Zacks: Brokerages Anticipate Amgen Inc. (NASDAQ:AMGN) Will Announce Quarterly Sales of $6.54 Billion

Wall Street brokerages expect Amgen Inc. (NASDAQ:AMGN – Get Rating) to post sales of $6.54 billion for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Amgen’s earnings, with estimates ranging from $6.44 billion to $6.68 billion. Amgen posted sales of $6.53 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 0.2%. The company is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Amgen will report full-year sales of $26.21 billion for the current financial year, with estimates ranging from $25.92 billion to $26.60 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $27.26 billion, with estimates ranging from $26.52 billion to $28.27 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow Amgen.

Amgen (NASDAQ:AMGN – Get Rating) last posted its quarterly earnings results on Wednesday, April 27th. The medical research company reported $4.25 EPS for the quarter, beating analysts’ consensus estimates of $4.22 by $0.03. Amgen had a return on equity of 165.95% and a net margin of 21.75%. The business had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.09 billion. During the same period last year, the firm earned $3.70 earnings per share.

Several equities research analysts have recently issued reports on AMGN shares. TheStreet cut Amgen from a “b+” rating to a “c+” rating in a report on Wednesday, April 27th. Wells Fargo & Company lifted their price target on Amgen from $210.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 9th. Barclays lifted their price target on Amgen from $233.00 to $236.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 12th. Morgan Stanley dropped their price target on Amgen from $238.00 to $237.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 12th. Finally, Oppenheimer lowered Amgen to an “outperform” rating and set a $285.00 price target for the company. in a research report on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $240.40.

Shares of AMGN stock opened at $247.50 on Monday. Amgen has a 12-month low of $198.64 and a 12-month high of $258.45. The company has a current ratio of 1.44, a quick ratio of 1.09 and a debt-to-equity ratio of 39.31. The stock’s 50-day moving average price is $243.24 and its 200-day moving average price is $228.81. The stock has a market capitalization of $132.21 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 8th. Investors of record on Tuesday, May 17th will be issued a $1.94 dividend. The ex-dividend date of this dividend is Monday, May 16th. This represents a $7.76 dividend on an annualized basis and a dividend yield of 3.14%. Amgen’s payout ratio is 76.38%.

In related news, EVP Jonathan P. Graham sold 13,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $241.81, for a total value of $3,264,435.00. Following the completion of the sale, the executive vice president now owns 37,333 shares in the company, valued at $9,027,492.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. OLD Mission Capital LLC bought a new position in Amgen in the third quarter worth approximately $239,000. Morgan Stanley increased its position in shares of Amgen by 0.8% during the second quarter. Morgan Stanley now owns 10,040,932 shares of the medical research company’s stock worth $2,447,476,000 after purchasing an additional 80,922 shares in the last quarter. Keudell Morrison Wealth Management increased its position in shares of Amgen by 12.5% during the third quarter. Keudell Morrison Wealth Management now owns 3,085 shares of the medical research company’s stock worth $656,000 after purchasing an additional 343 shares in the last quarter. Keeley Teton Advisors LLC acquired a new position in shares of Amgen during the third quarter worth $289,000. Finally, NorthRock Partners LLC increased its position in shares of Amgen by 31.4% during the third quarter. NorthRock Partners LLC now owns 1,453 shares of the medical research company’s stock worth $309,000 after purchasing an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 79.01% of the company’s stock.

About Amgen (Get Rating)

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.

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