Bristol-Myers Squibb (NYSE:BMY) Trading Down 3% – Here’s What Happened

Bristol-Myers Squibb (NYSE:BMY) fell 3% during trading on Friday . The company traded as low as $56.42 and last traded at $56.77. 5,718,470 shares were traded during trading, a decline of 60% from the average session volume of 14,393,194 shares. The stock had previously closed at $58.50.

Analyst Upgrades and Downgrades

A number of research firms have commented on BMY. TD Cowen raised their target price on shares of Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research report on Monday, October 7th. Daiwa America upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Wolfe Research assumed coverage on shares of Bristol-Myers Squibb in a research note on Friday. They set a “peer perform” rating for the company. Leerink Partnrs raised shares of Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, Sanford C. Bernstein initiated coverage on shares of Bristol-Myers Squibb in a report on Thursday, October 17th. They set a “market perform” rating and a $56.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, two have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Bristol-Myers Squibb has an average rating of “Hold” and an average price target of $54.07.

Bristol-Myers Squibb Price Performance

The firm has a market cap of $114.75 billion, a PE ratio of -15.81, a price-to-earnings-growth ratio of 15.83 and a beta of 0.44. The stock’s fifty day moving average price is $52.58 and its 200-day moving average price is $47.15. 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 (NYSE:BMY) last announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.31. The firm had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.00 EPS. As a group, equities analysts expect that Bristol-Myers Squibb will post 0.92 EPS for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 4th were given a dividend of $0.60 per share. The ex-dividend date was Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.24%. Bristol-Myers Squibb’s payout ratio is -66.85%.

Insider Buying and Selling at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Samit Hirawat purchased 1,830 shares of Bristol-Myers Squibb stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $54.67 per share, with a total value of $100,046.10. Following the completion of the transaction, the executive vice president now owns 62,109 shares of the company’s stock, valued at $3,395,499.03. This trade represents a 3.04 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Phil M. Holzer sold 700 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $55.62, for a total transaction of $38,934.00. Following the sale, the senior vice president now owns 11,760 shares in the company, valued at $654,091.20. The trade was a 5.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Institutional Trading of Bristol-Myers Squibb

A number of large investors have recently made changes to their positions in BMY. Reston Wealth Management LLC purchased a new position in Bristol-Myers Squibb in the third quarter valued at approximately $25,000. Hollencrest Capital Management increased its stake in Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 187 shares during the last quarter. ESL Trust Services LLC acquired a new stake in shares of Bristol-Myers Squibb in the first quarter valued at approximately $27,000. Kennebec Savings Bank acquired a new stake in shares of Bristol-Myers Squibb in the third quarter valued at approximately $28,000. Finally, Darwin Wealth Management LLC acquired a new stake in shares of Bristol-Myers Squibb in the third quarter valued at approximately $29,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Company Profile

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.