Truist Financial Initiates Coverage on Amgen with Price Target Set

Truist Financial has begun coverage of Amgen (NASDAQ: AMGN), assigning a “hold” rating with a price target of $318.00 per share. This target suggests a potential downside of approximately 5.93% from the company’s current stock price, according to a report released on November 11, 2023, by Marketbeat Ratings. This development comes as a part of a broader analysis by various financial institutions on Amgen’s market performance.

Analyst Ratings and Price Targets

Several analysts have recently adjusted their price targets and ratings for Amgen. On November 14, 2023, Piper Sandler raised its target from $342.00 to $381.00, indicating a bullish outlook with an “overweight” rating. Similarly, Deutsche Bank Aktiengesellschaft increased its price target from $280.00 to $285.00 while maintaining a “hold” rating. Just days earlier, on November 11, Bank of America had lowered its target from $261.00 to $272.00, issuing an “underperform” rating.

In contrast, Weiss Ratings upgraded Amgen from a “hold (C+)” to a “buy (B-)” rating as of October 8, 2023. Raymond James Financial also began coverage on September 3, 2023, with a “market perform” rating. Overall, Amgen has garnered a consensus rating of “hold” from analysts, with a consensus price target of $320.86.

Recent Earnings and Insider Transactions

Amgen reported its quarterly earnings on November 4, 2023, showcasing a strong performance. The company posted an earnings per share (EPS) of $5.64, surpassing analysts’ expectations of $5.01 by $0.63. Revenue for the quarter reached $9.56 billion, significantly above the forecasted $8.98 billion. This represents a year-on-year revenue increase of 12.4%.

Looking ahead, Amgen has provided guidance for the fiscal year 2025, predicting an EPS range of $20.60 to $21.40. Analysts anticipate an average EPS of $20.62 for the current year.

In recent insider trading activity, Murdo Gordon, Executive Vice President, sold 6,879 shares on November 12, 2023, at an average price of $336.83, totaling over $2.3 million. After this transaction, Gordon retains 41,923 shares valued at approximately $14.12 million. Another insider, Rachna Khosla, Senior Vice President, sold 890 shares for around $299,254 on the same day. Notably, insiders have sold a total of 10,908 shares valued at $3.67 million within the last 90 days, representing 0.76% of the stock’s total ownership.

Institutional Investor Activity

Institutional investors have also been active with Amgen shares. For instance, Laurel Wealth Advisors LLC dramatically increased its stake by 27,765.8% in the second quarter, acquiring 6,700,621 shares valued at about $1.87 billion. Norges Bank and Nuveen LLC also entered significant positions during the same period, worth approximately $1.66 billion and $688.87 million, respectively.

Moreover, Capital World Investors raised its holdings by 11.5%, owning over 18.79 million shares valued at around $5.30 billion. National Bank of Canada FI increased its holdings by 237.7%, now owning 1.23 million shares worth approximately $346.08 million.

In total, institutional investors hold 76.50% of Amgen’s shares, reflecting strong confidence in the company’s future performance.

Amgen Inc. is a global leader in the biopharmaceutical industry, dedicated to discovering, developing, manufacturing, and delivering innovative human therapeutics. Its product portfolio includes treatments for various conditions, including rheumatoid arthritis, osteoporosis, and certain cancers.