Amgen (NASDAQ:AMGN) was downgraded by investment analysts at Citigroup to a “neutral” rating in a note issued to investors on Monday, The Fly reports.
Other equities research analysts have also issued research reports about the stock. BMO Capital Markets reaffirmed a “market perform” rating and set a $198.00 target price on shares of Amgen in a report on Thursday, October 26th. Cann reaffirmed a “buy” rating on shares of Amgen in a report on Monday, August 28th. Oppenheimer reaffirmed a “buy” rating and set a $203.00 target price on shares of Amgen in a report on Thursday, September 7th. Mizuho reaffirmed a “buy” rating and set a $198.00 target price (up previously from $183.00) on shares of Amgen in a report on Thursday, September 28th. Finally, Zacks Investment Research lowered shares of Amgen from a “buy” rating to a “hold” rating in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $190.22.
Shares of Amgen (NASDAQ:AMGN) opened at $177.04 on Monday. The company has a market cap of $128,515.28, a price-to-earnings ratio of 14.07, a P/E/G ratio of 2.57 and a beta of 1.36. The company has a quick ratio of 5.72, a current ratio of 6.07 and a debt-to-equity ratio of 1.05. Amgen has a 1-year low of $145.12 and a 1-year high of $191.10.
Amgen declared that its board has approved a share buyback plan on Wednesday, October 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Amgen news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $185.95, for a total value of $283,573.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carbonnel Francois De sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $173.61, for a total transaction of $694,440.00. The disclosure for this sale can be found here. Insiders sold 8,575 shares of company stock worth $1,509,339 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of AMGN. RNC Capital Management LLC lifted its position in shares of Amgen by 10.0% during the first quarter. RNC Capital Management LLC now owns 129,993 shares of the medical research company’s stock worth $21,328,000 after purchasing an additional 11,822 shares in the last quarter. Meadow Creek Investment Management LLC lifted its position in shares of Amgen by 22.4% during the first quarter. Meadow Creek Investment Management LLC now owns 25,200 shares of the medical research company’s stock worth $4,135,000 after purchasing an additional 4,608 shares in the last quarter. Affinity Investment Advisors LLC lifted its position in shares of Amgen by 1.0% during the first quarter. Affinity Investment Advisors LLC now owns 86,970 shares of the medical research company’s stock worth $14,269,000 after purchasing an additional 884 shares in the last quarter. Main Street Research LLC raised its holdings in Amgen by 1.0% in the first quarter. Main Street Research LLC now owns 68,468 shares of the medical research company’s stock valued at $11,233,000 after acquiring an additional 692 shares in the last quarter. Finally, Morningstar Investment Services LLC raised its holdings in Amgen by 283.8% in the first quarter. Morningstar Investment Services LLC now owns 497,503 shares of the medical research company’s stock valued at $81,625,000 after acquiring an additional 367,894 shares in the last quarter. 78.62% of the stock is currently owned by institutional investors and hedge funds.
TRADEMARK VIOLATION NOTICE: This article was first posted by American Banking and Market News and is the property of of American Banking and Market News. If you are accessing this article on another site, it was illegally copied and reposted in violation of United States and international copyright legislation. The legal version of this article can be read at https://www.americanbankingnews.com/2017/12/18/citigroup-lowers-amgen-amgn-to-neutral.html.
Amgen Company Profile
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).
