Piper Sandler Initiates Coverage on Bristol-Myers Squibb (NYSE:BMY)

Analysts at Piper Sandler assumed coverage on shares of Bristol-Myers Squibb (NYSE:BMY) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also commented on BMY. Truist Financial increased their price target on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Wells Fargo & Company increased their target price 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. UBS Group dropped their price target on Bristol-Myers Squibb from $60.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Citigroup increased their price objective on Bristol-Myers Squibb from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued 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 issued a hold rating, five have issued a buy rating and three have issued 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 a consensus target price of $57.67.

Bristol-Myers Squibb Price Performance

NYSE:BMY opened at $48.95 on Tuesday. The firm has a market capitalization of $99.60 billion, a price-to-earnings ratio of -11.07, a P/E/G ratio of 2.07 and a beta of 0.41. 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 stock has a fifty day moving average of $56.83 and a 200 day moving average of $56.64. Bristol-Myers Squibb has a 52-week low of $39.35 and a 52-week high of $63.33.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings data on Thursday, February 6th. The biopharmaceutical company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.93% and a negative net margin of 18.53%. On average, research analysts expect that Bristol-Myers Squibb will post 6.74 EPS for the current fiscal year.

Insider Activity at Bristol-Myers Squibb

In related news, EVP Samit Hirawat purchased 1,823 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was bought at an average cost of $54.84 per share, with a total value of $99,973.32. Following the completion of the purchase, the executive vice president now directly owns 63,932 shares in the company, valued at approximately $3,506,030.88. This represents a 2.94 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Bristol-Myers Squibb during the fourth quarter valued at $1,989,525,000. Ameriprise Financial Inc. increased its stake in shares of Bristol-Myers Squibb by 59.9% during the fourth quarter. Ameriprise Financial Inc. now owns 32,079,246 shares of the biopharmaceutical company’s stock valued at $1,814,341,000 after purchasing an additional 12,011,983 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Bristol-Myers Squibb by 701.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 12,470,106 shares of the biopharmaceutical company’s stock worth $705,309,000 after purchasing an additional 10,913,708 shares in the last quarter. Wellington Management Group LLP raised its stake in Bristol-Myers Squibb by 3,880.0% during the fourth quarter. Wellington Management Group LLP now owns 5,977,505 shares of the biopharmaceutical company’s stock valued at $338,088,000 after buying an additional 5,827,317 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at $257,618,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

About Bristol-Myers Squibb

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.