Leerink Swann Weighs in on Amgen, Inc.’s FY2017 Earnings (AMGN)

Amgen, Inc. (NASDAQ:AMGN) – Investment analysts at Leerink Swann cut their FY2017 EPS estimates for Amgen in a research report issued on Thursday. Leerink Swann analyst G. Porges now forecasts that the medical research company will post earnings of $12.59 per share for the year, down from their prior estimate of $12.62.

Amgen (NASDAQ:AMGN) last announced its earnings results on Wednesday, October 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.11 by $0.16. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.75 billion. Amgen had a return on equity of 29.90% and a net margin of 35.54%. Amgen’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.02 earnings per share.

Several other research firms have also recently weighed in on AMGN. Mizuho set a $192.00 price objective on Amgen and gave the stock a “buy” rating in a research report on Friday, December 22nd. Zacks Investment Research cut Amgen from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Royal Bank of Canada cut their price objective on Amgen from $192.00 to $188.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 26th. Credit Suisse Group reissued a “neutral” rating and issued a $186.00 price objective (up previously from $177.00) on shares of Amgen in a research report on Friday, September 29th. Finally, Oppenheimer reissued a “buy” rating and issued a $205.00 price objective on shares of Amgen in a research report on Thursday, November 30th. Fifteen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $190.15.

Amgen (NASDAQ AMGN) opened at $189.28 on Monday. The stock has a market capitalization of $137,400.00, a P/E ratio of 17.10, a P/E/G ratio of 2.77 and a beta of 1.36. The company has a current ratio of 6.07, a quick ratio of 5.72 and a debt-to-equity ratio of 1.05. Amgen has a 1 year low of $150.38 and a 1 year high of $191.10.

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its stake in shares of Amgen by 4.8% during the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after purchasing an additional 2,587,041 shares during the period. Vanguard Group Inc. raised its stake in shares of Amgen by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock valued at $8,981,266,000 after purchasing an additional 489,720 shares during the period. BlackRock Inc. raised its stake in shares of Amgen by 1.9% during the 2nd quarter. BlackRock Inc. now owns 49,451,203 shares of the medical research company’s stock valued at $8,516,980,000 after purchasing an additional 909,689 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Amgen by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,166,002 shares of the medical research company’s stock valued at $1,522,551,000 after purchasing an additional 140,117 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Amgen by 12.9% during the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after purchasing an additional 806,119 shares during the period. 78.48% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Carbonnel Francois De sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $173.61, for a total transaction of $694,440.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $185.62, for a total value of $283,070.50. The disclosure for this sale can be found here. Insiders have sold a total of 8,575 shares of company stock worth $1,508,836 in the last ninety days. Insiders own 0.19% of the company’s stock.

Amgen announced that its board has initiated a share repurchase plan on Wednesday, October 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 8th. Stockholders of record on Thursday, February 15th will be given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Wednesday, February 14th. This is a boost from Amgen’s previous quarterly dividend of $1.15. Amgen’s dividend payout ratio is currently 41.55%.

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Amgen Company Profile

Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).

Earnings History and Estimates for Amgen (NASDAQ:AMGN)

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