Research Analysts Offer Predictions for Amgen Inc.’s Q2 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Investment analysts at Zacks Research decreased their Q2 2024 earnings per share estimates for Amgen in a report issued on Thursday, May 23rd. Zacks Research analyst S. Ganoria now forecasts that the medical research company will earn $4.85 per share for the quarter, down from their previous estimate of $4.92. The consensus estimate for Amgen’s current full-year earnings is $19.47 per share. Zacks Research also issued estimates for Amgen’s Q2 2025 earnings at $5.07 EPS, Q3 2025 earnings at $5.35 EPS, Q4 2025 earnings at $5.48 EPS, FY2025 earnings at $20.59 EPS and FY2026 earnings at $20.87 EPS.

AMGN has been the topic of several other research reports. UBS Group increased their target price on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Raymond James initiated coverage on Amgen in a research note on Thursday, March 28th. They issued a “market perform” rating on the stock. Mizuho increased their target price on Amgen from $223.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. The Goldman Sachs Group increased their target price on Amgen from $313.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Finally, BMO Capital Markets increased their target price on Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.65.

Amgen Price Performance

Amgen stock opened at $300.19 on Monday. The business’s 50-day simple moving average is $286.28 and its 200 day simple moving average is $286.22. The stock has a market cap of $161.03 billion, a price-to-earnings ratio of 42.88, a P/E/G ratio of 2.76 and a beta of 0.60. Amgen has a 12-month low of $211.71 and a 12-month high of $329.72. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96.

Amgen (NASDAQ:AMGN) last announced its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping the consensus estimate of $3.76 by $0.20. The company had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.98 earnings per share.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid 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 3.00%. Amgen’s dividend payout ratio is 128.57%.

Insider Transactions at Amgen

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 corporate insiders.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. raised its holdings in Amgen by 1.7% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 11,658 shares of the medical research company’s stock valued at $3,133,000 after acquiring an additional 193 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Amgen by 76.8% during the 4th quarter. Diversified Trust Co now owns 37,695 shares of the medical research company’s stock worth $10,857,000 after buying an additional 16,376 shares in the last quarter. Provence Wealth Management Group grew its position in Amgen by 11.9% during the 4th quarter. Provence Wealth Management Group now owns 1,445 shares of the medical research company’s stock worth $416,000 after acquiring an additional 154 shares during the last quarter. Kinsale Capital Group Inc. grew its position in Amgen by 33.0% during the 4th quarter. Kinsale Capital Group Inc. now owns 11,348 shares of the medical research company’s stock worth $3,269,000 after acquiring an additional 2,814 shares during the last quarter. Finally, Nicolet Advisory Services LLC grew its position in Amgen by 4.4% during the 3rd quarter. Nicolet Advisory Services LLC now owns 2,805 shares of the medical research company’s stock worth $745,000 after acquiring an additional 117 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

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.