Citigroup Downgrades Bristol-Myers Squibb (NYSE:BMY) to Neutral

Bristol-Myers Squibb (NYSE:BMY) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Friday, MarketBeat reports. They currently have a $55.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $75.00. Citigroup’s price target suggests a potential upside of 5.93% from the stock’s current price.

BMY has been the topic of a number of other research reports. TD Cowen upped their price target on shares of Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research note on Monday, October 7th. UBS Group upped their price target on shares of Bristol-Myers Squibb from $50.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. BMO Capital Markets reissued a “market perform” rating and issued a $48.00 price objective on shares of Bristol-Myers Squibb in a report on Monday, September 23rd. Jefferies Financial Group boosted their price objective on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price objective on shares of Bristol-Myers Squibb in a report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bristol-Myers Squibb presently has an average rating of “Hold” and an average target price of $53.31.

Bristol-Myers Squibb Stock Down 1.9 %

Shares of BMY opened at $51.92 on Friday. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $55.29. The firm has a market cap of $105.25 billion, a P/E ratio of -16.75, a price-to-earnings-growth ratio of 13.75 and a beta of 0.46. The firm’s 50-day simple moving average is $50.75 and its 200 day simple moving average is $46.41. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.02 and a current ratio of 1.16.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.43. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. The business had revenue of $12.20 billion for the quarter, compared to analyst estimates of $11.54 billion. During the same quarter in the prior year, the business earned $1.75 EPS. Bristol-Myers Squibb’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts forecast that Bristol-Myers Squibb will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On Bristol-Myers Squibb

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ESL Trust Services LLC bought a new position in Bristol-Myers Squibb in the 1st quarter valued at approximately $27,000. LGT Financial Advisors LLC lifted its stake in Bristol-Myers Squibb by 42.7% in the 2nd quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 227 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Bristol-Myers Squibb in the 3rd quarter valued at approximately $34,000. MFA Wealth Advisors LLC bought a new position in Bristol-Myers Squibb in the 2nd quarter valued at approximately $39,000. Finally, Beach Investment Counsel Inc. PA acquired a new position in Bristol-Myers Squibb in the 2nd quarter valued at approximately $42,000. Institutional investors own 76.41% of the company’s stock.

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.