Leerink Partnrs Has Bearish Forecast for BMY Q3 Earnings

Bristol-Myers Squibb (NYSE:BMY) – Leerink Partnrs lowered their Q3 2024 earnings per share estimates for shares of Bristol-Myers Squibb in a research report issued on Tuesday, October 22nd. Leerink Partnrs analyst D. Risinger now forecasts that the biopharmaceutical company will post earnings per share of $1.51 for the quarter, down from their previous estimate of $1.66. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $0.77 per share. Leerink Partnrs also issued estimates for Bristol-Myers Squibb’s FY2024 earnings at $0.70 EPS, FY2025 earnings at $7.06 EPS, FY2026 earnings at $6.30 EPS and FY2027 earnings at $6.75 EPS.

BMY has been the subject of a number of other reports. BMO Capital Markets reaffirmed a “market perform” rating and issued a $48.00 target price on shares of Bristol-Myers Squibb in a research report on Monday, September 23rd. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Finally, UBS Group raised their price objective 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. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $53.31.

Bristol-Myers Squibb Price Performance

Shares of NYSE BMY opened at $51.92 on Thursday. The firm has a market capitalization of $105.24 billion, a P/E ratio of -16.75, a P/E/G ratio of 13.75 and a beta of 0.46. The firm’s 50-day moving average price is $50.70 and its 200-day moving average price is $46.44. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $55.29.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $11.54 billion. During the same period last year, the company posted $1.75 earnings per share. The business’s quarterly revenue was up 8.7% on a year-over-year basis.

Bristol-Myers Squibb Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.62%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is -77.42%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Capital International Investors boosted its position in shares of Bristol-Myers Squibb by 14.1% in the first quarter. Capital International Investors now owns 70,203,814 shares of the biopharmaceutical company’s stock valued at $3,807,153,000 after acquiring an additional 8,675,322 shares during the period. Primecap Management Co. CA increased its holdings in shares of Bristol-Myers Squibb by 1.0% in the 2nd quarter. Primecap Management Co. CA now owns 23,498,604 shares of the biopharmaceutical company’s stock worth $975,897,000 after buying an additional 225,197 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Bristol-Myers Squibb by 3.8% in the second quarter. Legal & General Group Plc now owns 20,225,040 shares of the biopharmaceutical company’s stock worth $839,946,000 after buying an additional 735,613 shares during the period. Independent Franchise Partners LLP lifted its stake in shares of Bristol-Myers Squibb by 4.0% in the 2nd quarter. Independent Franchise Partners LLP now owns 14,600,621 shares of the biopharmaceutical company’s stock valued at $606,364,000 after acquiring an additional 556,295 shares during the last quarter. Finally, Pzena Investment Management LLC increased its stake in shares of Bristol-Myers Squibb by 15.0% in the second quarter. Pzena Investment Management LLC now owns 14,134,337 shares of the biopharmaceutical company’s stock worth $586,999,000 after buying an additional 1,840,424 shares during the period. 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.