Amgen Inc. (NASDAQ:AMGN) to Post FY2023 Earnings of $18.35 Per Share, William Blair Forecasts

Amgen Inc. (NASDAQ:AMGNFree Report) – Equities research analysts at William Blair dropped their FY2023 earnings per share estimates for Amgen in a research report issued on Monday, January 29th. William Blair analyst M. Phipps now anticipates that the medical research company will earn $18.35 per share for the year, down from their prior forecast of $18.39. The consensus estimate for Amgen’s current full-year earnings is $18.64 per share. William Blair also issued estimates for Amgen’s Q4 2023 earnings at $4.42 EPS, Q1 2024 earnings at $4.71 EPS, Q2 2024 earnings at $5.34 EPS, Q3 2024 earnings at $5.36 EPS, Q4 2024 earnings at $4.89 EPS, FY2024 earnings at $20.30 EPS, FY2025 earnings at $20.84 EPS, FY2026 earnings at $19.52 EPS and FY2027 earnings at $21.02 EPS.

AMGN has been the topic of a number of other reports. Wells Fargo & Company upped their price target on Amgen from $265.00 to $320.00 in a report on Thursday, October 12th. UBS Group lowered their target price on Amgen from $315.00 to $314.00 and set a “neutral” rating on the stock in a report on Monday. Daiwa Capital Markets raised Amgen from a “neutral” rating to a “buy” rating and increased their target price for the company from $264.00 to $320.00 in a report on Thursday, December 21st. Truist Financial reissued a “buy” rating and issued a $320.00 target price on shares of Amgen in a report on Wednesday, November 29th. Finally, Oppenheimer increased their target price on Amgen from $290.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $287.90.

Read Our Latest Stock Report on AMGN

Amgen Trading Up 0.4 %

Shares of NASDAQ:AMGN opened at $314.62 on Wednesday. The company has a market cap of $168.38 billion, a P/E ratio of 22.36, a PEG ratio of 2.78 and a beta of 0.58. The company has a debt-to-equity ratio of 7.71, a current ratio of 2.86 and a quick ratio of 2.56. Amgen has a 1 year low of $211.71 and a 1 year high of $314.92. The stock’s fifty day moving average price is $288.32 and its 200-day moving average price is $270.41.

Amgen (NASDAQ:AMGNGet Free Report) last announced its quarterly earnings results on Tuesday, October 31st. The medical research company reported $4.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.65 by $0.31. The firm had revenue of $6.90 billion for the quarter, compared to the consensus estimate of $6.92 billion. Amgen had a return on equity of 165.37% and a net margin of 28.20%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $4.70 earnings per share.

Institutional Investors Weigh In On Amgen

A number of institutional investors and hedge funds have recently modified their holdings of AMGN. OFI Invest Asset Management bought a new stake in shares of Amgen during the 3rd quarter worth approximately $26,000. Briaud Financial Planning Inc purchased a new position in shares of Amgen in the 3rd quarter valued at $26,000. IAG Wealth Partners LLC increased its holdings in shares of Amgen by 520.0% in the 2nd quarter. IAG Wealth Partners LLC now owns 124 shares of the medical research company’s stock valued at $28,000 after acquiring an additional 104 shares during the period. VisionPoint Advisory Group LLC purchased a new position in shares of Amgen in the 2nd quarter valued at $28,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Amgen in the 1st quarter valued at $28,000. 74.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 2,096 shares of the firm’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 transaction of $572,270.88. Following the completion of the transaction, the senior vice president now owns 10,874 shares in the company, valued at approximately $2,968,928.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Nancy A. Grygiel sold 2,096 shares of the firm’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 completion of the sale, the senior vice president now directly owns 10,874 shares of the company’s stock, valued at approximately $2,968,928.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan P. Graham sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $272.81, for a total value of $2,728,100.00. Following the completion of the sale, the executive vice president now directly owns 28,078 shares of the company’s stock, valued at $7,659,959.18. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.

Amgen Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Friday, February 16th will be given a dividend of $2.25 per share. The ex-dividend date is Thursday, February 15th. This represents a $9.00 annualized dividend and a dividend yield of 2.86%. This is a boost from Amgen’s previous quarterly dividend of $2.13. Amgen’s dividend payout ratio (DPR) is currently 60.55%.

Amgen Company Profile

(Get Free Report)

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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Earnings History and Estimates for Amgen (NASDAQ:AMGN)

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