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Amgen (AMGN) Ascends While Market Falls: Some Facts to Note
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In the latest trading session, Amgen (AMGN - Free Report) closed at $331.29, marking a +0.1% move from the previous day. This change outpaced the S&P 500's 0.71% loss on the day. Elsewhere, the Dow lost 0.93%, while the tech-heavy Nasdaq lost 0.81%.
Shares of the world's largest biotech drugmaker witnessed a gain of 6.8% over the previous month, beating the performance of the Medical sector with its loss of 0.16% and the S&P 500's gain of 1.08%.
The investment community will be paying close attention to the earnings performance of Amgen in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be $4.87, reflecting a 2.6% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $8.27 billion, indicating a 18.43% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.44 per share and a revenue of $33.03 billion, representing changes of +4.24% and +17.18%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Amgen. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.12% lower within the past month. Currently, Amgen is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 17.02. This denotes a discount relative to the industry's average Forward P/E of 24.11.
Also, we should mention that AMGN has a PEG ratio of 2.99. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. AMGN's industry had an average PEG ratio of 2.26 as of yesterday's close.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 69, finds itself in the top 28% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AMGN in the coming trading sessions, be sure to utilize Zacks.com.
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Amgen (AMGN) Ascends While Market Falls: Some Facts to Note
In the latest trading session, Amgen (AMGN - Free Report) closed at $331.29, marking a +0.1% move from the previous day. This change outpaced the S&P 500's 0.71% loss on the day. Elsewhere, the Dow lost 0.93%, while the tech-heavy Nasdaq lost 0.81%.
Shares of the world's largest biotech drugmaker witnessed a gain of 6.8% over the previous month, beating the performance of the Medical sector with its loss of 0.16% and the S&P 500's gain of 1.08%.
The investment community will be paying close attention to the earnings performance of Amgen in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company's earnings per share (EPS) are projected to be $4.87, reflecting a 2.6% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $8.27 billion, indicating a 18.43% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.44 per share and a revenue of $33.03 billion, representing changes of +4.24% and +17.18%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Amgen. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.12% lower within the past month. Currently, Amgen is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 17.02. This denotes a discount relative to the industry's average Forward P/E of 24.11.
Also, we should mention that AMGN has a PEG ratio of 2.99. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. AMGN's industry had an average PEG ratio of 2.26 as of yesterday's close.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 69, finds itself in the top 28% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AMGN in the coming trading sessions, be sure to utilize Zacks.com.