Q2 2024 EPS Estimates for Amgen Inc. Reduced by Analyst (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Stock analysts at Leerink Partnrs cut their Q2 2024 earnings estimates for shares of Amgen in a research note issued to investors on Friday, May 3rd. Leerink Partnrs analyst D. Risinger now anticipates that the medical research company will post earnings of $5.08 per share for the quarter, down from their previous estimate of $5.16. Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for Amgen’s current full-year earnings is $19.46 per share. Leerink Partnrs also issued estimates for Amgen’s Q3 2024 earnings at $5.33 EPS, Q4 2024 earnings at $5.14 EPS and FY2024 earnings at $19.50 EPS.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.76 by $0.20. Amgen had a net margin of 12.74% and a return on equity of 145.62%. The firm had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. During the same period in the prior year, the company posted $3.98 earnings per share. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis.

Several other research firms have also recently issued reports on AMGN. BMO Capital Markets increased their price objective on Amgen from $336.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday. William Blair raised Amgen from a “market perform” rating to an “outperform” rating in a research note on Friday. UBS Group raised their price objective on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a research note on Friday. Truist Financial reiterated a “buy” rating and set a $320.00 target price on shares of Amgen in a research report on Friday, April 12th. Finally, StockNews.com upgraded Amgen from a “hold” rating to a “buy” rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Amgen currently has an average rating of “Moderate Buy” and a consensus price target of $305.05.

Amgen Stock Performance

Shares of AMGN stock opened at $311.29 on Monday. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 10.14. Amgen has a 12-month low of $211.71 and a 12-month high of $329.72. The company has a market cap of $166.97 billion, a price-to-earnings ratio of 44.47, a price-to-earnings-growth ratio of 3.01 and a beta of 0.60. The stock has a 50 day simple moving average of $274.95 and a 200-day simple moving average of $281.46.

Hedge Funds Weigh In On Amgen

Several large investors have recently modified their holdings of the stock. BIP Wealth LLC grew its holdings in shares of Amgen by 2.6% during the 4th quarter. BIP Wealth LLC now owns 1,249 shares of the medical research company’s stock worth $360,000 after purchasing an additional 32 shares in the last quarter. Southland Equity Partners LLC boosted its stake in Amgen by 2.3% during the fourth quarter. Southland Equity Partners LLC now owns 1,538 shares of the medical research company’s stock worth $443,000 after buying an additional 34 shares in the last quarter. Acropolis Investment Management LLC increased its holdings in Amgen by 3.5% in the 4th quarter. Acropolis Investment Management LLC now owns 999 shares of the medical research company’s stock valued at $288,000 after buying an additional 34 shares during the period. Opal Wealth Advisors LLC raised its stake in shares of Amgen by 1.9% in the 4th quarter. Opal Wealth Advisors LLC now owns 1,868 shares of the medical research company’s stock valued at $538,000 after buying an additional 34 shares in the last quarter. Finally, Marino Stram & Associates LLC lifted its holdings in shares of Amgen by 0.7% during the 4th quarter. Marino Stram & Associates LLC now owns 4,626 shares of the medical research company’s stock worth $1,332,000 after acquiring an additional 34 shares during the period. Institutional investors own 76.50% of the company’s stock.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 2.89%. The ex-dividend date is Thursday, May 16th. Amgen’s dividend payout ratio (DPR) is 128.57%.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.