Redburn Atlantic Lowers Bristol-Myers Squibb (NYSE:BMY) to Neutral

Redburn Atlantic downgraded shares of Bristol-Myers Squibb (NYSE:BMYFree Report) from a buy rating to a neutral rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has $54.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $77.00.

Several other equities analysts also recently issued reports on the stock. UBS Group reaffirmed a neutral rating and set a $60.00 price objective (down from $70.00) on shares of Bristol-Myers Squibb in a report on Friday, October 20th. William Blair downgraded shares of Bristol-Myers Squibb from an outperform rating to a market perform rating in a research note on Friday, October 27th. HSBC raised shares of Bristol-Myers Squibb from a reduce rating to a hold rating and reduced their target price for the stock from $55.00 to $53.00 in a research note on Friday, October 27th. Bank of America downgraded shares of Bristol-Myers Squibb from a buy rating to a neutral rating and reduced their target price for the stock from $68.00 to $60.00 in a research note on Wednesday, January 3rd. Finally, Cantor Fitzgerald cut shares of Bristol-Myers Squibb from an overweight rating to a neutral rating and dropped their price target for the company from $68.00 to $55.00 in a research report on Wednesday, November 15th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $61.17.

Check Out Our Latest Analysis on BMY

Bristol-Myers Squibb Price Performance

Shares of BMY opened at $49.80 on Tuesday. The company has a 50 day moving average price of $50.52 and a 200-day moving average price of $54.79. Bristol-Myers Squibb has a fifty-two week low of $47.58 and a fifty-two week high of $73.47. The stock has a market capitalization of $101.33 billion, a PE ratio of 12.90, a PEG ratio of 1.44 and a beta of 0.38. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.18.

Bristol-Myers Squibb (NYSE:BMYGet Free Report) last posted its earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.15. The company had revenue of $11.48 billion during the quarter, compared to analysts’ expectations of $11.19 billion. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.33%. Bristol-Myers Squibb’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.82 earnings per share. Equities analysts predict that Bristol-Myers Squibb will post 6.75 earnings per share for the current fiscal year.

Bristol-Myers Squibb declared that its board has authorized a stock buyback plan on Thursday, December 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy up to 2.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Bristol-Myers Squibb Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Friday, January 5th were given a dividend of $0.60 per share. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. The ex-dividend date was Thursday, January 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.82%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 62.18%.

Insider Activity

In other Bristol-Myers Squibb news, Director Theodore R. Samuels II acquired 8,500 shares of Bristol-Myers Squibb stock in a transaction dated Monday, November 20th. The stock was bought at an average price of $49.81 per share, for a total transaction of $423,385.00. Following the transaction, the director now owns 35,500 shares in the company, valued at approximately $1,768,255. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Christopher S. Boerner bought 2,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was bought at an average cost of $49.78 per share, for a total transaction of $99,560.00. Following the completion of the acquisition, the chief executive officer now directly owns 82,672 shares in the company, valued at approximately $4,115,412.16. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Theodore R. Samuels II purchased 8,500 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average price of $49.81 per share, with a total value of $423,385.00. Following the completion of the acquisition, the director now owns 35,500 shares of the company’s stock, valued at approximately $1,768,255. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 13,571 shares of company stock worth $672,994. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Bristol-Myers Squibb

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brown Shipley& Co Ltd lifted its holdings in shares of Bristol-Myers Squibb by 1.8% during the 2nd quarter. Brown Shipley& Co Ltd now owns 9,161 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 164 shares during the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. raised its stake in Bristol-Myers Squibb by 1.0% in the 2nd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 17,472 shares of the biopharmaceutical company’s stock worth $1,117,000 after acquiring an additional 169 shares during the last quarter. Chesapeake Wealth Management raised its stake in Bristol-Myers Squibb by 0.8% in the 2nd quarter. Chesapeake Wealth Management now owns 21,243 shares of the biopharmaceutical company’s stock worth $1,359,000 after acquiring an additional 177 shares during the last quarter. Riversedge Advisors LLC raised its stake in Bristol-Myers Squibb by 3.2% in the 3rd quarter. Riversedge Advisors LLC now owns 5,691 shares of the biopharmaceutical company’s stock worth $330,000 after acquiring an additional 178 shares during the last quarter. Finally, Vicus Capital raised its stake in Bristol-Myers Squibb by 3.9% in the 3rd quarter. Vicus Capital now owns 4,824 shares of the biopharmaceutical company’s stock worth $280,000 after acquiring an additional 179 shares during the last quarter. Institutional investors own 74.98% of the company’s stock.

About Bristol-Myers Squibb

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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, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.

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