Cantor Fitzgerald Raises Earnings Estimates for Amgen

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

A number of other research firms have also recently commented on AMGN. Sanford C. Bernstein assumed coverage on Amgen in a research note on Thursday, October 17th. They set an “outperform” rating and a $380.00 price target on the stock. Bank of America raised their target price on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. StockNews.com raised Amgen from a “buy” rating to a “strong-buy” rating in a research report on Friday. Morgan Stanley reduced their price target on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $380.00 price target (up previously from $375.00) on shares of Amgen in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $333.50.

Amgen Price Performance

Amgen stock opened at $319.22 on Monday. The stock has a market cap of $171.53 billion, a P/E ratio of 40.87, a PEG 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 current ratio of 1.32, a quick ratio of 0.89 and a debt-to-equity ratio of 7.55. The company has a 50-day moving average price of $324.47 and a 200 day moving average price of $315.90.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating 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 business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter last year, the business posted $4.96 earnings per share. The business’s quarterly revenue was up 23.2% compared to the same quarter last year.

Hedge Funds Weigh In On Amgen

Hedge funds have recently made changes to their positions in the business. Keynote Financial Services LLC lifted its holdings in shares of Amgen by 0.6% during the second quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock valued at $1,530,000 after purchasing an additional 30 shares during the last quarter. Ascent Group LLC raised its holdings in shares of Amgen by 0.3% during the second quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after acquiring an additional 31 shares during the period. RFP Financial Group LLC grew its holdings in shares of Amgen by 17.1% during the first quarter. RFP Financial Group LLC now owns 219 shares of the medical research company’s stock valued at $62,000 after buying an additional 32 shares in the last quarter. Hofer & Associates. Inc lifted its stake in Amgen by 0.5% in the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock worth $2,024,000 after acquiring an additional 32 shares in the last quarter. Finally, Cadinha & Co. LLC grew its stake in Amgen by 0.6% during the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock valued at $1,678,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders 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 annualized dividend and a dividend yield of 2.82%. Amgen’s dividend payout ratio (DPR) is 115.24%.

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.