Bristol-Myers Squibb (NYSE:BMY) Announces Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Bristol-Myers Squibb (NYSE:BMYGet Free Report) released its quarterly earnings results on Friday. The biopharmaceutical company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.15, MarketWatch Earnings reports. Bristol-Myers Squibb had a net margin of 18.44% and a return on equity of 51.59%. The business had revenue of $11.48 billion for the quarter, compared to analyst estimates of $11.19 billion. During the same period in the previous year, the company earned $1.82 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Bristol-Myers Squibb updated its FY 2024 guidance to 7.100-7.400 EPS and its FY24 guidance to $7.10-7.40 EPS.

Bristol-Myers Squibb Trading Up 0.1 %

Shares of BMY stock traded up $0.04 during mid-day trading on Friday, hitting $48.71. 27,991,627 shares of the company’s stock were exchanged, compared to its average volume of 14,600,083. Bristol-Myers Squibb has a fifty-two week low of $48.08 and a fifty-two week high of $75.18. The stock has a 50-day simple moving average of $50.56 and a two-hundred day simple moving average of $55.25. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 1.11. The stock has a market cap of $99.11 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.38 and a beta of 0.38.

Bristol-Myers Squibb Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, January 5th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date was Thursday, January 4th. This is a boost from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. Bristol-Myers Squibb’s dividend payout ratio is 62.18%.

Bristol-Myers Squibb announced that its board has initiated a stock repurchase program on Thursday, December 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the biopharmaceutical company to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group dropped their price objective on shares of Bristol-Myers Squibb from $81.00 to $69.00 and set a “buy” rating on the stock in a report on Monday, October 30th. TheStreet downgraded Bristol-Myers Squibb from a “b-” rating to a “c+” rating in a research report on Thursday, November 9th. Deutsche Bank Aktiengesellschaft assumed coverage on Bristol-Myers Squibb in a research report on Thursday, November 9th. They issued a “hold” rating and a $55.00 target price on the stock. BMO Capital Markets cut Bristol-Myers Squibb from an “outperform” rating to a “market perform” rating and set a $60.00 target price for the company. in a research note on Friday, October 27th. Finally, Morgan Stanley lowered their target price on Bristol-Myers Squibb from $56.00 to $50.00 and set an “underweight” rating for the company in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bristol-Myers Squibb presently has a consensus rating of “Hold” and a consensus price target of $62.41.

View Our Latest Analysis on Bristol-Myers Squibb

Insider Transactions at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, Director Theodore R. Samuels II acquired 8,500 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were acquired at an average price of $49.81 per share, for a total transaction of $423,385.00. Following the completion of the acquisition, the director now directly owns 35,500 shares of the company’s stock, valued at $1,768,255. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Christopher S. Boerner bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The shares were acquired at an average cost of $49.78 per share, with a total value of $99,560.00. Following the transaction, the chief executive officer now owns 82,672 shares of the company’s stock, valued at approximately $4,115,412.16. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Theodore R. Samuels II acquired 8,500 shares of the business’s stock in a transaction on Monday, November 20th. The stock was bought at an average cost of $49.81 per share, for a total transaction of $423,385.00. Following the completion of the transaction, the director now directly owns 35,500 shares of the company’s stock, valued at $1,768,255. The disclosure for this purchase can be found here. Insiders have acquired 13,571 shares of company stock worth $672,994 over the last quarter. 0.09% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. True Wealth Design LLC purchased a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth about $26,000. Coppell Advisory Solutions LLC acquired a new position in Bristol-Myers Squibb in the second quarter worth about $28,000. Coppell Advisory Solutions Corp. acquired a new position in Bristol-Myers Squibb in the fourth quarter worth about $31,000. Live Oak Investment Partners acquired a new position in Bristol-Myers Squibb in the fourth quarter worth about $33,000. Finally, Fortis Capital Advisors LLC acquired a new position in Bristol-Myers Squibb in the fourth quarter worth about $41,000. 74.98% of the stock is owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Company Profile

(Get Free Report)

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, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.

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Earnings History for Bristol-Myers Squibb (NYSE:BMY)

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