Amgen (NASDAQ:AMGN) Posts Earnings Results, Beats Estimates By $0.63 EPS

Amgen (NASDAQ:AMGN) issued its quarterly earnings results on Tuesday. The medical research company reported $5.64 EPS for the quarter, beating the consensus estimate of $5.01 by $0.63, Zacks reports. Amgen had a net margin of 18.96% and a return on equity of 174.71%.

Amgen Stock Performance

AMGN stock traded up $0.40 during trading on Tuesday, hitting $296.70. 3,336,161 shares of the company traded hands, compared to its average volume of 2,714,783. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. Amgen has a 1 year low of $253.30 and a 1 year high of $335.88. The stock’s 50-day simple moving average is $287.91 and its 200 day simple moving average is $287.63. The company has a market cap of $159.73 billion, a PE ratio of 24.26, a P/E/G ratio of 2.61 and a beta of 0.49.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 21st will be issued a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, November 21st. Amgen’s dividend payout ratio (DPR) is 77.84%.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the sale, the senior vice president directly owned 7,209 shares of the company’s stock, valued at approximately $2,141,000.91. This trade represents a 14.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently made changes to their positions in the company. 44 Wealth Management LLC raised its position in shares of Amgen by 5.0% in the second quarter. 44 Wealth Management LLC now owns 1,257 shares of the medical research company’s stock valued at $351,000 after buying an additional 60 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Amgen during the second quarter worth about $444,000. SkyView Investment Advisors LLC lifted its holdings in Amgen by 12.9% in the second quarter. SkyView Investment Advisors LLC now owns 1,431 shares of the medical research company’s stock valued at $397,000 after acquiring an additional 163 shares during the last quarter. U S Wealth Group LLC. increased its stake in Amgen by 4.3% during the second quarter. U S Wealth Group LLC. now owns 7,832 shares of the medical research company’s stock worth $2,187,000 after acquiring an additional 321 shares during the last quarter. Finally, Semmax Financial Advisors Inc. raised its holdings in Amgen by 2.5% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 12,914 shares of the medical research company’s stock valued at $3,722,000 after buying an additional 310 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Bank of America boosted their price objective on shares of Amgen from $261.00 to $272.00 and gave the company an “underperform” rating in a research report on Friday, September 26th. Wall Street Zen downgraded shares of Amgen from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Morgan Stanley increased their price objective on Amgen from $330.00 to $333.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Piper Sandler raised their price objective on Amgen from $328.00 to $342.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Finally, Raymond James Financial initiated coverage on Amgen in a report on Wednesday, September 3rd. They issued a “market perform” rating for the company. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $300.94.

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.