Q4 2023 EPS Estimates for Amgen Inc. Boosted by William Blair (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Investment analysts at William Blair lifted their Q4 2023 earnings per share estimates for Amgen in a research note issued on Tuesday, October 31st. William Blair analyst M. Phipps now expects that the medical research company will earn $5.36 per share for the quarter, up from their prior estimate of $5.35. The consensus estimate for Amgen’s current full-year earnings is $18.52 per share. William Blair also issued estimates for Amgen’s Q3 2024 earnings at $5.54 EPS, FY2024 earnings at $21.03 EPS, FY2025 earnings at $21.47 EPS, FY2026 earnings at $20.42 EPS and FY2027 earnings at $21.96 EPS.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Tuesday, October 31st. The medical research company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.65 by $0.31. Amgen had a return on equity of 165.37% and a net margin of 28.20%. The firm had revenue of $6.90 billion during the quarter, compared to the consensus estimate of $6.92 billion. During the same period last year, the company earned $4.70 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis.

Several other brokerages have also recently issued reports on AMGN. Truist Financial raised Amgen from a “hold” rating to a “buy” rating and raised their target price for the stock from $260.00 to $320.00 in a research report on Thursday. SVB Leerink raised Amgen from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $267.00 to $318.00 in a research report on Wednesday, October 11th. Royal Bank of Canada raised their target price on Amgen from $253.00 to $256.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Barclays raised their target price on Amgen from $210.00 to $230.00 in a research report on Monday, October 2nd. Finally, Leerink Partnrs raised Amgen from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen presently has a consensus rating of “Moderate Buy” and a consensus price target of $280.16.

Amgen Trading Up 1.2 %

Amgen stock opened at $269.86 on Friday. The company has a debt-to-equity ratio of 7.71, a current ratio of 2.86 and a quick ratio of 2.48. Amgen has a one year low of $211.71 and a one year high of $296.67. The stock has a market capitalization of $144.42 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 3.36 and a beta of 0.58. The business’s fifty day moving average is $266.68 and its 200 day moving average is $245.27.

Institutional Trading of Amgen

Large investors have recently added to or reduced their stakes in the company. Roundview Capital LLC boosted its stake in shares of Amgen by 1.3% in the first quarter. Roundview Capital LLC now owns 8,383 shares of the medical research company’s stock worth $2,027,000 after buying an additional 107 shares during the last quarter. Merit Financial Group LLC boosted its stake in shares of Amgen by 39.2% in the first quarter. Merit Financial Group LLC now owns 2,297 shares of the medical research company’s stock worth $555,000 after buying an additional 647 shares during the last quarter. Ergoteles LLC purchased a new stake in shares of Amgen in the first quarter worth about $219,000. First Western Trust Bank purchased a new stake in shares of Amgen in the first quarter worth about $334,000. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in shares of Amgen by 2.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 24,688 shares of the medical research company’s stock worth $5,970,000 after buying an additional 513 shares during the last quarter. Hedge funds and other institutional investors own 74.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Murdo Gordon sold 9,558 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $262.43, for a total value of $2,508,305.94. Following the completion of the transaction, the executive vice president now directly owns 44,308 shares of the company’s stock, valued at approximately $11,627,748.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Amgen news, major shareholder Amgen Inc bought 1,764,705 shares of Amgen stock in a transaction that occurred on Tuesday, September 19th. The shares were bought at an average cost of $17.00 per share, with a total value of $29,999,985.00. Following the transaction, the insider now directly owns 35,368,653 shares of the company’s stock, valued at approximately $601,267,101. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Murdo Gordon sold 9,558 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $262.43, for a total value of $2,508,305.94. Following the transaction, the executive vice president now directly owns 44,308 shares in the company, valued at $11,627,748.44. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Amgen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be issued a $2.13 dividend. This represents a $8.52 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Thursday, November 16th. Amgen’s dividend payout ratio is 60.55%.

About Amgen

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.