Amgen Inc. to Post Q3 2024 Earnings of $5.41 Per Share, William Blair Forecasts (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Investment analysts at William Blair raised their Q3 2024 earnings per share estimates for shares of Amgen in a research note issued on Tuesday, July 23rd. William Blair analyst M. Phipps now expects that the medical research company will earn $5.41 per share for the quarter, up from their prior estimate of $5.24. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Amgen’s current full-year earnings is $19.49 per share.

Several other brokerages also recently weighed in on AMGN. Morgan Stanley dropped their price objective on Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Argus upped their target price on Amgen from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. StockNews.com raised Amgen from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Barclays raised Amgen from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $230.00 to $300.00 in a research note on Friday, May 3rd. Finally, UBS Group increased their price target on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Amgen has an average rating of “Moderate Buy” and a consensus target price of $312.63.

Amgen Price Performance

Shares of AMGN stock opened at $334.30 on Wednesday. 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 has a twelve month low of $228.21 and a twelve month high of $346.85. The company has a market cap of $179.33 billion, a P/E ratio of 47.76, a P/E/G ratio of 2.77 and a beta of 0.58. The business has a fifty day simple moving average of $313.52 and a 200 day simple moving average of $297.19.

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

Institutional Investors Weigh In On Amgen

Several hedge funds have recently added to or reduced their stakes in the company. Hills Bank & Trust Co lifted its stake in Amgen by 6.5% during the second quarter. Hills Bank & Trust Co now owns 654 shares of the medical research company’s stock worth $204,000 after purchasing an additional 40 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Amgen by 3.7% during the second quarter. Capital Advisors Ltd. LLC now owns 2,175 shares of the medical research company’s stock worth $680,000 after purchasing an additional 77 shares during the last quarter. Mokosak Advisory Group LLC lifted its stake in Amgen by 7.4% during the second quarter. Mokosak Advisory Group LLC now owns 927 shares of the medical research company’s stock worth $290,000 after purchasing an additional 64 shares during the last quarter. Northcape Wealth Management LLC lifted its stake in shares of Amgen by 70.8% in the 2nd quarter. Northcape Wealth Management LLC now owns 3,078 shares of the medical research company’s stock valued at $962,000 after acquiring an additional 1,276 shares during the last quarter. Finally, Tempus Wealth Planning LLC lifted its stake in shares of Amgen by 2.2% in the 2nd quarter. Tempus Wealth Planning LLC now owns 5,290 shares of the medical research company’s stock valued at $1,653,000 after acquiring an additional 116 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction 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 owns 9,883 shares of the company’s stock, valued at $3,094,268.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is owned by corporate insiders.

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.