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

Amgen Inc. (NASDAQ:AMGN) – Stock analysts at Leerink Partnrs reduced their Q2 2024 earnings estimates for Amgen in a research report issued on Friday, May 3rd. Leerink Partnrs analyst D. Risinger now forecasts that the medical research company will post earnings per share of $5.08 for the quarter, down from their previous forecast 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.

Several other equities analysts have also issued reports on AMGN. Morgan Stanley lifted their target price on shares of Amgen from $271.00 to $310.00 and gave the company an “equal weight” rating in a report on Friday. Oppenheimer reiterated an “outperform” rating and set a $350.00 target price on shares of Amgen in a report on Thursday, February 1st. SVB Leerink lowered shares of Amgen from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $324.00 to $318.00 in a report on Wednesday, February 7th. StockNews.com upgraded shares of Amgen from a “hold” rating to a “buy” rating in a report on Friday. Finally, William Blair upgraded shares of Amgen from a “market perform” rating to an “outperform” rating in a report on Friday. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $305.05.

Amgen Price Performance

AMGN stock opened at $299.48 on Monday. The firm has a 50 day moving average price of $275.21 and a 200-day moving average price of $281.59. Amgen has a 52-week low of $211.71 and a 52-week high of $329.72. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 3.00 and a beta of 0.60. The company has a debt-to-equity ratio of 11.96, a quick ratio of 0.98 and a current ratio of 1.42.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 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 156.21%. The business had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. During the same period last year, the business posted $3.98 earnings per share. Amgen’s quarterly revenue was up 22.0% compared to the same quarter last year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s dividend payout ratio is currently 128.57%.

Insider Buying and Selling

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the transaction, the senior vice president now owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Metis Global Partners LLC boosted its holdings in Amgen by 1.1% in the 1st quarter. Metis Global Partners LLC now owns 24,504 shares of the medical research company’s stock worth $6,967,000 after buying an additional 264 shares during the period. AIA Group Ltd bought a new position in shares of Amgen during the 1st quarter valued at about $612,000. Stokes Family Office LLC boosted its holdings in shares of Amgen by 2.5% during the 1st quarter. Stokes Family Office LLC now owns 1,775 shares of the medical research company’s stock valued at $505,000 after purchasing an additional 44 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Amgen by 5.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,427 shares of the medical research company’s stock valued at $18,318,000 after purchasing an additional 3,246 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Amgen by 3.4% during the 1st quarter. Empirical Finance LLC now owns 19,773 shares of the medical research company’s stock valued at $5,622,000 after purchasing an additional 649 shares during the last quarter. 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.