Bristol-Myers Squibb (NYSE:BMY) Price Target Raised to $55.00

Bristol-Myers Squibb (NYSE:BMY) had its target price increased by Cantor Fitzgerald from $50.00 to $55.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a neutral rating on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for Bristol-Myers Squibb’s FY2024 earnings at $0.93 EPS and FY2025 earnings at $6.65 EPS.

BMY has been the topic of several other reports. Daiwa America raised shares of Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 13th. Truist Financial raised their price target on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. UBS Group raised their price target 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. Leerink Partners raised shares of Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $73.00 in a research note on Tuesday, November 12th. Finally, Wolfe Research assumed coverage on shares of Bristol-Myers Squibb in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $57.14.

Bristol-Myers Squibb Stock Down 3.8 %

Shares of NYSE:BMY opened at $57.43 on Tuesday. The stock has a market cap of $116.47 billion, a P/E ratio of -16.00, a P/E/G ratio of 2.10 and a beta of 0.45. The firm has a fifty day moving average price of $57.65 and a 200 day moving average price of $53.63. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $61.10.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings data on Thursday, February 6th. The biopharmaceutical company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.20. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. Sell-side analysts predict that Bristol-Myers Squibb will post 0.92 EPS for the current year.

Bristol-Myers Squibb Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 3rd were given a $0.62 dividend. The ex-dividend date was Friday, January 3rd. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a yield of 4.32%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is -69.08%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BMY. Algert Global LLC purchased a new stake in shares of Bristol-Myers Squibb during the second quarter worth about $328,000. AMF Tjanstepension AB grew its stake in Bristol-Myers Squibb by 6.9% in the third quarter. AMF Tjanstepension AB now owns 610,181 shares of the biopharmaceutical company’s stock worth $31,618,000 after purchasing an additional 39,419 shares in the last quarter. Czech National Bank grew its stake in Bristol-Myers Squibb by 6.9% in the third quarter. Czech National Bank now owns 413,002 shares of the biopharmaceutical company’s stock worth $21,369,000 after purchasing an additional 26,718 shares in the last quarter. GAMMA Investing LLC grew its stake in Bristol-Myers Squibb by 61.3% in the third quarter. GAMMA Investing LLC now owns 27,386 shares of the biopharmaceutical company’s stock worth $1,417,000 after purchasing an additional 10,410 shares in the last quarter. Finally, SignalPoint Asset Management LLC acquired a new position in Bristol-Myers Squibb in the third quarter worth about $201,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

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.