Bristol-Myers Squibb Company (BMY) Upgraded to Buy at Zacks Investment Research
Bristol-Myers Squibb Company (NYSE:BMY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $68.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.28% from the stock’s previous close.
According to Zacks, “Bristol-Myers reported mixed results for the third-quarter wherein earnings missed expectations although revenue beat on the same. The miss in earnings was attributable to lower gross margin which in turn was due to product mix and decline in virology business. The increase in earnings guidance was encouraging. The company’s blockbuster immuno-oncology Opdivo continues to perform well along with, Eliquis and Orencia. The company is looking to expand Opdivo’s label further and recently won FDA approvals for liver and colorectal cancers which should boost performance. The company is also looking to counter generic threat for its key drugs through deals and acquisitions. The company recently entered into a deal with AbbVie and Halozyme. However, Opdivo is currently facing competitive challenges in the United States. The virology business is also under pressure. Shares of the company have underperformed the industry in the year so far.”
Several other equities analysts have also issued reports on the company. Hilliard Lyons lowered Bristol-Myers Squibb from a “long-term buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Tuesday, September 12th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $65.00 price objective (up from $62.00) on shares of Bristol-Myers Squibb in a research report on Thursday, September 7th. Barclays PLC lifted their price objective on Bristol-Myers Squibb from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Friday, October 13th. Jefferies Group LLC lifted their price objective on Bristol-Myers Squibb from $66.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, September 11th. Finally, Piper Jaffray Companies set a $60.00 price objective on Bristol-Myers Squibb and gave the stock a “hold” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $64.93.
Bristol-Myers Squibb (NYSE BMY) opened at 61.79 on Wednesday. Bristol-Myers Squibb has a 1-year low of $46.01 and a 1-year high of $66.10. The company has a 50 day moving average price of $63.47 and a 200-day moving average price of $57.76. The firm has a market capitalization of $101.33 billion, a price-to-earnings ratio of 22.57 and a beta of 1.19.
Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). Bristol-Myers Squibb had a return on equity of 32.41% and a net margin of 20.56%. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter in the previous year, the business earned $0.77 earnings per share. Bristol-Myers Squibb’s revenue was up 6.7% compared to the same quarter last year. On average, analysts forecast that Bristol-Myers Squibb will post $2.99 EPS for the current fiscal year.
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In other Bristol-Myers Squibb news, SVP Joseph C. Caldarella sold 9,340 shares of Bristol-Myers Squibb stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $60.00, for a total transaction of $560,400.00. Following the completion of the transaction, the senior vice president now owns 46,297 shares in the company, valued at $2,777,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC raised its stake in Bristol-Myers Squibb by 34.6% during the second quarter. Tradewinds Capital Management LLC now owns 1,945 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 500 shares during the last quarter. Atlantic Trust LLC purchased a new position in Bristol-Myers Squibb during the second quarter valued at $111,000. Welch Investments LLC raised its stake in Bristol-Myers Squibb by 3.9% during the first quarter. Welch Investments LLC now owns 2,109 shares of the biopharmaceutical company’s stock valued at $115,000 after buying an additional 79 shares during the last quarter. Blue Chip Partners Inc. raised its stake in Bristol-Myers Squibb by 0.8% during the first quarter. Blue Chip Partners Inc. now owns 2,141 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 17 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its stake in Bristol-Myers Squibb by 29.6% during the first quarter. Proficio Capital Partners LLC now owns 2,204 shares of the biopharmaceutical company’s stock valued at $119,000 after buying an additional 504 shares during the last quarter. Institutional investors and hedge funds own 68.93% 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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