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Amgen (AMGN) Outperforms Broader Market: What You Need to Know
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Amgen (AMGN - Free Report) closed the most recent trading day at $276.12, moving +1.12% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.73% for the day. Meanwhile, the Dow experienced a rise of 0.62%, and the technology-dominated Nasdaq saw an increase of 0.93%.
Heading into today, shares of the world's largest biotech drugmaker had gained 2.32% over the past month, outpacing the Medical sector's loss of 4.57% and the S&P 500's loss of 2.29% in that time.
The investment community will be closely monitoring the performance of Amgen in its forthcoming earnings report. The company is scheduled to release its earnings on October 31, 2023. The company is predicted to post an EPS of $4.61, indicating a 1.91% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $6.94 billion, up 4.37% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $18.25 per share and a revenue of $27.44 billion, signifying shifts of +3.17% and +4.26%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0.56% fall in the Zacks Consensus EPS estimate. As of now, Amgen holds a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 14.96. For comparison, its industry has an average Forward P/E of 16.06, which means Amgen is trading at a discount to the group.
Also, we should mention that AMGN has a PEG ratio of 3.54. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AMGN's industry had an average PEG ratio of 1.77 as of yesterday's close.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 66, positioning it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Amgen (AMGN) Outperforms Broader Market: What You Need to Know
Amgen (AMGN - Free Report) closed the most recent trading day at $276.12, moving +1.12% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.73% for the day. Meanwhile, the Dow experienced a rise of 0.62%, and the technology-dominated Nasdaq saw an increase of 0.93%.
Heading into today, shares of the world's largest biotech drugmaker had gained 2.32% over the past month, outpacing the Medical sector's loss of 4.57% and the S&P 500's loss of 2.29% in that time.
The investment community will be closely monitoring the performance of Amgen in its forthcoming earnings report. The company is scheduled to release its earnings on October 31, 2023. The company is predicted to post an EPS of $4.61, indicating a 1.91% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $6.94 billion, up 4.37% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $18.25 per share and a revenue of $27.44 billion, signifying shifts of +3.17% and +4.26%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0.56% fall in the Zacks Consensus EPS estimate. As of now, Amgen holds a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 14.96. For comparison, its industry has an average Forward P/E of 16.06, which means Amgen is trading at a discount to the group.
Also, we should mention that AMGN has a PEG ratio of 3.54. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AMGN's industry had an average PEG ratio of 1.77 as of yesterday's close.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 66, positioning it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.