William Blair Weighs in on Amgen Inc.'s Q1 2024 Earnings (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN - Free Report) - Equities researchers at William Blair cut their Q1 2024 earnings estimates for Amgen in a research note issued to investors on Wednesday, April 17th. William Blair analyst M. Phipps now expects that the medical research company will post earnings of $3.64 per share for the quarter, down from their prior estimate of $3.68. The consensus estimate for Amgen's current full-year earnings is $19.46 per share. William Blair also issued estimates for Amgen's FY2024 earnings at $18.85 EPS.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, topping analysts' consensus estimates of $4.66 by $0.05. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The business had revenue of $8.20 billion for the quarter, compared to the consensus estimate of $8.13 billion. During the same period in the previous year, the company earned $4.09 earnings per share. The firm's revenue for the quarter was up 19.8% on a year-over-year basis.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group upped their price objective on shares of Amgen from $313.00 to $350.00 and gave the stock a "buy" rating in a research report on Wednesday, February 7th. SVB Leerink cut shares of Amgen from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $324.00 to $318.00 in a research report on Wednesday, February 7th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $329.00 price objective on shares of Amgen in a research report on Wednesday, April 3rd. UBS Group cut their price objective on shares of Amgen from $314.00 to $284.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, TD Cowen cut their price objective on shares of Amgen from $370.00 to $360.00 and set a "buy" rating for the company in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $296.95.

Amgen Stock Performance

Shares of Amgen stock traded down $1.32 during trading on Thursday, reaching $262.75. The company's stock had a trading volume of 2,082,465 shares, compared to its average volume of 2,851,966. The business's 50-day moving average price is $277.34 and its 200-day moving average price is $281.24. The firm has a market cap of $140.81 billion, a PE ratio of 21.04, a P/E/G ratio of 2.47 and a beta of 0.58. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72. The company has a quick ratio of 1.13, a current ratio of 1.65 and a debt-to-equity ratio of 10.14.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Thursday, May 16th. Amgen's dividend payout ratio is presently 72.06%.

Institutional Investors Weigh In On Amgen

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Amgen by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 49,035,981 shares of the medical research company's stock valued at $13,178,910,000 after acquiring an additional 165,636 shares during the last quarter. Morgan Stanley boosted its position in shares of Amgen by 12.9% during the 4th quarter. Morgan Stanley now owns 13,301,365 shares of the medical research company's stock valued at $3,493,471,000 after acquiring an additional 1,523,665 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Amgen by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,819,690 shares of the medical research company's stock valued at $2,132,778,000 after acquiring an additional 94,565 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of Amgen by 83,875.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,541,011 shares of the medical research company's stock valued at $1,980,571,000 after acquiring an additional 7,532,031 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Amgen by 3.8% during the 3rd quarter. Northern Trust Corp now owns 6,977,625 shares of the medical research company's stock valued at $1,875,306,000 after acquiring an additional 255,463 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

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.