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Amgen (AMGN) Outpaces Stock Market Gains: What You Should Know
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Amgen (AMGN - Free Report) closed the latest trading day at $311.46, indicating a +0.19% change from the previous session's end. This change outpaced the S&P 500's 0.1% gain on the day. Elsewhere, the Dow saw a downswing of 0.08%, while the tech-heavy Nasdaq appreciated by 0.28%.
Coming into today, shares of the world's largest biotech drugmaker had gained 1.92% in the past month. In that same time, the Medical sector lost 0.44%, while the S&P 500 gained 4.08%.
Market participants will be closely following the financial results of Amgen in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company is expected to report EPS of $4.86, down 2.8% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $8.27 billion, up 18.34% from the year-ago period.
AMGN's full-year Zacks Consensus Estimates are calling for earnings of $19.47 per share and revenue of $32.98 billion. These results would represent year-over-year changes of +4.4% and +17.01%, respectively.
It is also important to note the recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 no change in the Zacks Consensus EPS estimate. Amgen presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 15.97. For comparison, its industry has an average Forward P/E of 23.03, which means Amgen is trading at a discount to the group.
Also, we should mention that AMGN has a PEG ratio of 2.81. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Medical - Biomedical and Genetics industry had an average PEG ratio of 2.04.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 84, which puts it in the top 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) Outpaces Stock Market Gains: What You Should Know
Amgen (AMGN - Free Report) closed the latest trading day at $311.46, indicating a +0.19% change from the previous session's end. This change outpaced the S&P 500's 0.1% gain on the day. Elsewhere, the Dow saw a downswing of 0.08%, while the tech-heavy Nasdaq appreciated by 0.28%.
Coming into today, shares of the world's largest biotech drugmaker had gained 1.92% in the past month. In that same time, the Medical sector lost 0.44%, while the S&P 500 gained 4.08%.
Market participants will be closely following the financial results of Amgen in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company is expected to report EPS of $4.86, down 2.8% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $8.27 billion, up 18.34% from the year-ago period.
AMGN's full-year Zacks Consensus Estimates are calling for earnings of $19.47 per share and revenue of $32.98 billion. These results would represent year-over-year changes of +4.4% and +17.01%, respectively.
It is also important to note the recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 no change in the Zacks Consensus EPS estimate. Amgen presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 15.97. For comparison, its industry has an average Forward P/E of 23.03, which means Amgen is trading at a discount to the group.
Also, we should mention that AMGN has a PEG ratio of 2.81. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Medical - Biomedical and Genetics industry had an average PEG ratio of 2.04.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 84, which puts it in the top 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.