Bristol-Myers Squibb’s (BMY) Hold Rating Reaffirmed at SunTrust Banks Inc.
Bristol-Myers Squibb Co. (NYSE:BMY)‘s stock had its “hold” rating reiterated by research analysts at SunTrust Banks Inc. in a research note issued to investors on Monday. They presently have a $62.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $68.00. SunTrust Banks Inc.’s target price would suggest a potential upside of 11.85% from the company’s current price.
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.”
A number of other research firms have also recently commented on BMY. Credit Suisse Group AG cut shares of Bristol-Myers Squibb from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $86.00 to $63.00 in a research note on Sunday, August 7th. Morgan Stanley reissued a “hold” rating on shares of Bristol-Myers Squibb in a research note on Thursday, August 25th. Leerink Swann reissued a “buy” rating and set a $69.00 target price on shares of Bristol-Myers Squibb in a research note on Sunday. Jefferies Group reissued a “hold” rating and set a $57.00 target price (down previously from $69.00) on shares of Bristol-Myers Squibb in a research note on Monday, September 12th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating and set a $75.00 target price on shares of Bristol-Myers Squibb in a research note on Tuesday, September 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Bristol-Myers Squibb has a consensus rating of “Hold” and an average price target of $69.31.
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Shares of Bristol-Myers Squibb (NYSE:BMY) traded down 8.93% on Monday, hitting $50.48. The stock had a trading volume of 22,229,766 shares. The firm’s 50-day moving average price is $56.41 and its 200 day moving average price is $66.79. Bristol-Myers Squibb has a 12 month low of $49.92 and a 12 month high of $77.12. The firm has a market cap of $84.34 billion, a P/E ratio of 29.52 and a beta of 0.75.
Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The business earned $4.90 billion during the quarter, compared to the consensus estimate of $4.60 billion. Bristol-Myers Squibb had a net margin of 16.63% and a return on equity of 24.92%. The company’s revenue was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Analysts anticipate that Bristol-Myers Squibb will post $2.63 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, October 5th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 87.36%.
In related news, Director Lamberto Andreotti sold 21,600 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $56.87, for a total value of $1,228,392.00. Following the completion of the sale, the director now owns 334,499 shares in the company, valued at $19,022,958.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC boosted its position in shares of Bristol-Myers Squibb by 26.1% in the third quarter. Advisory Services Network LLC now owns 20,845 shares of the biopharmaceutical company’s stock worth $1,124,000 after buying an additional 4,317 shares during the last quarter. Catawba Capital Management VA boosted its position in shares of Bristol-Myers Squibb by 5.4% in the third quarter. Catawba Capital Management VA now owns 54,206 shares of the biopharmaceutical company’s stock worth $2,923,000 after buying an additional 2,760 shares during the last quarter. Triangle Securities Wealth Management boosted its position in shares of Bristol-Myers Squibb by 79.5% in the third quarter. Triangle Securities Wealth Management now owns 23,854 shares of the biopharmaceutical company’s stock worth $1,286,000 after buying an additional 10,565 shares during the last quarter. Monarch Capital Management Inc. boosted its position in shares of Bristol-Myers Squibb by 2.9% in the third quarter. Monarch Capital Management Inc. now owns 31,669 shares of the biopharmaceutical company’s stock worth $1,708,000 after buying an additional 905 shares during the last quarter. Finally, Private Asset Management Inc. boosted its position in shares of Bristol-Myers Squibb by 6.6% in the third quarter. Private Asset Management Inc. now owns 179,091 shares of the biopharmaceutical company’s stock worth $9,657,000 after buying an additional 11,135 shares during the last quarter. Hedge funds and other institutional investors own 72.88% of the company’s stock.
Bristol-Myers Squibb Company Profile
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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