Bristol-Myers Squibb (NYSE:BMY) Issues FY24 Earnings Guidance

Bristol-Myers Squibb (NYSE:BMY) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.75-0.95 for the period, compared to the consensus estimate of $0.70. The company issued revenue guidance of +5% yr/yr to $47.26 billion, compared to the consensus revenue estimate of $46.78 billion. Bristol-Myers Squibb also updated its FY 2024 guidance to 0.750-0.950 EPS.

Bristol-Myers Squibb Stock Down 2.6 %

Shares of BMY stock traded down $1.45 during trading on Friday, reaching $54.32. The company’s stock had a trading volume of 12,894,832 shares, compared to its average volume of 14,484,395. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $56.20. The business has a fifty day moving average price of $51.26 and a 200-day moving average price of $46.57. The company has a market cap of $110.13 billion, a price-to-earnings ratio of -16.66, a price-to-earnings-growth ratio of 14.62 and a beta of 0.46. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.49 by $0.31. The firm had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.00 EPS. Analysts anticipate that Bristol-Myers Squibb will post 0.72 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.42%. Bristol-Myers Squibb’s dividend payout ratio is -73.62%.

Analysts Set New Price Targets

BMY has been the subject of several recent analyst reports. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price objective for the company. StockNews.com upgraded shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. UBS Group boosted their price objective on shares of Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Barclays raised their target price on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price target on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $53.08.

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.