FY2024 Earnings Estimate for Amgen Issued By Leerink Partnrs

Amgen Inc. (NASDAQ:AMGN) – Research analysts at Leerink Partnrs cut their FY2024 earnings estimates for shares of Amgen in a note issued to investors on Wednesday, November 27th. Leerink Partnrs analyst D. Risinger now anticipates that the medical research company will post earnings of $19.49 per share for the year, down from their previous estimate of $19.53. The consensus estimate for Amgen’s current full-year earnings is $19.51 per share. Leerink Partnrs also issued estimates for Amgen’s FY2026 earnings at $19.93 EPS and FY2027 earnings at $19.91 EPS.

A number of other research analysts also recently commented on the stock. Truist Financial downgraded shares of Amgen from a “buy” rating to a “hold” rating and increased their target price for the company from $320.00 to $333.00 in a research report on Monday, October 14th. Bank of America raised their price objective on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Leerink Partners reduced their target price on Amgen from $349.00 to $302.00 in a report on Wednesday, November 27th. TD Cowen upped their target price on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Barclays lifted their price target on Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Amgen currently has an average rating of “Hold” and an average target price of $323.05.

Amgen Stock Performance

Shares of Amgen stock opened at $278.32 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. Amgen has a 52 week low of $257.80 and a 52 week high of $346.85. The firm’s 50 day moving average is $309.17 and its two-hundred day moving average is $316.66. The firm has a market capitalization of $149.61 billion, a P/E ratio of 35.64, a P/E/G ratio of 3.08 and a beta of 0.55.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. During the same period in the previous year, the business earned $4.96 EPS. Amgen’s revenue for the quarter was up 23.2% on a year-over-year basis.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio is presently 115.24%.

Institutional Investors Weigh In On Amgen

A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. Capital Performance Advisors LLP purchased a new position in Amgen in the third quarter valued at about $25,000. Strategic Financial Concepts LLC purchased a new position in Amgen in the 2nd quarter valued at approximately $26,000. Legacy Investment Solutions LLC purchased a new position in Amgen in the 3rd quarter valued at approximately $29,000. Hershey Financial Advisers LLC acquired a new position in shares of Amgen during the 2nd quarter worth $30,000. Finally, nVerses Capital LLC purchased a new stake in shares of Amgen in the second quarter valued at about $31,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

About Amgen

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.