Traders Sell Bristol-Myers Squibb Co. (BMY) on Strength After Analyst Downgrade
Traders sold shares of Bristol-Myers Squibb Co. (NYSE:BMY) on strength during trading hours on Wednesday after Citigroup lowered their price target on the stock from $75.00 to $70.00. $110.56 million flowed into the stock on the tick-up and $187.90 million flowed out of the stock on the tick-down, for a money net flow of $77.34 million out of the stock. Of all companies tracked, Bristol-Myers Squibb had the 2nd highest net out-flow for the day. Bristol-Myers Squibb traded up $0.37 for the day and closed at $55.93
BMY has been the topic of a number of other reports. Morgan Stanley cut Bristol-Myers Squibb from an “overweight” rating to an “equal weight” rating and set a $63.00 target price on the stock. in a research note on Friday, August 5th. Jefferies Group reissued a “hold” rating and issued a $57.00 target price (down from $69.00) on shares of Bristol-Myers Squibb in a research note on Monday, September 12th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Bristol-Myers Squibb in a research note on Monday, September 12th. Berenberg Bank reissued a “buy” rating on shares of Bristol-Myers Squibb in a research note on Tuesday, July 12th. Finally, Barclays PLC cut their target price on Bristol-Myers Squibb from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, September 9th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Bristol-Myers Squibb currently has an average rating of “Hold” and a consensus target price of $69.64.
In other Bristol-Myers Squibb news, Director Lamberto Andreotti sold 21,600 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $56.87, for a total transaction of $1,228,392.00. Following the completion of the transaction, the director now owns 334,499 shares in the company, valued at approximately $19,022,958.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company’s stock.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/traders-sell-bristol-myers-squibb-co-bmy-on-strength-after-analyst-downgrade.html
Institutional investors have recently added to or reduced their stakes in the stock. WESPAC Advisors SoCal LLC boosted its position in Bristol-Myers Squibb by 5.1% in the second quarter. WESPAC Advisors SoCal LLC now owns 1,538 shares of the biopharmaceutical company’s stock valued at $113,000 after buying an additional 75 shares in the last quarter. Jolley Asset Management LLC boosted its position in Bristol-Myers Squibb by 4.0% in the second quarter. Jolley Asset Management LLC now owns 2,092 shares of the biopharmaceutical company’s stock valued at $154,000 after buying an additional 80 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Bristol-Myers Squibb during the second quarter valued at $163,000. Solaris Asset Management LLC boosted its position in Bristol-Myers Squibb by 3.5% in the second quarter. Solaris Asset Management LLC now owns 2,244 shares of the biopharmaceutical company’s stock valued at $165,000 after buying an additional 75 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. boosted its position in Bristol-Myers Squibb by 0.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 2,353 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 12 shares in the last quarter. Institutional investors and hedge funds own 72.91% of the company’s stock.
The stock has a market capitalization of $93.45 billion, a price-to-earnings ratio of 32.71 and a beta of 0.61. The firm’s 50-day moving average is $59.58 and its 200-day moving average is $67.67.
Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. Bristol-Myers Squibb had a return on equity of 24.92% and a net margin of 16.63%. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The company’s revenue was up 17.2% compared to the same quarter last year. On average, equities analysts expect that Bristol-Myers Squibb Co. will post $2.62 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.38 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.72%. Bristol-Myers Squibb’s payout ratio is 87.36%.
About Bristol-Myers Squibb
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
Receive News & Ratings for Bristol-Myers Squibb Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bristol-Myers Squibb Co. and related companies with MarketBeat.com's FREE daily email newsletter.