903 shares of the medical research company’s stock valued at $2,110,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Stephenson National Bank & Trust bought a new position in shares of Amgen in the fourth quarter valued at approximately $121,000. Hedge funds and other institutional investors own 77.36% of the company’s stock.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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Analyst Recommendations for Amgen (NASDAQ:AMGN)

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