Zacks Investment Research cut shares of Bristol-Myers Squibb (NYSE:BMY) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
According to Zacks, “Bristol-Myers’ blockbuster drug Opdivo is facing competitive challenges in the United States. With the FDA approving Merck’s Keytruda, for the first-line treatment of metastatic non-squamous NSCLC, the competition will stiffen up. Pricing concerns, stiff competition in the HCV and immuno-oncology space are expected to remain a significant overhang on the company’s shares. Yervoy’s sales are expected to be under pressure due to adoption of Opdivo in adjuvant melanoma. Gross margin is also expected to be under pressure due to product mix and declines in virology business. Shares of the company have underperformed the industry in the last twelve months.”
A number of other research analysts have also recently issued reports on the stock. Hilliard Lyons cut shares of Bristol-Myers Squibb from a long-term buy rating to a neutral rating and set a $65.00 target price for the company. in a report on Tuesday, September 12th. SunTrust Banks raised shares of Bristol-Myers Squibb from a hold rating to a buy rating in a report on Monday, October 30th. Barclays increased their target price on shares of Bristol-Myers Squibb from $58.00 to $65.00 and gave the company an equal weight rating in a report on Friday, October 13th. BMO Capital Markets set a $49.00 target price on shares of Bristol-Myers Squibb and gave the company a sell rating in a report on Thursday, October 26th. Finally, Jefferies Group increased their target price on shares of Bristol-Myers Squibb from $66.00 to $72.00 and gave the company a buy rating in a report on Monday, September 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. Bristol-Myers Squibb presently has a consensus rating of Hold and an average target price of $65.05.
Shares of Bristol-Myers Squibb (BMY) traded up $0.34 during trading on Tuesday, reaching $62.81. 5,490,000 shares of the company’s stock were exchanged, compared to its average volume of 5,400,000. Bristol-Myers Squibb has a 12 month low of $46.01 and a 12 month high of $66.10. 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 $102,800.00, a PE ratio of 24.73, a PEG ratio of 2.29 and a beta of 1.18.
Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.20 billion. During the same period last year, the business posted $0.77 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. research analysts predict 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 will be paid on Thursday, February 1st. Stockholders of record on Friday, January 5th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.55%. This is a boost from Bristol-Myers Squibb’s previous quarterly dividend of $0.39. The ex-dividend date is Thursday, January 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 62.99%.
In other Bristol-Myers Squibb news, EVP Sandra Leung sold 156,582 shares of Bristol-Myers Squibb stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $63.37, for a total value of $9,922,601.34. Following the completion of the sale, the executive vice president now directly owns 584,373 shares of the company’s stock, valued at approximately $37,031,717.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Theodore R. Samuels II bought 4,000 shares of the stock in a transaction on Friday, December 15th. The stock was purchased at an average cost of $62.30 per share, with a total value of $249,200.00. Following the completion of the purchase, the director now directly owns 22,000 shares in the company, valued at approximately $1,370,600. The disclosure for this purchase can be found here. Company insiders own 0.23% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in BMY. Renaissance Technologies LLC boosted its holdings in shares of Bristol-Myers Squibb by 108.5% in the 2nd quarter. Renaissance Technologies LLC now owns 13,488,200 shares of the biopharmaceutical company’s stock valued at $751,563,000 after purchasing an additional 7,020,200 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Bristol-Myers Squibb by 185.2% in the 2nd quarter. Franklin Resources Inc. now owns 6,098,935 shares of the biopharmaceutical company’s stock valued at $339,830,000 after purchasing an additional 3,960,191 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Bristol-Myers Squibb by 16.2% in the 3rd quarter. Jennison Associates LLC now owns 26,854,242 shares of the biopharmaceutical company’s stock valued at $1,711,689,000 after purchasing an additional 3,735,453 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Bristol-Myers Squibb by 2,990.5% in the 2nd quarter. Janus Henderson Group PLC now owns 3,634,128 shares of the biopharmaceutical company’s stock valued at $202,494,000 after purchasing an additional 3,516,536 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Bristol-Myers Squibb by 42,071.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,331,549 shares of the biopharmaceutical company’s stock valued at $185,634,000 after purchasing an additional 3,323,649 shares during the last quarter. 69.67% of the stock is owned by hedge funds and other institutional investors.
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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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