Zacks reaffirmed their neutral rating on shares of Amgen (NASDAQ: AMGN) in a research note released on Tuesday morning. They currently have a $96.00 price target on the stock.

Zacks’ analyst wrote, “Amgen reported fourth quarter 2012 earnings of $1.39 per share, 4 cents below the Zacks Consensus Estimate. Earnings, however, increased 16.8% from the year-ago period. Higher revenues and a lower share count contributed to the y-o-y increase in earnings. Total revenue increased 11.0% to $4,421 million in the fourth quarter of 2012, comfortably surpassing the Zacks Consensus Estimate of $4,371 million. Amgen guided above expectations for 2013. The company also provided an update on its long-term strategy. 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. However, nearer-term, we remain concerned about the performance of existing products. We are also concerned about the company’s dependence on Xgeva/Prolia for growth. We remain Neutral on the stock. “

Shares of Amgen opened at 91.54 on Tuesday. Amgen has a 52 week low of $65.37 and a 52 week high of $94.29. The stock’s 50-day moving average is currently $87.62. The company has a market cap of $68.511 billion and a P/E ratio of 16.58.

The company also recently announced a quarterly dividend, which is scheduled for Friday, June 7th. Shareholders of record on Thursday, May 16th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Tuesday, May 14th.

A number of other analysts have also recently weighed in on AMGN. Analysts at TheStreet reiterated a buy rating on shares of Amgen in a research note to investors on Tuesday. Separately, analysts at S&P Equity Research raised their price target on shares of Amgen from $100.00 to $104.00 in a research note to investors on Tuesday, February 26th. They now have a buy rating on the stock. Finally, analysts at Guggenheim raised their price target on shares of Amgen from $93.00 to $95.00 in a research note to investors on Tuesday, February 26th. They now have a neutral rating on the stock.

Eleven analysts have rated the stock with a buy rating, three have given an overweight rating, and sixteen have assigned a hold rating to the company. The company presently has an average rating of overweight and an average price target of $96.98.

Amgen Inc. (Amgen) is a biotechnology medicines company. The Company discovers, develops, manufactures and markets medicines for illnesses.

To view Zacks’ full report, visit www.zacks.com

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