Amgen Inc. (NASDAQ:AMGN) to Post FY2024 Earnings of $19.48 Per Share, Cantor Fitzgerald Forecasts

Amgen Inc. (NASDAQ:AMGN) – Equities research analysts at Cantor Fitzgerald issued their FY2024 earnings estimates for shares of Amgen in a research report issued on Friday, September 27th. Cantor Fitzgerald analyst O. Brayer forecasts 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 price objective on the stock. The consensus estimate for Amgen’s current full-year earnings is $19.49 per share.

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

Other equities analysts also recently issued research reports about the stock. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $320.00 to $335.00 in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued 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. Jefferies Financial Group reissued a “buy” rating and set a $380.00 target price (up previously from $375.00) on shares of Amgen in a research note on Wednesday, August 7th. Finally, Oppenheimer reissued an “outperform” rating and set a $380.00 target price on shares of Amgen in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $325.55.

Amgen Price Performance

AMGN stock opened at $322.67 on Monday. The company has a fifty day moving average price of $328.77 and a 200-day moving average price of $307.76. The company has a market capitalization of $173.09 billion, a P/E ratio of 46.10, a PEG ratio of 2.98 and a beta of 0.61. Amgen has a 52-week low of $249.70 and a 52-week high of $346.85. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.89 and a current ratio of 1.26.

Amgen Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Capital International Investors raised its holdings in Amgen by 547.8% during the 1st quarter. Capital International Investors now owns 7,005,269 shares of the medical research company’s stock valued at $1,991,738,000 after buying an additional 5,923,915 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Amgen by 6.2% during the first quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock valued at $14,809,720,000 after purchasing an additional 3,045,657 shares in the last quarter. Janus Henderson Group PLC increased its position in Amgen by 137.1% in the first quarter. Janus Henderson Group PLC now owns 2,381,133 shares of the medical research company’s stock worth $676,984,000 after purchasing an additional 1,377,007 shares during the last quarter. Capital Wealth Planning LLC increased its position in Amgen by 28,684.1% during the first quarter. Capital Wealth Planning LLC now owns 833,300 shares of the medical research company’s stock valued at $236,924,000 after acquiring an additional 830,405 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Amgen by 14.8% during the fourth quarter. Royal Bank of Canada now owns 5,831,624 shares of the medical research company’s stock valued at $1,679,625,000 after acquiring an additional 751,947 shares during the last quarter. 76.50% of the stock is owned by institutional investors.

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.