Amgen Earnings Beat, $2.52 Dividend and a Hold Consensus at $422.76

Amgen just posted $6.45 in quarterly earnings per share (EPS), clearing the $5.79 consensus by $0.66, and revenue of $10.37 billion against an expected $10.07 billion. That's the hardest number in this story — and the anchor for everything else around the stock this week.

By Grace Kim, CFO Observer

The medical research company reported those results on Tuesday, November 3rd. Revenue climbed 8.5% year over year, up from $5.64 EPS in the same quarter a year ago. Net margin landed at 24.14% and return on equity — a measure of profit generated on shareholder capital — reached an unusually high 114.99%. Sell-side analysts, on average, forecast $23.33 EPS for the full year.

What did institutional investors do?

Kestra Investment Management LLC trimmed its stake in Amgen (NASDAQ:AMGN) by 23.1% during the third quarter, according to HoldingsChannel, selling 1,548 shares. The fund held 5,160 shares afterward, worth $2,175,000 at its most recent SEC filing.

Smaller institutional players (funds filing 13F disclosures of holdings) moved the other way:

• Wellington Altus USA Inc. raised its position 72.3% in Q2, adding 34 shares to reach 81 shares valued at $28,000.
• Quest 10 Wealth Builders Inc. boosted its stake 220.0% in Q3, buying 55 more shares for a total of 80 worth $34,000.
• Nvwm LLC grew its holding 412.5% in Q3, purchasing 66 shares to own 82 worth $35,000.
• Security National Bank of Sioux City Iowa IA opened a new position in Q2 worth about $36,000.
• PFS Partners LLC increased its position 95.5% in Q3, adding 42 shares to hold 86 valued at $36,000.

Institutions and hedge funds own 76.50% of the stock; insiders hold 0.85%.

Where did analysts set their targets?

The research desk split sharply. Argus lifted its objective from $375.00 to $460.00 with a "buy" rating on August 19th. Bank of America went from $312.00 to $317.00 but kept an "underperform" rating on August 5th. Robert W. Baird raised its target from $215.00 to $230.00, also "underperform," the same day.

Guggenheim moved from $378.00 to $435.00 with a "neutral" rating on November 5th, and Goldman Sachs raised its target from $481.00 to $536.00 with a "buy" rating on November 4th.

The tally, per MarketBeat: one Strong Buy, eleven Buy, eighteen Hold and three Sell ratings. The consensus reads "Hold" with an average price target of $422.76 — below the stock's recent trading level.

How is the stock trading?

AMGN opened at $465.23 on Wednesday. The one-year range runs from a low of $312.39 to a high of $483.99. The 50-day moving average sits at $423.79 and the 200-day at $379.39.

Balance-sheet metrics: a debt-to-equity ratio of 3.60, a quick ratio (cash-adjacent assets over short-term liabilities) of 1.20 and a current ratio of 1.48. Market capitalization stands at $251.65 billion, with a price-to-earnings ratio of 26.99, a PEG ratio of 3.25 and a beta of 0.43 — meaning the stock moves far less than the broad market.

What about the dividend?

Amgen will pay a quarterly dividend of $2.52 per share on Friday, December 11th, to stockholders of record on Friday, November 20th — also the ex-dividend date. That annualizes to $10.08 per share, a 2.2% yield, with a payout ratio of 58.47%.

What else moved the tape?

At the American Heart Association's 2026 Scientific Sessions, new data strengthened the case for earlier, more intensive Repatha treatment. Amgen cited an analysis calling the drug highly cost-effective in high-risk patients without a prior heart attack or stroke, plus a long-term analysis linking it to a 29% lower risk of major cardiovascular events in patients with existing cardiovascular disease. The evidence includes an external-control analysis, a caveat worth flagging.

Investors are also awaiting ACR conference data on dazodalibep; no findings have been disclosed yet. Other coverage compares Amgen's dividend income with Regeneron's faster growth but offers no new ratings.

Any insider activity?

SVP Rachna Khosla sold 1,252 shares on Thursday, August 13th, at an average price of $416.43 — a total of $521,370.36. Khosla retained 6,404 shares valued at $2,666,817.72, a 16.35% cut in her ownership. The sale was disclosed in an SEC filing.

The bottom line

Amgen, founded in 1980 and headquartered in Thousand Oaks, California under CEO Robert A. Bradway since 2012, is beating earnings and raising its dividend — yet the Street's average target of $422.76 still sits below where the stock trades.