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Amgen (AMGN) Ascends But Remains Behind Market: Some Facts to Note
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Amgen (AMGN - Free Report) closed the latest trading day at $269.95, indicating a +0.69% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 1.11%. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 1.24%.
The the stock of world's largest biotech drugmaker has fallen by 1.75% in the past month, leading the Medical sector's loss of 2.46% and undershooting the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Amgen in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company's upcoming EPS is projected at $3.82, signifying a 4.02% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $7.44 billion, up 21.93% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.48 per share and a revenue of $32.93 billion, representing changes of +4.45% and +16.83%, respectively, from the prior year.
Any recent changes to analyst estimates for Amgen should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.01% upward. Amgen currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 13.76. For comparison, its industry has an average Forward P/E of 23.56, which means Amgen is trading at a discount to the group.
It's also important to note that AMGN currently trades at a PEG ratio of 2.53. 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. The Medical - Biomedical and Genetics industry had an average PEG ratio of 1.74 as trading concluded yesterday.
The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 75, this industry ranks in the top 30% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Amgen (AMGN) Ascends But Remains Behind Market: Some Facts to Note
Amgen (AMGN - Free Report) closed the latest trading day at $269.95, indicating a +0.69% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 1.11%. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 1.24%.
The the stock of world's largest biotech drugmaker has fallen by 1.75% in the past month, leading the Medical sector's loss of 2.46% and undershooting the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Amgen in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company's upcoming EPS is projected at $3.82, signifying a 4.02% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $7.44 billion, up 21.93% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.48 per share and a revenue of $32.93 billion, representing changes of +4.45% and +16.83%, respectively, from the prior year.
Any recent changes to analyst estimates for Amgen should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.01% upward. Amgen currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 13.76. For comparison, its industry has an average Forward P/E of 23.56, which means Amgen is trading at a discount to the group.
It's also important to note that AMGN currently trades at a PEG ratio of 2.53. 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. The Medical - Biomedical and Genetics industry had an average PEG ratio of 1.74 as trading concluded yesterday.
The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 75, this industry ranks in the top 30% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.