Zacks Investment Research downgraded shares of Bristol-Myers Squibb Company (NYSE:BMY) from a buy rating to a hold rating in a research note issued to investors on Thursday, November 2nd.
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.”
Several other equities research analysts have also issued reports on BMY. Goldman Sachs Group, Inc. (The) reissued a buy rating and set a $63.00 target price on shares of Bristol-Myers Squibb in a research note on Wednesday, August 9th. Vetr downgraded shares of Bristol-Myers Squibb from a strong-buy rating to a buy rating and set a $63.81 price target for the company. in a research report on Wednesday, August 9th. Jefferies Group LLC restated a buy rating and set a $63.00 price target on shares of Bristol-Myers Squibb in a research report on Wednesday, July 12th. Finally, UBS AG reiterated a buy rating and issued a $72.00 price objective (up previously from $62.00) on shares of Bristol-Myers Squibb in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. Bristol-Myers Squibb currently has an average rating of Hold and a consensus price target of $64.93.
Bristol-Myers Squibb (BMY) opened at $61.24 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.46 and a current ratio of 1.59. The stock has a market capitalization of $99,511.36, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 2.40 and a beta of 1.18. Bristol-Myers Squibb has a 12-month low of $46.01 and a 12-month 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 analysts’ consensus estimates of $0.77 by ($0.02). The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.20 billion. Bristol-Myers Squibb had a return on equity of 32.41% and a net margin of 20.56%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.77 EPS. equities research analysts forecast that Bristol-Myers Squibb will post 2.99 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Friday, October 6th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $1.56 annualized dividend and a yield of 2.55%. Bristol-Myers Squibb’s dividend payout ratio is currently 61.42%.
In other Bristol-Myers Squibb news, SVP Joseph C. Caldarella sold 9,340 shares of Bristol-Myers Squibb stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $60.00, for a total value of $560,400.00. Following the transaction, the senior vice president now directly owns 46,297 shares in the company, valued at $2,777,820. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Bristol-Myers Squibb by 0.3% during the second quarter. Vanguard Group Inc. now owns 118,661,690 shares of the biopharmaceutical company’s stock worth $6,611,829,000 after buying an additional 333,685 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Bristol-Myers Squibb by 2.4% in the second quarter. BlackRock Inc. now owns 99,454,602 shares of the biopharmaceutical company’s stock valued at $5,541,612,000 after purchasing an additional 2,367,864 shares in the last quarter. State Street Corp lifted its holdings in shares of Bristol-Myers Squibb by 1.8% in the first quarter. State Street Corp now owns 68,893,779 shares of the biopharmaceutical company’s stock valued at $3,746,446,000 after purchasing an additional 1,223,457 shares in the last quarter. Dodge & Cox raised its position in shares of Bristol-Myers Squibb by 1.6% in the second quarter. Dodge & Cox now owns 29,579,461 shares of the biopharmaceutical company’s stock valued at $1,648,168,000 after buying an additional 459,271 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Bristol-Myers Squibb by 16.2% in the third quarter. Jennison Associates LLC now owns 26,854,242 shares of the biopharmaceutical company’s stock valued at $1,711,689,000 after buying an additional 3,735,453 shares during the last quarter. 68.97% of the stock is currently owned by hedge funds and other institutional investors.
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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