Amgen (AMGN) Lowered to “Buy” at Goldman Sachs Group
Amgen (NASDAQ:AMGN) was downgraded by equities researchers at Goldman Sachs Group from a “conviction-buy” rating to a “buy” rating in a research note issued to investors on Friday, The Fly reports.
Other research analysts have also recently issued reports about the company. Oppenheimer restated a “buy” rating and set a $203.00 price target on shares of Amgen in a research note on Friday, October 6th. Mizuho restated a “buy” rating and set a $198.00 price target on shares of Amgen in a research note on Friday, October 6th. Cann reiterated a “buy” rating on shares of Amgen in a research note on Monday, August 28th. Bank of America increased their price objective on Amgen to $210.00 and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, Jefferies Group reiterated a “buy” rating and issued a $200.00 price objective on shares of Amgen in a research note on Monday, September 25th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Amgen has a consensus rating of “Hold” and an average price target of $190.22.
Amgen (NASDAQ:AMGN) opened at $174.92 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 5.72 and a current ratio of 6.07. Amgen has a 52 week low of $145.12 and a 52 week high of $191.10. The company has a market capitalization of $128,762.02, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 2.57 and a beta of 1.36.
Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Wednesday, October 25th. The medical research company reported $3.27 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.16. Amgen had a return on equity of 29.90% and a net margin of 35.54%. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.75 billion. During the same period in the prior year, the firm earned $3.02 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. sell-side analysts predict that Amgen will post 12.66 EPS for the current fiscal year.
Amgen declared that its Board of Directors has initiated a stock repurchase program on Wednesday, October 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical research company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In other Amgen news, Director Carbonnel Francois De sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $173.61, for a total transaction of $694,440.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sean E. Harper sold 1,525 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $171.58, for a total value of $261,659.50. Following the transaction, the executive vice president now directly owns 57,631 shares in the company, valued at approximately $9,888,326.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,575 shares of company stock worth $1,509,339. Corporate insiders own 0.19% of the company’s stock.
Several hedge funds have recently modified their holdings of AMGN. Proficio Capital Partners acquired a new stake in shares of Amgen during the 4th quarter valued at approximately $28,000. Baker Ellis Asset Management LLC acquired a new stake in shares of Amgen during the 3rd quarter valued at approximately $108,000. TrimTabs Asset Management LLC lifted its position in shares of Amgen by 88.9% during the 1st quarter. TrimTabs Asset Management LLC now owns 612 shares of the medical research company’s stock valued at $100,000 after acquiring an additional 288 shares during the period. New York Life Trust Co. lifted its position in shares of Amgen by 54.8% during the 3rd quarter. New York Life Trust Co. now owns 624 shares of the medical research company’s stock valued at $104,000 after acquiring an additional 221 shares during the period. Finally, Alpha Omega Wealth Management LLC lifted its position in shares of Amgen by 19.0% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 625 shares of the medical research company’s stock valued at $103,000 after acquiring an additional 100 shares during the period. 78.62% of the stock is currently owned by institutional investors.
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).
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