Amgen Given “Neutral” Rating at Zacks (AMGN)
Amgen (NASDAQ:AMGN)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Friday, Analyst Ratings Network reports. They currently have a $119.00 target price on the stock. Zacks‘ target price suggests a potential upside of 4.88% from the stock’s previous close.
Zacks‘ analyst wrote, “Amgen reported second quarter EPS of $1.88, up 3.3% and 17 cents above the Zacks Consensus Estimate. Revenues increased 5% to $4.7 billion, topping the Zacks Consensus Estimate of $4.5 billion. At first glance, Amgen’s second quarter results look impressive with the company beating by a huge margin. However, revenues included a positive Medicaid adjustment impact which boosted the bottom line by 16 cents. Earnings also benefited from a lower tax rate and share count. Amgen should be able to deliver on its long-term strategy based on expansion in key markets, launch of new manufacturing technologies, and pipeline development. We are also positive on the upcoming Onyx acquisition which should help make help make up for a part of the revenues that will be lost to generic competition. We expect 2013 and 2014 to be important for Amgen with results on several key pipeline candidates expected.”
Amgen (NASDAQ:AMGN) traded up 1.07% during mid-day trading on Friday, hitting $114.67. The stock had a trading volume of 1,730,280 shares. Amgen has a one year low of $80.60 and a one year high of $116.25. The stock’s 50-day moving average is $109.0 and its 200-day moving average is $103.1. The company has a market cap of $86.387 billion and a price-to-earnings ratio of 19.12.
Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.89 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.74 by $0.15. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.49 billion. During the same quarter last year, the company posted $1.83 earnings per share. Amgen’s revenue was up 4.5% compared to the same quarter last year. On average, analysts predict that Amgen will post $7.26 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a “buy” rating on shares of Amgen (NASDAQ:AMGN) in a research note to investors on Monday. Separately, analysts at Goldman Sachs Group Inc. reiterated a “conviction-buy” rating on shares of Amgen (NASDAQ:AMGN) in a research note to investors on Tuesday, September 3rd. They now have a $130.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of Amgen (NASDAQ:AMGN) from $121.00 to $124.00 in a research note to investors on Thursday, August 29th. They now have a “buy” rating on the stock.
Eleven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $117.64.
In other Amgen news, EVP Madhavan Balachandran sold 18,000 shares of Amgen stock on the open market in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $112.76, for a total value of $2,029,680.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Amgen Inc is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.