Amgen Inc. (NASDAQ:AMGN – Get Rating) – Stock analysts at Zacks Research reduced their FY2024 earnings estimates for Amgen in a research report issued on Wednesday, November 16th. Zacks Research analyst K. Shah now forecasts that the medical research company will post earnings of $18.30 per share for the year, down from their prior estimate of $19.63. The consensus estimate for Amgen’s current full-year earnings is $17.64 per share.
Several other research firms also recently issued reports on AMGN. TheStreet raised shares of Amgen from a “c+” rating to a “b” rating in a report on Monday, August 15th. Oppenheimer upped their price objective on shares of Amgen to $300.00 in a report on Tuesday, November 15th. Robert W. Baird reaffirmed an “underperform” rating and set a $185.00 price objective on shares of Amgen in a report on Tuesday, September 13th. Credit Suisse Group initiated coverage on shares of Amgen in a report on Thursday. They set an “underperform” rating and a $240.00 price objective for the company. Finally, Morgan Stanley upped their price objective on shares of Amgen from $279.00 to $282.00 and gave the stock an “overweight” rating in a report on Friday, November 4th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $248.19.
Amgen Stock Performance
Amgen (NASDAQ:AMGN – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The medical research company reported $4.70 EPS for the quarter, beating analysts’ consensus estimates of $4.44 by $0.26. Amgen had a net margin of 25.96% and a return on equity of 287.23%. The firm had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the previous year, the firm posted $4.67 earnings per share. The firm’s revenue was down .8% on a year-over-year basis.
Hedge Funds Weigh In On Amgen
A number of hedge funds have recently made changes to their positions in AMGN. EdgeRock Capital LLC acquired a new stake in shares of Amgen during the 3rd quarter worth about $25,000. Leelyn Smith LLC increased its position in shares of Amgen by 80.3% during the 3rd quarter. Leelyn Smith LLC now owns 110 shares of the medical research company’s stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Rational Advisors LLC acquired a new stake in shares of Amgen during the 1st quarter worth about $26,000. Capital Wealth Alliance LLC acquired a new stake in shares of Amgen during the 2nd quarter worth about $26,000. Finally, Coston McIsaac & Partners acquired a new stake in shares of Amgen during the 2nd quarter worth about $27,000. Institutional investors and hedge funds own 77.14% of the company’s stock.
In other news, SVP Nancy A. Grygiel sold 545 shares of the stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $293.54, for a total value of $159,979.30. Following the completion of the transaction, the senior vice president now owns 13,009 shares in the company, valued at approximately $3,818,661.86. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.46% of the company’s stock.
Amgen Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 8th. Stockholders of record on Thursday, November 17th will be paid a $1.94 dividend. This represents a $7.76 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, November 16th. Amgen’s dividend payout ratio is 62.23%.
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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