Analysts Issue Forecasts for Amgen Inc.’s Q2 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) – Analysts at William Blair reduced their Q2 2024 earnings estimates for Amgen in a research note issued to investors on Tuesday, July 16th. William Blair analyst M. Phipps now forecasts that the medical research company will post earnings of $5.10 per share for the quarter, down from their previous estimate of $5.12. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Amgen’s current full-year earnings is $19.44 per share. William Blair also issued estimates for Amgen’s FY2024 earnings at $19.26 EPS.

Several other equities analysts have also issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Truist Financial reissued a “buy” rating and set a $320.00 price objective on shares of Amgen in a report on Friday, April 12th. UBS Group lifted their price objective on shares of Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. TD Cowen cut their price objective on shares of Amgen from $370.00 to $360.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. Finally, Raymond James assumed coverage on shares of Amgen in a report on Thursday, March 28th. They issued a “market perform” rating on the stock. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Amgen presently has an average rating of “Moderate Buy” and a consensus target price of $312.63.

Amgen Stock Performance

Shares of AMGN stock opened at $330.97 on Wednesday. The firm has a market cap of $177.54 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 3.01 and a beta of 0.58. The company’s 50 day moving average is $311.38 and its 200 day moving average is $295.96. 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 52-week low of $228.21 and a 52-week high of $338.98.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Amgen by 6.2% in the first quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock worth $14,809,720,000 after acquiring an additional 3,045,657 shares during the period. Capital International Investors raised its position in shares of Amgen by 547.8% in the first quarter. Capital International Investors now owns 7,005,269 shares of the medical research company’s stock worth $1,991,738,000 after acquiring an additional 5,923,915 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Amgen by 3.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,564,710 shares of the medical research company’s stock worth $1,890,769,000 after acquiring an additional 243,720 shares during the period. Royal Bank of Canada raised its position in shares of Amgen by 14.8% in the fourth quarter. Royal Bank of Canada now owns 5,831,624 shares of the medical research company’s stock worth $1,679,625,000 after acquiring an additional 751,947 shares during the period. Finally, Norges Bank acquired a new position in shares of Amgen in the fourth quarter worth about $1,556,912,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the transaction, the senior vice president now directly owns 9,883 shares in the company, valued at $3,094,268.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.69% 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.