Bristol-Myers Squibb Co. (BMY) Rating Reiterated by SunTrust Banks Inc.
Bristol-Myers Squibb Co. (NYSE:BMY)‘s stock had its “hold” rating restated by SunTrust Banks Inc. in a research report issued to clients and investors on Monday. They currently have a $62.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $68.00. SunTrust Banks Inc.’s price objective suggests a potential upside of 11.85% from the stock’s previous close.
The analysts wrote, “Our ’17E EPS decreases to $3.02 (from $3.29) vs. Street’s $3.00. We lowered our PT to $62 (from $68) & maintained our Hold rating. Our $62PT is based on 20x our ’17E EPS. BMY needs positive expressers arm of CM-227 to stop in 2017 for it to execute on its IO-IO combo strategy.”On October 9, Bristol-Myer disclosed in a statement, “Two pivotal Phase 3 studies, CheckMate -057 and CheckMate -017, which showed more than one-third of previously treated metastatic non-small cell lung cancer (NSCLC) patients in both trials experienced ongoing responses with Opdivo, compared to no ongoing responses in the docetaxel arm.”
Several other equities analysts also recently issued reports on the stock. Leerink Swann reissued a “buy” rating and set a $69.00 price target on shares of Bristol-Myers Squibb in a report on Sunday. Goldman Sachs Group Inc. reissued a “buy” rating and set a $75.00 price target on shares of Bristol-Myers Squibb in a report on Tuesday, September 27th. Citigroup Inc. reduced their price target on shares of Bristol-Myers Squibb from $75.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, September 20th. Jefferies Group reissued a “hold” rating and set a $57.00 price target (down previously from $69.00) on shares of Bristol-Myers Squibb in a report on Monday, September 12th. Finally, Barclays PLC reduced their price target on shares of Bristol-Myers Squibb from $75.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, September 9th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $69.31.
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Bristol-Myers Squibb (NYSE:BMY) traded down 8.73% during midday trading on Monday, hitting $50.59. 22,644,844 shares of the company’s stock traded hands. The company has a market capitalization of $84.53 billion, a PE ratio of 29.58 and a beta of 0.75. The company has a 50 day moving average of $56.41 and a 200-day moving average of $66.79. Bristol-Myers Squibb has a 52 week low of $49.92 and a 52 week high of $77.12.
Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. Bristol-Myers Squibb had a net margin of 16.63% and a return on equity of 24.92%. The company earned $4.90 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. Equities research analysts predict that Bristol-Myers Squibb will post $2.63 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.52 annualized dividend and a yield of 2.74%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently 87.36%.
In other Bristol-Myers Squibb news, Director Lamberto Andreotti sold 23,200 shares of Bristol-Myers Squibb stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $59.17, for a total transaction of $1,372,744.00. Following the transaction, the director now owns 364,999 shares of the company’s stock, valued at approximately $21,596,990.83. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.24% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Williams Jones & Associates LLC boosted its position in Bristol-Myers Squibb by 1.6% in the first quarter. Williams Jones & Associates LLC now owns 396,296 shares of the biopharmaceutical company’s stock valued at $25,315,000 after buying an additional 6,125 shares during the period. RKL Wealth Management LLC purchased a new stake in shares of Bristol-Myers Squibb during the first quarter valued at approximately $319,000. Sumitomo Life Insurance Co. boosted its stake in shares of Bristol-Myers Squibb by 13.0% in the first quarter. Sumitomo Life Insurance Co. now owns 79,941 shares of the biopharmaceutical company’s stock valued at $5,107,000 after buying an additional 9,219 shares during the last quarter. Shayne & CO. LLC boosted its stake in shares of Bristol-Myers Squibb by 0.5% in the first quarter. Shayne & CO. LLC now owns 3,928 shares of the biopharmaceutical company’s stock valued at $251,000 after buying an additional 21 shares during the last quarter. Finally, Chesley Taft & Associates LLC boosted its stake in shares of Bristol-Myers Squibb by 0.3% in the first quarter. Chesley Taft & Associates LLC now owns 18,799 shares of the biopharmaceutical company’s stock valued at $1,201,000 after buying an additional 50 shares during the last quarter. 72.88% of the stock is currently owned by institutional investors.
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.
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