Amgen, Inc. (NASDAQ:AMGN) Expected to Post FY2023 Earnings of $17.40 Per Share

Amgen, Inc. (NASDAQ:AMGN) – Research analysts at Svb Leerink raised their FY2023 earnings estimates for shares of Amgen in a note issued to investors on Tuesday, July 16th, according to Zacks Investment Research. Svb Leerink analyst G. Porges now anticipates that the medical research company will earn $17.40 per share for the year, up from their prior estimate of $17.31.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, July 30th. The medical research company reported $3.97 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.39. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.67 billion. Amgen had a return on equity of 76.17% and a net margin of 33.78%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.83 earnings per share.

Other equities analysts have also issued research reports about the company. Mizuho reissued a “buy” rating and issued a $208.00 target price on shares of Amgen in a report on Monday, July 1st. Morgan Stanley dropped their target price on Amgen from $211.00 to $207.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued a “neutral” rating and issued a $192.00 target price on shares of Amgen in a report on Tuesday, May 21st. Citigroup raised Amgen from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $211.00 to $205.00 in a report on Wednesday, May 22nd. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $190.00 price objective on shares of Amgen in a report on Wednesday, May 15th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Amgen presently has an average rating of “Buy” and an average price target of $210.41.

NASDAQ:AMGN traded up $1.69 during trading hours on Wednesday, hitting $185.23. The company’s stock had a trading volume of 1,947,349 shares, compared to its average volume of 2,951,253. The company has a market capitalization of $108.85 billion, a PE ratio of 12.86, a P/E/G ratio of 2.13 and a beta of 1.19. The company has a fifty day simple moving average of $181.66. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.89 and a quick ratio of 2.60. Amgen has a 52-week low of $166.30 and a 52-week high of $210.19.

A number of hedge funds have recently added to or reduced their stakes in the business. Clearstead Advisors LLC boosted its holdings in shares of Amgen by 5.7% in the 2nd quarter. Clearstead Advisors LLC now owns 10,902 shares of the medical research company’s stock valued at $2,009,000 after purchasing an additional 585 shares during the last quarter. Arjuna Capital boosted its holdings in shares of Amgen by 4.4% in the 2nd quarter. Arjuna Capital now owns 18,439 shares of the medical research company’s stock valued at $3,398,000 after purchasing an additional 769 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Amgen in the 2nd quarter valued at $203,000. Capital Investment Advisory Services LLC boosted its holdings in shares of Amgen by 3.7% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 6,629 shares of the medical research company’s stock valued at $1,166,000 after purchasing an additional 239 shares during the last quarter. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Amgen in the 2nd quarter valued at $209,000. 77.43% of the stock is owned by hedge funds and other institutional investors.

In other Amgen news, Director R Sanders Williams sold 425 shares of Amgen stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $183.04, for a total value of $77,792.00. Following the completion of the sale, the director now directly owns 16,336 shares of the company’s stock, valued at approximately $2,990,141.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald D. Sugar sold 2,000 shares of Amgen stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $175.68, for a total transaction of $351,360.00. Following the completion of the sale, the director now directly owns 16,219 shares of the company’s stock, valued at $2,849,353.92. The disclosure for this sale can be found here. Insiders sold a total of 4,425 shares of company stock valued at $804,312 over the last ninety days. 0.25% of the stock is owned by corporate insiders.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Thursday, August 15th will be paid a $1.45 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $5.80 annualized dividend and a yield of 3.13%. Amgen’s payout ratio is currently 40.28%.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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