Amgen (AMGN) Issues FY18 Earnings Guidance
Amgen (NASDAQ:AMGN) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided EPS guidance of $12.80-13.70 for the period, compared to the Thomson Reuters consensus EPS estimate of $13.47. The company issued revenue guidance of $21.9-22.8 billion, compared to the consensus revenue estimate of $22.71 billion.
AMGN stock traded down $2.72 during trading on Tuesday, reaching $171.94. 4,354,475 shares of the company traded hands, compared to its average volume of 4,796,622. The company has a debt-to-equity ratio of 1.35, a current ratio of 5.49 and a quick ratio of 5.17. The company has a market cap of $114,648.48, a P/E ratio of 13.67, a PEG ratio of 2.10 and a beta of 1.36. Amgen has a 12 month low of $152.16 and a 12 month high of $201.23.
Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, February 1st. The medical research company reported $2.89 EPS for the quarter, missing the Zacks’ consensus estimate of $3.03 by ($0.14). The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.84 billion. Amgen had a return on equity of 30.87% and a net margin of 8.66%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $2.89 EPS. analysts anticipate that Amgen will post 13.28 EPS for the current year.
Amgen announced that its Board of Directors has approved a stock buyback program on Thursday, February 1st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
A number of equities analysts have weighed in on AMGN shares. Vetr lowered Amgen from a buy rating to a hold rating and set a $184.25 price objective on the stock. in a research note on Wednesday, January 3rd. Royal Bank of Canada reiterated a hold rating and issued a $189.00 price objective on shares of Amgen in a report on Wednesday, January 24th. Barclays cut their price target on Amgen from $190.00 to $180.00 and set an equal weight rating on the stock in a report on Thursday, April 5th. ValuEngine downgraded Amgen from a buy rating to a hold rating in a report on Monday, April 2nd. Finally, Piper Jaffray reiterated a buy rating on shares of Amgen in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $190.57.
In related news, EVP Sean E. Harper sold 1,525 shares of Amgen stock in a transaction on Friday, March 16th. The stock was sold at an average price of $189.75, for a total value of $289,368.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 4,575 shares of company stock worth $818,330 in the last 90 days. Insiders own 0.27% of the company’s stock.
A number of institutional investors have recently modified their holdings of AMGN. FMR LLC lifted its stake in shares of Amgen by 4.8% during the second quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock worth $9,817,037,000 after purchasing an additional 2,587,041 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Amgen by 0.9% during the second quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock worth $8,981,266,000 after acquiring an additional 489,720 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Amgen by 12.9% during the second quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock worth $1,212,602,000 after acquiring an additional 806,119 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Amgen by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,968,892 shares of the medical research company’s stock worth $683,562,000 after acquiring an additional 121,202 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Amgen by 3,664.7% during the second quarter. Janus Henderson Group PLC now owns 3,699,351 shares of the medical research company’s stock worth $637,139,000 after acquiring an additional 3,601,087 shares during the last quarter. Hedge funds and other institutional investors own 85.76% of the company’s stock.
Amgen Company Profile
Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.
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