Amgen (NASDAQ:AMGN) Announces Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Amgen (NASDAQ:AMGNGet Rating) announced its quarterly earnings data on Thursday. The medical research company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.40 by $0.25, Briefing.com reports. Amgen had a net margin of 24.92% and a return on equity of 188.78%. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.53 billion. During the same period in the prior year, the firm posted $4.38 EPS. Amgen’s revenue for the quarter was up 1.0% on a year-over-year basis. Amgen updated its FY22 guidance to $17.00 to $18.00 EPS and its FY 2022 guidance to $17.00-$18.00 EPS.

Amgen Trading Down 0.3 %

Amgen stock opened at $246.25 on Friday. The stock has a market cap of $131.55 billion, a P/E ratio of 20.87, a PEG ratio of 2.04 and a beta of 0.56. The company has a debt-to-equity ratio of 39.31, a current ratio of 1.44 and a quick ratio of 1.09. Amgen has a 1 year low of $198.64 and a 1 year high of $258.45. The firm’s 50 day moving average price is $245.14 and its 200-day moving average price is $239.83.

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 8th. Stockholders of record on Thursday, August 18th will be given a dividend of $1.94 per share. This represents a $7.76 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Wednesday, August 17th. Amgen’s payout ratio is currently 65.76%.

Insider Activity

In other news, EVP Jonathan P. Graham sold 13,500 shares of Amgen stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $241.81, for a total transaction of $3,264,435.00. Following the sale, the executive vice president now owns 37,333 shares in the company, valued at $9,027,492.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Jonathan P. Graham sold 13,500 shares of the firm’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $241.81, for a total value of $3,264,435.00. Following the completion of the transaction, the executive vice president now directly owns 37,333 shares of the company’s stock, valued at $9,027,492.73. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director R Sanders Williams sold 600 shares of the firm’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $250.00, for a total transaction of $150,000.00. Following the completion of the transaction, the director now directly owns 5,501 shares of the company’s stock, valued at $1,375,250. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Lumature Wealth Partners LLC grew its holdings in shares of Amgen by 51.1% in the first quarter. Lumature Wealth Partners LLC now owns 142 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. Worth Asset Management LLC purchased a new position in Amgen during the first quarter worth $112,000. Shepherd Financial Partners LLC purchased a new position in Amgen during the first quarter worth $200,000. PFS Investments Inc. purchased a new position in Amgen during the first quarter worth $203,000. Finally, Ergoteles LLC purchased a new position in Amgen during the first quarter worth $219,000. 79.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on AMGN. Mizuho increased their price objective on shares of Amgen from $202.00 to $208.00 in a research report on Tuesday, May 10th. SVB Leerink began coverage on shares of Amgen in a report on Monday, May 23rd. They set a “market perform” rating and a $256.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Amgen from $224.00 to $236.00 in a report on Friday. StockNews.com raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a report on Monday, May 16th. Finally, BMO Capital Markets dropped their price target on shares of Amgen from $263.00 to $243.00 in a report on Thursday, April 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $250.00.

Amgen Company Profile

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Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Beh├žet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.

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Earnings History for Amgen (NASDAQ:AMGN)

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