Brokers Offer Predictions for Amgen Inc.’s Q1 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Equities research analysts at William Blair lowered their Q1 2024 earnings estimates for Amgen in a report issued on Wednesday, April 17th. William Blair analyst M. Phipps now expects that the medical research company will post earnings per share of $3.64 for the quarter, down from their previous estimate of $3.68. The consensus estimate for Amgen’s current full-year earnings is $19.45 per share. William Blair also issued estimates for Amgen’s FY2024 earnings at $18.85 EPS.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.05. Amgen had a return on equity of 154.27% and a net margin of 23.83%. The business had revenue of $8.20 billion for the quarter, compared to analyst estimates of $8.13 billion. During the same period in the prior year, the company earned $4.09 EPS. Amgen’s revenue for the quarter was up 19.8% on a year-over-year basis.

Several other research firms have also recently weighed in on AMGN. StockNews.com cut shares of Amgen from a “buy” rating to a “hold” rating in a research report on Thursday, March 28th. Morgan Stanley reduced their price objective on Amgen from $281.00 to $278.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Leerink Partnrs downgraded Amgen from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $329.00 price target on shares of Amgen in a report on Wednesday, April 3rd. Finally, UBS Group dropped their price objective on Amgen from $314.00 to $284.00 and set a “neutral” rating for the company in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $296.95.

Amgen Stock Performance

Shares of NASDAQ:AMGN opened at $268.93 on Thursday. The business has a fifty day moving average of $276.90 and a 200-day moving average of $281.26. The firm has a market cap of $144.12 billion, a PE ratio of 21.53, a price-to-earnings-growth ratio of 2.46 and a beta of 0.58. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72.

Institutional Trading of Amgen

A number of large investors have recently bought and sold shares of the business. Roundview Capital LLC increased its holdings in Amgen by 1.3% during the 1st quarter. Roundview Capital LLC now owns 8,383 shares of the medical research company’s stock worth $2,027,000 after purchasing an additional 107 shares in the last quarter. Merit Financial Group LLC lifted its stake in Amgen by 39.2% in the 1st quarter. Merit Financial Group LLC now owns 2,297 shares of the medical research company’s stock valued at $555,000 after acquiring an additional 647 shares in the last quarter. Ergoteles LLC acquired a new position in Amgen during the 1st quarter worth approximately $219,000. First Western Trust Bank bought a new position in shares of Amgen during the 1st quarter worth approximately $334,000. Finally, Fuller & Thaler Asset Management Inc. grew its stake in shares of Amgen by 2.1% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 24,688 shares of the medical research company’s stock worth $5,970,000 after acquiring an additional 513 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Amgen Dividend Announcement

The firm also recently declared 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 of this dividend is Thursday, May 16th. This represents a $9.00 annualized dividend and a dividend yield of 3.35%. Amgen’s dividend payout ratio (DPR) is currently 72.06%.

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.