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Amgen (AMGN) Dips More Than Broader Market: What You Should Know
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The latest trading session saw Amgen (AMGN - Free Report) ending at $330.97, denoting a -1.4% adjustment from its last day's close. This move lagged the S&P 500's daily loss of 0.78%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Prior to today's trading, shares of the world's largest biotech drugmaker had gained 9.7% over the past month. This has outpaced the Medical sector's gain of 2.23% and the S&P 500's gain of 2.14% in that time.
The upcoming earnings release of Amgen will be of great interest to investors. The company's earnings report is expected on August 6, 2024. The company's upcoming EPS is projected at $4.87, signifying a 2.6% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $8.27 billion, reflecting a 18.43% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $19.44 per share and a revenue of $33 billion, indicating changes of +4.24% and +17.07%, respectively, from the former year.
Any recent changes to analyst estimates for Amgen should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 0.12% fall in the Zacks Consensus EPS estimate. Amgen is currently a Zacks Rank #3 (Hold).
Digging into valuation, Amgen currently has a Forward P/E ratio of 17.26. This represents a discount compared to its industry's average Forward P/E of 24.17.
Meanwhile, AMGN's PEG ratio is currently 3.04. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Biomedical and Genetics industry had an average PEG ratio of 2.27 as trading concluded yesterday.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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) Dips More Than Broader Market: What You Should Know
The latest trading session saw Amgen (AMGN - Free Report) ending at $330.97, denoting a -1.4% adjustment from its last day's close. This move lagged the S&P 500's daily loss of 0.78%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Prior to today's trading, shares of the world's largest biotech drugmaker had gained 9.7% over the past month. This has outpaced the Medical sector's gain of 2.23% and the S&P 500's gain of 2.14% in that time.
The upcoming earnings release of Amgen will be of great interest to investors. The company's earnings report is expected on August 6, 2024. The company's upcoming EPS is projected at $4.87, signifying a 2.6% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $8.27 billion, reflecting a 18.43% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $19.44 per share and a revenue of $33 billion, indicating changes of +4.24% and +17.07%, respectively, from the former year.
Any recent changes to analyst estimates for Amgen should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 0.12% fall in the Zacks Consensus EPS estimate. Amgen is currently a Zacks Rank #3 (Hold).
Digging into valuation, Amgen currently has a Forward P/E ratio of 17.26. This represents a discount compared to its industry's average Forward P/E of 24.17.
Meanwhile, AMGN's PEG ratio is currently 3.04. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Biomedical and Genetics industry had an average PEG ratio of 2.27 as trading concluded yesterday.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 70, putting it in the top 28% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.