Zacks Investment Research upgraded shares of Bristol-Myers Squibb Company (NYSE:BMY) from a hold rating to a buy rating in a research report released on Wednesday morning. The brokerage currently has $68.00 target price on the biopharmaceutical company’s stock.
According to Zacks, “Bristol-Myers reported mixed results for the third-quarter wherein earnings missed expectations although revenue beat on the same. The miss in earnings was attributable to lower gross margin which in turn was due to product mix and decline in virology business. The increase in earnings guidance was encouraging. The company’s blockbuster immuno-oncology Opdivo continues to perform well along with, Eliquis and Orencia. The company is looking to expand Opdivo’s label further and recently won FDA approvals for liver and colorectal cancers which should boost performance. The company is also looking to counter generic threat for its key drugs through deals and acquisitions. The company recently entered into a deal with AbbVie and Halozyme. However, Opdivo is currently facing competitive challenges in the United States. The virology business is also under pressure. Shares of the company have underperformed the industry in the year so far.”
Other equities analysts have also recently issued research reports about the stock. Barclays PLC boosted their price target on shares of Bristol-Myers Squibb from $58.00 to $65.00 and gave the company an equal weight rating in a research report on Friday, October 13th. Jefferies Group LLC cut shares of Bristol-Myers Squibb from a buy rating to a hold rating and set a $72.00 price target on the stock. in a research report on Monday, October 16th. BMO Capital Markets set a $49.00 price target on shares of Bristol-Myers Squibb and gave the company a sell rating in a research report on Thursday, October 12th. Leerink Swann boosted their price target on shares of Bristol-Myers Squibb from $61.00 to $72.00 and gave the company an outperform rating in a research report on Monday, October 23rd. Finally, Citigroup Inc. boosted their price target on shares of Bristol-Myers Squibb to $72.00 and gave the company a buy rating in a research report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $64.93.
Shares of Bristol-Myers Squibb (BMY) traded down $0.01 during trading hours on Wednesday, hitting $62.22. 3,327,075 shares of the stock traded hands, compared to its average volume of 6,191,207. The company has a market capitalization of $101,835.48, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 2.45 and a beta of 1.18. The company has a current ratio of 1.59, a quick ratio of 1.46 and a debt-to-equity ratio of 0.47. Bristol-Myers Squibb has a 52-week low of $46.01 and a 52-week high of $66.10.
Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.02). The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.20 billion. Bristol-Myers Squibb had a net margin of 20.56% and a return on equity of 32.41%. The business’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the company posted $0.77 earnings per share. equities research analysts expect that Bristol-Myers Squibb will post 2.99 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, October 6th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, October 5th. Bristol-Myers Squibb’s payout ratio is 61.42%.
In other news, SVP Joseph C. Caldarella sold 9,340 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $60.00, for a total transaction of $560,400.00. Following the sale, the senior vice president now owns 46,297 shares in the company, valued at $2,777,820. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.
Several large investors have recently bought and sold shares of BMY. Jennison Associates LLC lifted its position in Bristol-Myers Squibb by 0.8% during the first quarter. Jennison Associates LLC now owns 21,927,898 shares of the biopharmaceutical company’s stock valued at $1,192,439,000 after purchasing an additional 178,436 shares during the period. Tocqueville Asset Management L.P. lifted its position in Bristol-Myers Squibb by 3.4% during the first quarter. Tocqueville Asset Management L.P. now owns 682,839 shares of the biopharmaceutical company’s stock valued at $37,133,000 after purchasing an additional 22,141 shares during the period. Coconut Grove Bank lifted its position in Bristol-Myers Squibb by 19.3% during the first quarter. Coconut Grove Bank now owns 6,180 shares of the biopharmaceutical company’s stock valued at $336,000 after purchasing an additional 1,000 shares during the period. Advisor Partners LLC lifted its position in Bristol-Myers Squibb by 3.8% during the first quarter. Advisor Partners LLC now owns 32,688 shares of the biopharmaceutical company’s stock valued at $1,778,000 after purchasing an additional 1,190 shares during the period. Finally, Wright Investors Service Inc. bought a new position in Bristol-Myers Squibb during the first quarter valued at approximately $418,000. Hedge funds and other institutional investors own 68.93% of the company’s stock.
Bristol-Myers Squibb Company Profile
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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