Morgan Stanley Cuts Amgen (NASDAQ:AMGN) Price Target to $196.00

Amgen (NASDAQ:AMGN) had its target price reduced by equities research analysts at Morgan Stanley from $204.00 to $196.00 in a research report issued to clients and investors on Friday, February 2nd. The brokerage presently has an “overweight” rating on the medical research company’s stock. Morgan Stanley’s price target indicates a potential upside of 12.08% from the company’s current price.

A number of other research analysts also recently commented on AMGN. Zacks Investment Research upgraded shares of Amgen from a “hold” rating to a “buy” rating and set a $199.00 price objective on the stock in a research note on Friday, October 27th. Bank of America increased their price objective on shares of Amgen to $210.00 and gave the company a “buy” rating in a research note on Thursday, October 5th. Barclays raised their price target on shares of Amgen from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Friday, October 13th. Citigroup downgraded shares of Amgen to a “neutral” rating in a research report on Monday, December 18th. Finally, Royal Bank of Canada reduced their price target on shares of Amgen from $192.00 to $188.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 26th. Sixteen research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $191.84.

Amgen (AMGN) opened at $174.87 on Friday. Amgen has a 52-week low of $152.16 and a 52-week high of $201.23. The company has a debt-to-equity ratio of 1.35, a quick ratio of 5.17 and a current ratio of 5.49. The company has a market cap of $125,121.81, a P/E ratio of 68.04, a P/E/G ratio of 2.13 and a beta of 1.42.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Thursday, February 1st. The medical research company reported $2.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.14). The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.84 billion. Amgen had a return on equity of 30.87% and a net margin of 8.66%. Amgen’s revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.89 EPS. equities research analysts expect that Amgen will post 13.22 EPS for the current fiscal year.

Amgen declared that its Board of Directors has initiated a share buyback program on Wednesday, October 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

In related news, EVP Sean E. Harper sold 1,525 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $176.83, for a total transaction of $269,665.75. Following the transaction, the executive vice president now owns 56,106 shares of the company’s stock, valued at $9,921,223.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its stake in shares of Amgen by 4.8% in the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after purchasing an additional 2,587,041 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Amgen by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock valued at $8,981,266,000 after purchasing an additional 489,720 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Amgen by 1.9% in the 2nd quarter. BlackRock Inc. now owns 49,451,203 shares of the medical research company’s stock valued at $8,516,980,000 after purchasing an additional 909,689 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Amgen by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,166,002 shares of the medical research company’s stock valued at $1,522,551,000 after purchasing an additional 140,117 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of Amgen by 12.9% in the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after purchasing an additional 806,119 shares in the last quarter. 78.95% of the stock is currently owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Amgen (NASDAQ:AMGN)

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