Bristol-Myers Squibb Co. (NYSE:BMY)‘s stock had its “hold” rating reissued by analysts at SunTrust Banks Inc. in a research note issued on Monday. They presently have a $62.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $68.00. SunTrust Banks Inc.’s price objective indicates a potential upside of 25.13% from the company’s previous close.
The analysts wrote, “Our ’17E EPS decreases to $3.02 (from $3.29) vs. Street’s $3.00. We lowered our PT to $62 (from $68) & maintained our Hold rating. Our $62PT is based on 20x our ’17E EPS. BMY needs positive expressers arm of CM-227 to stop in 2017 for it to execute on its IO-IO combo strategy.”On October 9, Bristol-Myer disclosed in a statement, “Two pivotal Phase 3 studies, CheckMate -057 and CheckMate -017, which showed more than one-third of previously treated metastatic non-small cell lung cancer (NSCLC) patients in both trials experienced ongoing responses with Opdivo, compared to no ongoing responses in the docetaxel arm.”
Several other brokerages have also issued reports on BMY. Deutsche Bank AG reiterated a “hold” rating on shares of Bristol-Myers Squibb in a research report on Wednesday, June 15th. BMO Capital Markets reiterated a “market perform” rating and set a $60.00 target price on shares of Bristol-Myers Squibb in a research report on Saturday, September 3rd. Credit Suisse Group AG reiterated a “hold” rating and set a $63.00 target price on shares of Bristol-Myers Squibb in a research report on Monday, August 15th. Zacks Investment Research lowered shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, July 11th. Finally, Morgan Stanley reiterated a “hold” rating on shares of Bristol-Myers Squibb in a research report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $69.31.
Bristol-Myers Squibb (NYSE:BMY) opened at 49.55 on Monday. The firm has a market capitalization of $82.79 billion, a PE ratio of 28.98 and a beta of 0.74. Bristol-Myers Squibb has a 12 month low of $49.50 and a 12 month high of $77.12. The firm has a 50-day moving average of $55.86 and a 200 day moving average of $66.63.
Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Bristol-Myers Squibb had a net margin of 16.63% and a return on equity of 24.92%. The company earned $4.90 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same period last year, the business earned $0.53 earnings per share. Bristol-Myers Squibb’s revenue was up 17.2% compared to the same quarter last year. Equities research analysts forecast that Bristol-Myers Squibb will post $2.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Wednesday, October 5th. Bristol-Myers Squibb’s payout ratio is 87.36%.
In related news, Director Lamberto Andreotti sold 23,200 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $59.17, for a total value of $1,372,744.00. Following the transaction, the director now owns 364,999 shares in the company, valued at approximately $21,596,990.83. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.24% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in BMY. Bank of Montreal Can purchased a new position in shares of Bristol-Myers Squibb during the second quarter worth about $154,732,000. IBM Retirement Fund boosted its position in Bristol-Myers Squibb by 1.1% in the second quarter. IBM Retirement Fund now owns 219,448 shares of the biopharmaceutical company’s stock valued at $16,627,000 after buying an additional 2,421 shares in the last quarter. Howard Capital Management boosted its position in Bristol-Myers Squibb by 0.7% in the second quarter. Howard Capital Management now owns 153,499 shares of the biopharmaceutical company’s stock valued at $11,290,000 after buying an additional 1,068 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Bristol-Myers Squibb by 19.4% in the second quarter. Handelsbanken Fonder AB now owns 141,365 shares of the biopharmaceutical company’s stock valued at $10,397,000 after buying an additional 23,000 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in Bristol-Myers Squibb by 1.1% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,460,780 shares of the biopharmaceutical company’s stock valued at $107,440,000 after buying an additional 15,313 shares in the last quarter. Institutional investors own 72.88% of the company’s stock.
About Bristol-Myers Squibb
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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