What is Leerink Partnrs’ Forecast for Amgen FY2024 Earnings?

Amgen Inc. (NASDAQ:AMGN) – Research analysts at Leerink Partnrs raised their FY2024 earnings estimates for shares of Amgen in a research note issued on Wednesday, October 30th. Leerink Partnrs analyst D. Risinger now forecasts that the medical research company will post earnings per share of $19.53 for the year, up from their prior forecast of $19.27. The consensus estimate for Amgen’s current full-year earnings is $19.45 per share. Leerink Partnrs also issued estimates for Amgen’s Q4 2024 earnings at $5.01 EPS and FY2028 earnings at $19.64 EPS.

Amgen (NASDAQ:AMGN) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the company earned $4.96 EPS.

A number of other brokerages have also issued reports on AMGN. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $320.00 to $335.00 in a report on Wednesday, August 7th. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a report on Monday, September 16th. TD Cowen raised their price target on shares of Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Oppenheimer reissued an “outperform” rating and issued a $380.00 price target on shares of Amgen in a report on Wednesday, August 7th. Finally, Truist Financial lowered shares of Amgen from a “buy” rating to a “hold” rating and lifted their target price for the company from $320.00 to $333.00 in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $333.50.

Amgen Price Performance

Shares of Amgen stock opened at $316.91 on Monday. The firm has a market cap 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 12-month low of $260.52 and a 12-month high of $346.85. The company has a quick ratio of 0.89, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The company’s fifty day simple moving average is $324.27 and its two-hundred day simple moving average is $316.29.

Amgen Announces Dividend

The company also recently announced 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 of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 2.84%. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Laffer Tengler Investments Inc. raised its holdings in Amgen by 2.0% in the third 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 during the last quarter. Jaffetilchin Investment Partners LLC raised its holdings in Amgen by 16.5% in the third 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 during the last quarter. Core Wealth Partners LLC raised its holdings in shares of Amgen by 42.7% during the third 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 during the last quarter. Ridgecrest Wealth Partners LLC lifted its position in Amgen by 1.1% during the third 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 during the period. Finally, Kennebec Savings Bank purchased a new stake in Amgen in the third quarter worth approximately $57,000. 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.