Bristol-Myers Squibb (NYSE:BMY) to Post Q2 2024 Earnings of $1.76 Per Share, Leerink Partnrs Forecasts

Bristol-Myers Squibb (NYSE:BMY) – Analysts at Leerink Partnrs reduced their Q2 2024 earnings per share (EPS) estimates for Bristol-Myers Squibb in a report released on Thursday, April 25th. Leerink Partnrs analyst D. Risinger now forecasts that the biopharmaceutical company will earn $1.76 per share for the quarter, down from their prior forecast of $1.80. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $0.58 per share. Leerink Partnrs also issued estimates for Bristol-Myers Squibb’s Q3 2024 earnings at $1.69 EPS, Q4 2024 earnings at $1.57 EPS and FY2027 earnings at $6.23 EPS.

A number of other analysts have also commented on the company. StockNews.com lowered Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 15th. Wells Fargo & Company increased their target price on Bristol-Myers Squibb from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Societe Generale downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Barclays cut their price objective on Bristol-Myers Squibb from $51.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, April 26th. Finally, Bank of America downgraded Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $68.00 to $60.00 in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.00.

Bristol-Myers Squibb Stock Down 1.5 %

Bristol-Myers Squibb stock opened at $43.96 on Monday. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.99 and a current ratio of 1.11. The firm has a market capitalization of $89.11 billion, a price-to-earnings ratio of -14.18, a price-to-earnings-growth ratio of 15.47 and a beta of 0.39. Bristol-Myers Squibb has a fifty-two week low of $43.93 and a fifty-two week high of $69.10. The stock’s fifty day moving average is $50.81 and its two-hundred day moving average is $50.93.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($4.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($4.53) by $0.13. Bristol-Myers Squibb had a positive return on equity of 8.83% and a negative net margin of 13.50%. The firm had revenue of $11.87 billion for the quarter, compared to analyst estimates of $11.45 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. Bristol-Myers Squibb’s quarterly revenue was up 4.7% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BMY. Norges Bank bought a new stake in shares of Bristol-Myers Squibb in the 4th quarter worth approximately $1,560,524,000. Northern Trust Corp lifted its holdings in shares of Bristol-Myers Squibb by 5.8% in the 3rd quarter. Northern Trust Corp now owns 25,292,711 shares of the biopharmaceutical company’s stock worth $1,467,989,000 after purchasing an additional 1,394,158 shares during the last quarter. Primecap Management Co. CA lifted its holdings in shares of Bristol-Myers Squibb by 14.6% in the 4th quarter. Primecap Management Co. CA now owns 23,534,378 shares of the biopharmaceutical company’s stock worth $1,207,549,000 after purchasing an additional 2,998,228 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Bristol-Myers Squibb by 7.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 16,959,807 shares of the biopharmaceutical company’s stock worth $870,198,000 after purchasing an additional 1,246,066 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Bristol-Myers Squibb by 8.6% in the 3rd quarter. Invesco Ltd. now owns 15,606,587 shares of the biopharmaceutical company’s stock worth $905,806,000 after purchasing an additional 1,240,902 shares during the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.

Bristol-Myers Squibb Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a $0.60 dividend. The ex-dividend date is Thursday, April 4th. This represents a $2.40 annualized dividend and a dividend yield of 5.46%. Bristol-Myers Squibb’s payout ratio is -77.42%.

About Bristol-Myers Squibb

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 for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.