Bristol-Myers Squibb (BMY) Trading Down 2.3% on Analyst Downgrade

Bristol-Myers Squibb (NYSE:BMY) traded down 2.3% during trading on Tuesday after Bank of America lowered their price target on the stock from $68.00 to $61.00. Bank of America currently has a neutral rating on the stock. Bristol-Myers Squibb traded as low as $52.70 and last traded at $52.81. 16,076,529 shares were traded during mid-day trading, an increase of 96% from the average session volume of 8,209,235 shares. The stock had previously closed at $54.08.

A number of other brokerages also recently issued reports on BMY. Citigroup set a $78.00 price target on Bristol-Myers Squibb and gave the stock a “buy” rating in a research note on Friday, February 16th. Jefferies Group set a $72.00 price target on Bristol-Myers Squibb and gave the stock a “hold” rating in a research note on Monday, February 26th. TheStreet downgraded Bristol-Myers Squibb from a “b” rating to a “c+” rating in a research note on Thursday, March 8th. DZ Bank downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. Finally, Argus reissued a “buy” rating and issued a $66.43 price objective (down from $75.00) on shares of Bristol-Myers Squibb in a research note on Wednesday, March 21st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the stock. Bristol-Myers Squibb presently has a consensus rating of “Hold” and an average price target of $64.95.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Keel Point LLC lifted its position in shares of Bristol-Myers Squibb by 0.6% during the second quarter. Keel Point LLC now owns 6,325 shares of the biopharmaceutical company’s stock worth $352,000 after acquiring an additional 39 shares in the last quarter. Intellectus Partners LLC raised its position in shares of Bristol-Myers Squibb by 2.1% in the second quarter. Intellectus Partners LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $221,000 after buying an additional 80 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Bristol-Myers Squibb by 1.0% in the second quarter. Verition Fund Management LLC now owns 8,190 shares of the biopharmaceutical company’s stock worth $456,000 after buying an additional 80 shares in the last quarter. Balentine LLC raised its position in shares of Bristol-Myers Squibb by 2.1% in the second quarter. Balentine LLC now owns 12,736 shares of the biopharmaceutical company’s stock worth $710,000 after buying an additional 267 shares in the last quarter. Finally, Segment Wealth Management LLC raised its position in shares of Bristol-Myers Squibb by 4.2% in the second quarter. Segment Wealth Management LLC now owns 6,818 shares of the biopharmaceutical company’s stock worth $380,000 after buying an additional 274 shares in the last quarter. 71.51% of the stock is owned by institutional investors and hedge funds.

The company has a quick ratio of 1.43, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The stock has a market cap of $95,750.99, a price-to-earnings ratio of 17.50, a PEG ratio of 1.52 and a beta of 0.96.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings data on Monday, February 5th. The biopharmaceutical company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.01. Bristol-Myers Squibb had a return on equity of 35.43% and a net margin of 4.85%. The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. analysts forecast that Bristol-Myers Squibb will post 3.22 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Friday, April 6th will be paid a $0.40 dividend. The ex-dividend date is Thursday, April 5th. This represents a $1.60 annualized dividend and a dividend yield of 3.03%. Bristol-Myers Squibb’s payout ratio is presently 53.16%.

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About Bristol-Myers Squibb

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, and distributes biopharmaceutical products worldwide. The company offers drugs in the various therapeutic classes, such as oncology; cardiovascular; immunoscience; and virology, including human immunodeficiency virus (HIV) infection.

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