Q1 2024 EPS Estimates for Amgen Inc. (NASDAQ:AMGN) Cut by Analyst

Amgen Inc. (NASDAQ:AMGN) – Equities researchers at William Blair reduced their Q1 2024 earnings per share estimates for shares of Amgen in a note issued to investors on Wednesday, April 17th. William Blair analyst M. Phipps now expects that the medical research company will post earnings of $3.64 per share for the quarter, down from their previous forecast of $3.68. The consensus estimate for Amgen’s current full-year earnings is $19.46 per share. William Blair also issued estimates for Amgen’s FY2024 earnings at $18.85 EPS.

A number of other research firms also recently commented on AMGN. SVB Leerink downgraded Amgen from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $329.00 price objective on shares of Amgen in a research note on Wednesday, April 3rd. UBS Group lowered their price target on shares of Amgen from $314.00 to $284.00 and set a “neutral” rating on the stock in a report on Wednesday. Daiwa Capital Markets raised Amgen from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $264.00 to $320.00 in a report on Thursday, December 21st. Finally, Raymond James started coverage on Amgen in a report on Thursday, March 28th. They set a “market perform” rating on the stock. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Amgen has an average rating of “Moderate Buy” and an average target price of $296.95.

Amgen Stock Performance

Shares of AMGN opened at $262.75 on Thursday. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. The stock has a 50-day moving average of $277.34 and a two-hundred day moving average of $281.24. The stock has a market cap of $140.81 billion, a P/E ratio of 21.04, a P/E/G ratio of 2.47 and a beta of 0.58. Amgen has a one year low of $211.71 and a one year high of $329.72.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $0.05. The firm had revenue of $8.20 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $4.09 earnings per share.

Amgen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $2.25 dividend. The ex-dividend date is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a yield of 3.43%. Amgen’s payout ratio is currently 72.06%.

Institutional Investors Weigh In On Amgen

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Amgen by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 49,035,981 shares of the medical research company’s stock valued at $13,178,910,000 after acquiring an additional 165,636 shares during the last quarter. Morgan Stanley increased its holdings in shares of Amgen by 12.9% in the fourth quarter. Morgan Stanley now owns 13,301,365 shares of the medical research company’s stock valued at $3,493,471,000 after purchasing an additional 1,523,665 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Amgen by 1.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 8,819,690 shares of the medical research company’s stock valued at $2,132,778,000 after purchasing an additional 94,565 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its stake in Amgen by 83,875.6% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,541,011 shares of the medical research company’s stock worth $1,980,571,000 after buying an additional 7,532,031 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Amgen by 3.8% during the third quarter. Northern Trust Corp now owns 6,977,625 shares of the medical research company’s stock worth $1,875,306,000 after buying an additional 255,463 shares during the last quarter. Hedge funds and other 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.