Amgen (NASDAQ:AMGN) Releases Quarterly Earnings Results, Beats Estimates By $0.55 EPS

Amgen (NASDAQ:AMGN) released its quarterly earnings results on Tuesday. The medical research company reported $5.29 earnings per share for the quarter, beating the consensus estimate of $4.74 by $0.55, FiscalAI reports. The company had revenue of $9.87 billion for the quarter, compared to analyst estimates of $9.46 billion. Amgen had a return on equity of 162.59% and a net margin of 19.47%.

Amgen Trading Down 1.7%

NASDAQ:AMGN traded down $5.96 during midday trading on Tuesday, hitting $338.72. The stock had a trading volume of 2,277,022 shares, compared to its average volume of 2,667,932. The stock has a 50-day moving average of $332.81 and a 200 day moving average of $309.74. The company has a market capitalization of $182.39 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 3.02 and a beta of 0.46. Amgen has a one year low of $261.43 and a one year high of $353.25. The company has a quick ratio of 0.99, a current ratio of 1.28 and a debt-to-equity ratio of 5.45.

Amgen Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 13th will be issued a $2.52 dividend. The ex-dividend date is Friday, February 13th. This is a positive change from Amgen’s previous quarterly dividend of $2.38. This represents a $10.08 dividend on an annualized basis and a dividend yield of 3.0%. Amgen’s dividend payout ratio (DPR) is presently 73.57%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AMGN. UBS Group increased their target price on shares of Amgen from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Oppenheimer set a $400.00 price target on shares of Amgen and gave the company an “outperform” rating in a report on Thursday, January 29th. Piper Sandler raised their price objective on shares of Amgen from $342.00 to $381.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Argus boosted their target price on Amgen from $310.00 to $360.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Finally, Erste Group Bank upgraded Amgen from a “hold” rating to a “buy” rating in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $342.45.

Insiders Place Their Bets

In related news, SVP Rachna Khosla sold 890 shares of Amgen stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $336.24, for a total value of $299,253.60. Following the completion of the sale, the senior vice president directly owned 7,082 shares in the company, valued at $2,381,251.68. The trade was a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Nancy A. Grygiel sold 3,139 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $337.26, for a total transaction of $1,058,659.14. Following the completion of the sale, the senior vice president directly owned 7,225 shares of the company’s stock, valued at approximately $2,436,703.50. This trade represents a 30.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 10,908 shares of company stock worth $3,674,966. 0.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amgen

Hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. boosted its stake in shares of Amgen by 16.3% during the second quarter. Ameriprise Financial Inc. now owns 2,467,959 shares of the medical research company’s stock valued at $688,649,000 after purchasing an additional 345,242 shares in the last quarter. Amundi lifted its holdings in Amgen by 4.6% during the third quarter. Amundi now owns 2,408,089 shares of the medical research company’s stock worth $708,267,000 after buying an additional 104,920 shares during the period. Raymond James Financial Inc. boosted its position in Amgen by 1.2% during the 3rd quarter. Raymond James Financial Inc. now owns 1,746,516 shares of the medical research company’s stock valued at $492,864,000 after acquiring an additional 20,888 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Amgen by 0.8% in the 3rd quarter. California State Teachers Retirement System now owns 861,971 shares of the medical research company’s stock valued at $243,248,000 after acquiring an additional 6,471 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in shares of Amgen by 9.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 566,699 shares of the medical research company’s stock worth $158,228,000 after acquiring an additional 50,211 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.