BMO Capital Markets Increases Bristol-Myers Squibb (NYSE:BMY) Price Target to $63.00

Bristol-Myers Squibb (NYSE:BMY) had its target price increased by BMO Capital Markets from $62.00 to $63.00 in a research note published on Wednesday, April 17th, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

BMY has been the topic of several other reports. Zacks Investment Research lowered shares of Bristol-Myers Squibb from a hold rating to a sell rating in a report on Thursday, March 28th. ValuEngine lowered shares of Bristol-Myers Squibb from a sell rating to a strong sell rating in a report on Thursday, April 4th. Bank of America cut their price objective on shares of Bristol-Myers Squibb from $53.00 to $51.00 and set a neutral rating on the stock in a report on Tuesday, February 19th. Edward Jones lowered shares of Bristol-Myers Squibb from a buy rating to a hold rating in a report on Friday, January 4th. Finally, Credit Suisse Group reiterated a hold rating and set a $59.00 price objective on shares of Bristol-Myers Squibb in a report on Friday, February 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $57.64.

NYSE BMY traded down $0.22 during trading hours on Wednesday, reaching $47.01. The company’s stock had a trading volume of 11,487,354 shares, compared to its average volume of 16,340,638. Bristol-Myers Squibb has a fifty-two week low of $44.30 and a fifty-two week high of $63.69. The stock has a market cap of $77.25 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 2.21 and a beta of 0.77. The company has a current ratio of 1.93, a quick ratio of 1.79 and a debt-to-equity ratio of 0.37.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.01. Bristol-Myers Squibb had a net margin of 22.23% and a return on equity of 48.72%. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.72 billion. During the same period last year, the company earned $0.94 EPS. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, research analysts expect that Bristol-Myers Squibb will post 4.18 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 5th were issued a $0.41 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $1.64 annualized dividend and a yield of 3.49%. Bristol-Myers Squibb’s payout ratio is 41.21%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Bristol-Myers Squibb by 1.6% during the third quarter. Bank of New York Mellon Corp now owns 17,123,173 shares of the biopharmaceutical company’s stock valued at $1,063,006,000 after purchasing an additional 277,927 shares during the period. Martingale Asset Management L P boosted its holdings in Bristol-Myers Squibb by 12.7% in the third quarter. Martingale Asset Management L P now owns 556,353 shares of the biopharmaceutical company’s stock worth $34,540,000 after purchasing an additional 62,836 shares during the period. Standard Life Aberdeen plc boosted its holdings in Bristol-Myers Squibb by 9.9% in the third quarter. Standard Life Aberdeen plc now owns 533,866 shares of the biopharmaceutical company’s stock worth $33,143,000 after purchasing an additional 48,146 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Bristol-Myers Squibb in the third quarter worth $331,000. Finally, Dodge & Cox boosted its holdings in Bristol-Myers Squibb by 0.8% in the third quarter. Dodge & Cox now owns 32,969,186 shares of the biopharmaceutical company’s stock worth $2,046,727,000 after purchasing an additional 264,100 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

About Bristol-Myers Squibb

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers drugs in oncology, immunoscience, cardiovascular, and fibrotic diseases. The company's products include Opdivo, a biological product for anti-cancer indications; Eliquis, an oral inhibitor targeted at stroke prevention in adult patients with non-valvular atrial fibrillation, and the prevention and treatment of venous thromboembolic disorders; and Orencia, a biological product for adult patients with moderately to severely active RA and prostate-specific antigen, as well as reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular juvenile idiopathic arthritis.

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Analyst Recommendations for Bristol-Myers Squibb (NYSE:BMY)

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