Brokers Set Expectations for Amgen Inc.’s Q2 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Equities research analysts at Leerink Partnrs reduced their Q2 2024 earnings per share estimates for Amgen in a research report issued on Friday, May 3rd. Leerink Partnrs analyst D. Risinger now expects that the medical research company will post earnings per share of $5.08 for the quarter, down from their prior estimate of $5.16. Leerink Partnrs currently 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 released its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. The company had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business posted $3.98 EPS.

Other equities research analysts have also recently issued research reports about the stock. SVB Leerink cut shares of Amgen from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Morgan Stanley upped their price target on Amgen from $271.00 to $310.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Raymond James initiated coverage on Amgen in a report on Thursday, March 28th. They issued a “market perform” rating for the company. Royal Bank of Canada dropped their price objective on shares of Amgen from $332.00 to $328.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of Amgen from $313.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $305.05.

Amgen Stock Up 0.3 %

AMGN opened at $300.30 on Monday. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72. The company’s 50-day moving average price is $275.65 and its two-hundred day moving average price is $281.74. The stock has a market cap of $161.07 billion, a price-to-earnings ratio of 42.90, a PEG ratio of 3.00 and a beta of 0.60. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $2.25 dividend. The ex-dividend date is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a yield of 3.00%. Amgen’s dividend payout ratio (DPR) is currently 128.57%.

Insider Buying and Selling at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently made changes to their positions in the business. Williams Jones Wealth Management LLC. boosted its position in Amgen by 16.4% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 58,048 shares of the medical research company’s stock valued at $16,504,000 after acquiring an additional 8,187 shares in the last quarter. Delta Financial Advisors LLC raised its holdings in Amgen by 1.6% in the first quarter. Delta Financial Advisors LLC now owns 9,428 shares of the medical research company’s stock worth $2,681,000 after purchasing an additional 146 shares in the last quarter. Verus Capital Partners LLC boosted its holdings in shares of Amgen by 3.1% during the 1st quarter. Verus Capital Partners LLC now owns 2,224 shares of the medical research company’s stock valued at $632,000 after buying an additional 66 shares in the last quarter. Meeder Advisory Services Inc. grew its position in shares of Amgen by 3.9% in the 1st quarter. Meeder Advisory Services Inc. now owns 9,869 shares of the medical research company’s stock worth $2,806,000 after buying an additional 366 shares during the period. Finally, NorthRock Partners LLC lifted its position in Amgen by 13.2% during the 1st quarter. NorthRock Partners LLC now owns 4,647 shares of the medical research company’s stock valued at $1,321,000 after acquiring an additional 543 shares during the period. Institutional investors own 76.50% of the company’s stock.

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.