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

Amgen Inc. (NASDAQ:AMGN) – Research analysts at Leerink Partnrs lowered their Q2 2024 earnings per share estimates for Amgen in a note issued to investors 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 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 posted its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. Amgen’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period last year, the company earned $3.98 earnings per share.

A number of other research analysts also recently weighed in on the company. William Blair upgraded Amgen from a “market perform” rating to an “outperform” rating in a research note on Friday. Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $230.00 to $300.00 in a research note on Friday. Royal Bank of Canada decreased their price target on Amgen from $332.00 to $328.00 and set an “outperform” rating for the company in a research note on Friday. UBS Group raised their price target on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a research note on Friday. Finally, SVB Leerink downgraded Amgen from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $324.00 to $318.00 in a research note on Wednesday, February 7th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $305.05.

Amgen Stock Down 3.8 %

AMGN stock opened at $299.48 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The business has a 50 day moving average price of $275.21 and a two-hundred day moving average price of $281.59. The company has a market cap of $160.64 billion, a price-to-earnings ratio of 42.78, a P/E/G ratio of 3.00 and a beta of 0.60. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Briaud Financial Planning Inc acquired a new position in Amgen in the 3rd quarter valued at $26,000. BOK Financial Private Wealth Inc. bought a new stake in Amgen during the 4th quarter worth $29,000. United Community Bank acquired a new position in Amgen in the 4th quarter worth about $29,000. Horizon Financial Services LLC acquired a new position in Amgen in the 1st quarter worth about $28,000. Finally, OFI Invest Asset Management acquired a new position in Amgen in the 3rd quarter worth about $26,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now directly owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.69% of the stock is currently owned by insiders.

Amgen Announces Dividend

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

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.