Bristol-Myers Squibb (NYSE:BMY) Shares Gap Down After Analyst Downgrade

Bristol-Myers Squibb (NYSE:BMY) gapped down prior to trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from $70.00 to $68.00. The stock had previously closed at $49.82, but opened at $47.63. Jefferies Financial Group currently has a buy rating on the stock. Bristol-Myers Squibb shares last traded at $48.61, with a volume of 4,729,170 shares changing hands.

Several other research firms also recently issued reports on BMY. Citigroup raised their price target on shares of Bristol-Myers Squibb from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $55.00 target price on shares of Bristol-Myers Squibb in a report on Tuesday. Wells Fargo & Company increased their price target on Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Truist Financial raised their price objective on Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $55.00 target price (down previously from $67.00) on shares of Bristol-Myers Squibb in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of “Hold” and an average price target of $58.00.

Insider Activity at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Samit Hirawat bought 1,823 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were bought at an average price of $54.84 per share, for a total transaction of $99,973.32. Following the acquisition, the executive vice president now directly owns 63,932 shares of the company’s stock, valued at approximately $3,506,030.88. The trade was a 2.94 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bristol-Myers Squibb

Several large investors have recently bought and sold shares of BMY. 3Chopt Investment Partners LLC increased its stake in Bristol-Myers Squibb by 7.6% in the 1st quarter. 3Chopt Investment Partners LLC now owns 57,026 shares of the biopharmaceutical company’s stock valued at $3,478,000 after buying an additional 4,021 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Bristol-Myers Squibb by 6.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,664,157 shares of the biopharmaceutical company’s stock worth $98,194,000 after acquiring an additional 97,997 shares during the period. Achmea Investment Management B.V. boosted its position in Bristol-Myers Squibb by 180.9% in the first quarter. Achmea Investment Management B.V. now owns 665,947 shares of the biopharmaceutical company’s stock worth $40,617,000 after purchasing an additional 428,888 shares during the last quarter. Artemis Investment Management LLP bought a new position in Bristol-Myers Squibb in the 1st quarter valued at $14,768,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Bristol-Myers Squibb by 2.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 773,365 shares of the biopharmaceutical company’s stock valued at $47,168,000 after purchasing an additional 16,207 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors.

Bristol-Myers Squibb Stock Up 0.3 %

The stock has a 50 day moving average price of $56.50 and a 200 day moving average price of $56.50. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.15 and a current ratio of 1.25. The company has a market capitalization of $99.01 billion, a P/E ratio of -11.01, a PEG ratio of 2.07 and a beta of 0.41.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, April 24th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.25. Bristol-Myers Squibb had a negative net margin of 18.53% and a positive return on equity of 13.93%. The firm had revenue of $11.20 billion for the quarter, compared to analysts’ expectations of $10.77 billion. During the same period in the previous year, the company earned ($4.40) earnings per share. Equities research analysts forecast that Bristol-Myers Squibb will post 6.74 earnings per share for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 4th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Friday, April 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently -56.11%.

Bristol-Myers Squibb Company Profile

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.