Cantor Fitzgerald Issues Positive Outlook for Amgen Earnings

Amgen Inc. (NASDAQ:AMGN) – Equities researchers at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for shares of Amgen in a report released on Thursday, October 31st. Cantor Fitzgerald analyst O. Brayer now anticipates that the medical research company will post earnings of $19.61 per share for the year, up from their previous forecast of $19.48. Cantor Fitzgerald currently has a “Overweight” rating and a $405.00 price target on the stock. The consensus estimate for Amgen’s current full-year earnings is $19.45 per share.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. During the same period in the previous year, the firm posted $4.96 EPS. The company’s quarterly revenue was up 23.2% compared to the same quarter last year.

Several other analysts have also recently issued reports on AMGN. UBS Group lowered their price objective on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Bank of America boosted their price objective on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $305.00 price objective (down from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Wells Fargo & Company cut shares of Amgen from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. Finally, Barclays boosted their price objective on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Amgen currently has a consensus rating of “Moderate Buy” and a consensus price target of $333.50.

Amgen Trading Down 0.7 %

Shares of AMGN opened at $316.91 on Monday. The stock has a fifty day moving average of $324.27 and a two-hundred day moving average of $316.29. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.89 and a current ratio of 1.32. The company has a market capitalization of $170.29 billion, a PE ratio of 40.58, a price-to-earnings-growth ratio of 2.89 and a beta of 0.60. Amgen has a fifty-two week low of $260.52 and a fifty-two week high of $346.85.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be issued a $2.25 dividend. The ex-dividend date is Monday, November 18th. This represents a $9.00 dividend on an annualized basis and a yield of 2.84%. Amgen’s dividend payout ratio is currently 115.24%.

Hedge Funds Weigh In On Amgen

A number of institutional investors have recently added to or reduced their stakes in the company. Laffer Tengler Investments Inc. lifted its holdings in Amgen by 2.0% in the 3rd quarter. Laffer Tengler Investments Inc. now owns 2,813 shares of the medical research company’s stock worth $906,000 after buying an additional 55 shares in the last quarter. Jaffetilchin Investment Partners LLC lifted its holdings in Amgen by 16.5% in the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 2,185 shares of the medical research company’s stock worth $704,000 after buying an additional 309 shares in the last quarter. Core Wealth Partners LLC raised its stake in shares of Amgen by 42.7% in the 3rd quarter. Core Wealth Partners LLC now owns 1,501 shares of the medical research company’s stock valued at $484,000 after purchasing an additional 449 shares in the last quarter. Ridgecrest Wealth Partners LLC raised its stake in shares of Amgen by 1.1% in the 3rd quarter. Ridgecrest Wealth Partners LLC now owns 4,188 shares of the medical research company’s stock valued at $1,349,000 after purchasing an additional 45 shares in the last quarter. Finally, Kennebec Savings Bank acquired a new stake in shares of Amgen in the 3rd quarter valued at about $57,000. Institutional investors and hedge funds own 76.50% 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.