Research Analysts Issue Forecasts for Amgen Inc.’s Q3 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGNFree Report) – Research analysts at William Blair reduced their Q3 2024 earnings estimates for Amgen in a research note issued to investors on Wednesday, February 7th. William Blair analyst M. Phipps now forecasts that the medical research company will earn $4.95 per share for the quarter, down from their previous forecast of $5.36. The consensus estimate for Amgen’s current full-year earnings is $19.68 per share.

Amgen (NASDAQ:AMGNGet Free Report) last announced its earnings results on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.05. The firm had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.13 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the prior year, the business earned $4.09 EPS.

A number of other equities research analysts have also issued reports on the company. StockNews.com lowered Amgen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Daiwa Capital Markets upgraded shares of Amgen from a “neutral” rating to a “buy” rating and lifted their price target for the company from $264.00 to $320.00 in a research note on Thursday, December 21st. Royal Bank of Canada lifted their price target on shares of Amgen from $303.00 to $329.00 and gave the company an “outperform” rating in a research note on Wednesday. BMO Capital Markets upgraded shares of Amgen from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $286.00 to $326.00 in a research note on Tuesday, December 19th. Finally, UBS Group lowered their target price on Amgen from $315.00 to $314.00 and set a “neutral” rating on the stock in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $295.30.

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Amgen Stock Down 1.3 %

Shares of Amgen stock opened at $291.12 on Thursday. The business’s 50 day simple moving average is $295.30 and its 200 day simple moving average is $274.19. Amgen has a 52-week low of $211.71 and a 52-week high of $329.72. The firm has a market cap of $155.80 billion, a PE ratio of 23.31, a P/E/G ratio of 2.67 and a beta of 0.62. The company has a debt-to-equity ratio of 10.14, a quick ratio of 2.56 and a current ratio of 1.65.

Amgen Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Friday, February 16th will be paid a $2.25 dividend. The ex-dividend date is Thursday, February 15th. This represents a $9.00 dividend on an annualized basis and a yield of 3.09%. This is a positive change from Amgen’s previous quarterly dividend of $2.13. Amgen’s dividend payout ratio is 68.21%.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 2,096 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $273.03, for a total value of $572,270.88. Following the transaction, the senior vice president now owns 10,874 shares of the company’s stock, valued at $2,968,928.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Briaud Financial Planning Inc bought a new position in Amgen during the third quarter worth about $26,000. BOK Financial Private Wealth Inc. bought a new position in Amgen during the fourth quarter worth about $29,000. OFI Invest Asset Management bought a new position in shares of Amgen during the third quarter worth approximately $26,000. Planned Solutions Inc. bought a new position in shares of Amgen during the fourth quarter worth approximately $30,000. Finally, Delos Wealth Advisors LLC increased its holdings in shares of Amgen by 2,500.0% during the fourth quarter. Delos Wealth Advisors LLC now owns 104 shares of the medical research company’s stock worth $30,000 after purchasing an additional 100 shares during the period. Institutional investors own 74.44% of the company’s stock.

Amgen Company Profile

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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 Beh├žet'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.

See Also

Earnings History and Estimates for Amgen (NASDAQ:AMGN)

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