Bristol-Myers Squibb Upgraded by Zacks to Neutral (BMY)
Bristol-Myers Squibb (NYSE:BMY) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report issued on Wednesday, Analyst Ratings Network reports. The firm currently has a $49.00 price objective on the stock. Zacks‘ target price would indicate a potential upside of 5.15% from the company’s current price.
Zacks‘ analyst wrote, “Bristol-Myers’ second quarter 2013 adjusted earnings of $0.44 per share declined 9% from the year-ago figure. The decline was due to reduced sales of Plavix and Avapro. Following the lackluster performance the company trimmed its 2013 guidance. Bristol-Myers now expects adjusted earnings for 2013 in the range of $1.70-$1.78 (old guidance: $1.78-$1.88). The company slashed its outlook reflecting negative currency movement and the recall of Fervex, a local OTC product in France and other international markets. Bristol-Myers also cut its revenue guidance. Moreover, Eliquis’ performance has been disappointing. We believe that all the negative news is already reflected in the stock price and hence revert to a Neutral recommendation on the stock.”
A number of other analysts have also recently weighed in on BMY. Analysts at Credit Suisse initiated coverage on shares of Bristol-Myers Squibb in a research note to investors on Tuesday. They set an “outperform” rating on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Bristol-Myers Squibb in a research note to investors on Wednesday, October 2nd. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Bristol-Myers Squibb in a research note to investors on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $47.18.
Bristol-Myers Squibb (NYSE:BMY) traded down 0.41% on Wednesday, hitting $46.41. 2,178,555 shares of the company’s stock traded hands. Bristol-Myers Squibb has a 52 week low of $30.64 and a 52 week high of $49.57. The stock has a 50-day moving average of $44.2 and a 200-day moving average of $43.69. The company has a market cap of $76.406 billion and a P/E ratio of 56.90.
Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.45 by $0.01. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.07 billion. During the same quarter last year, the company posted $0.48 earnings per share. Bristol-Myers Squibb’s revenue was down 8.9% compared to the same quarter last year. Analysts expect that Bristol-Myers Squibb will post $1.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Investors of record on Friday, October 4th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Wednesday, October 2nd.
Bristol-Myers Squibb Company (NYSE:BMY) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products on a global basis.
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