Zacks Investment Research lowered 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.”
A number of other equities analysts also recently commented on BMY. BidaskClub raised shares of Bristol-Myers Squibb from a sell rating to a hold rating in a research note on Saturday, August 12th. Goldman Sachs Group, Inc. (The) reissued a buy rating and issued a $63.00 price objective on shares of Bristol-Myers Squibb in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a buy rating and issued a $72.00 price objective on shares of Bristol-Myers Squibb in a research note on Wednesday, September 27th. Vetr lowered shares of Bristol-Myers Squibb from a buy rating to a hold rating and set a $63.67 price target on the stock. in a report on Thursday, September 28th. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $60.00 price target on shares of Bristol-Myers Squibb in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $64.93.
Shares of Bristol-Myers Squibb (NYSE BMY) traded up $0.26 during trading hours on Thursday, hitting $61.25. The company’s stock had a trading volume of 3,986,800 shares, compared to its average volume of 8,697,962. Bristol-Myers Squibb has a fifty-two week low of $46.01 and a fifty-two week high of $66.10. The stock has a market capitalization of $99,950.00, a price-to-earnings ratio of 20.60, a PEG ratio of 2.40 and a beta of 1.18. The company has a quick ratio of 1.46, a current ratio of 1.59 and a debt-to-equity ratio of 0.47.
Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.02). Bristol-Myers Squibb had a net margin of 20.56% and a return on equity of 32.41%. The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter last year, the firm earned $0.77 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. analysts expect that Bristol-Myers Squibb will post 2.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 6th were issued a $0.39 dividend. The ex-dividend date was Thursday, October 5th. This represents a $1.56 dividend on an annualized basis and a yield of 2.55%. 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 value of $560,400.00. Following the completion of the sale, the senior vice president now owns 46,297 shares of the company’s stock, valued at approximately $2,777,820. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Northern Oak Wealth Management Inc. grew its stake in shares of Bristol-Myers Squibb by 0.7% in the 3rd quarter. Northern Oak Wealth Management Inc. now owns 138,733 shares of the biopharmaceutical company’s stock valued at $8,843,000 after buying an additional 968 shares during the period. Green Square Capital LLC boosted its position in shares of Bristol-Myers Squibb by 52.2% during the 3rd quarter. Green Square Capital LLC now owns 5,828 shares of the biopharmaceutical company’s stock worth $371,000 after purchasing an additional 2,000 shares during the period. Griffin Asset Management Inc. boosted its position in shares of Bristol-Myers Squibb by 3.7% during the 3rd quarter. Griffin Asset Management Inc. now owns 176,923 shares of the biopharmaceutical company’s stock worth $11,277,000 after purchasing an additional 6,354 shares during the period. Argent Capital Management LLC boosted its position in shares of Bristol-Myers Squibb by 16.7% during the 3rd quarter. Argent Capital Management LLC now owns 255,582 shares of the biopharmaceutical company’s stock worth $16,291,000 after purchasing an additional 36,632 shares during the period. Finally, Piedmont Investment Advisors LLC boosted its position in shares of Bristol-Myers Squibb by 10.8% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 481,587 shares of the biopharmaceutical company’s stock worth $30,696,000 after purchasing an additional 47,091 shares during the period. 69.51% of the stock is owned by institutional investors and hedge funds.
About Bristol-Myers Squibb
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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