Bristol-Myers Squibb (NYSE:BMY – Free Report) – Equities researchers at Cantor Fitzgerald lowered their FY2023 earnings per share estimates for shares of Bristol-Myers Squibb in a research report issued on Friday, July 28th. Cantor Fitzgerald analyst O. Brayer now forecasts that the biopharmaceutical company will earn $7.50 per share for the year, down from their prior estimate of $8.00. Cantor Fitzgerald currently has a “Overweight” rating and a $85.00 target price on the stock. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $7.51 per share. Cantor Fitzgerald also issued estimates for Bristol-Myers Squibb’s FY2024 earnings at $7.66 EPS.
Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.24). The business had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $11.81 billion. Bristol-Myers Squibb had a return on equity of 50.56% and a net margin of 17.62%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 earnings per share.
Several other research firms have also issued reports on BMY. Credit Suisse Group decreased their target price on Bristol-Myers Squibb from $72.00 to $66.00 in a research note on Wednesday, July 12th. Wells Fargo & Company reduced their price target on Bristol-Myers Squibb from $78.00 to $65.00 in a research report on Friday. Bank of America reduced their price target on Bristol-Myers Squibb from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday. StockNews.com lowered Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Atlantic Securities reduced their price target on Bristol-Myers Squibb from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $71.14.
Bristol-Myers Squibb Price Performance
BMY opened at $61.41 on Monday. The stock’s 50-day moving average price is $64.18 and its 200 day moving average price is $67.82. Bristol-Myers Squibb has a 12-month low of $60.05 and a 12-month high of $81.43. The company has a current ratio of 1.42, a quick ratio of 1.28 and a debt-to-equity ratio of 1.10. The firm has a market cap of $129.01 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.35 and a beta of 0.43.
Hedge Funds Weigh In On Bristol-Myers Squibb
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Bristol-Myers Squibb by 86,002.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 659,143,253 shares of the biopharmaceutical company’s stock worth $42,152,211,000 after purchasing an additional 658,377,716 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Bristol-Myers Squibb by 1.7% in the first quarter. BlackRock Inc. now owns 175,584,734 shares of the biopharmaceutical company’s stock worth $12,169,778,000 after acquiring an additional 2,856,746 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Bristol-Myers Squibb by 10.3% in the first quarter. Ameriprise Financial Inc. now owns 26,084,266 shares of the biopharmaceutical company’s stock worth $1,807,487,000 after acquiring an additional 2,439,814 shares during the last quarter. Norges Bank acquired a new position in shares of Bristol-Myers Squibb in the fourth quarter worth $1,873,696,000. Finally, Moneta Group Investment Advisors LLC raised its holdings in shares of Bristol-Myers Squibb by 114,228.7% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company’s stock worth $1,544,751,000 after acquiring an additional 21,451,006 shares during the last quarter. 74.57% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, EVP Rupert Vessey sold 50,385 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $67.06, for a total value of $3,378,818.10. Following the completion of the sale, the executive vice president now directly owns 47,751 shares of the company’s stock, valued at approximately $3,202,182.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.
Bristol-Myers Squibb Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Friday, July 7th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.28 annualized dividend and a dividend yield of 3.71%. Bristol-Myers Squibb’s dividend payout ratio is currently 60.64%.
Bristol-Myers Squibb Company Profile
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company’s products include Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.
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