Analysts Issue Forecasts for Amgen Inc.'s FY2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN - Free Report) - Investment analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for shares of Amgen in a note issued to investors on Friday, September 27th. Cantor Fitzgerald analyst O. Brayer expects that the medical research company will earn $19.48 per share for the year. Cantor Fitzgerald currently has a "Overweight" rating and a $405.00 target price on the stock. The consensus estimate for Amgen's current full-year earnings is $19.49 per share.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing analysts' consensus estimates of $5.01 by ($0.04). The company had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The business's revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company posted $5.00 EPS.

AMGN has been the subject of several other research reports. Royal Bank of Canada restated an "outperform" rating and set a $362.00 target price on shares of Amgen in a research note on Thursday. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $305.00 target price (down previously from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Bank of America increased their target price on Amgen from $325.00 to $330.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Morgan Stanley decreased their target price on Amgen from $310.00 to $303.00 and set an "equal weight" rating for the company in a research note on Thursday, July 11th. Finally, Robert W. Baird reiterated an "underperform" rating and issued a $215.00 price objective on shares of Amgen in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $325.55.

Amgen Stock Performance

NASDAQ:AMGN traded down $0.46 during mid-day trading on Monday, hitting $322.21. 1,951,286 shares of the company's stock traded hands, compared to its average volume of 2,507,023. The firm has a 50 day moving average of $328.77 and a two-hundred day moving average of $307.76. Amgen has a 12 month low of $249.70 and a 12 month high of $346.85. The firm has a market capitalization of $172.84 billion, a price-to-earnings ratio of 46.03, a price-to-earnings-growth ratio of 2.98 and a beta of 0.61. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were issued a dividend of $2.25 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.79%. Amgen's dividend payout ratio is 128.57%.

Institutional Investors Weigh In On Amgen

A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. Grassi Investment Management bought a new position in shares of Amgen in the 1st quarter worth $2,283,000. Public Employees Retirement System of Ohio boosted its position in shares of Amgen by 1.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 281,791 shares of the medical research company's stock worth $81,161,000 after purchasing an additional 4,376 shares during the last quarter. Meyer Handelman Co. boosted its position in shares of Amgen by 7.2% in the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company's stock worth $40,566,000 after purchasing an additional 8,700 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Amgen by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 4,543 shares of the medical research company's stock worth $1,388,000 after purchasing an additional 57 shares during the last quarter. Finally, Novak & Powell Financial Services Inc. bought a new position in Amgen during the fourth quarter worth about $803,000. 76.50% of the stock is owned by institutional investors and hedge funds.

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.