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

Bristol-Myers Squibb (NYSE:BMYGet Free Report) released its earnings results on Friday. The biopharmaceutical company reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.15, MarketWatch Earnings reports. Bristol-Myers Squibb had a return on equity of 50.33% and a net margin of 17.83%. The company had revenue of $11.48 billion for the quarter, compared to the consensus estimate of $11.19 billion. During the same quarter last year, the business posted $1.82 EPS. Bristol-Myers Squibb’s quarterly revenue was up .6% compared to the same quarter last year. 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 Stock Up 0.1 %

Shares of Bristol-Myers Squibb stock opened at $48.71 on Monday. The stock has a market capitalization of $99.11 billion, a P/E ratio of 12.62, a PEG ratio of 1.35 and a beta of 0.38. 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 50 day moving average price of $50.56 and a two-hundred day moving average price of $55.20. Bristol-Myers Squibb has a 12-month low of $48.08 and a 12-month high of $75.18.

Bristol-Myers Squibb Increases Dividend

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

Analyst Ratings Changes

A number of research firms have recently issued reports on BMY. HSBC upgraded shares of Bristol-Myers Squibb from a “reduce” rating to a “hold” rating and reduced their price target for the stock from $55.00 to $53.00 in a research report on Friday, October 27th. BMO Capital Markets downgraded Bristol-Myers Squibb from an “outperform” rating to a “market perform” rating and set a $60.00 price target on the stock. in a report on Friday, October 27th. The Goldman Sachs Group dropped their target price on Bristol-Myers Squibb from $81.00 to $69.00 and set a “buy” rating on the stock in a research report on Monday, October 30th. StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Friday, October 27th. Finally, Cantor Fitzgerald lowered shares of Bristol-Myers Squibb from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $55.00 in a research note on Wednesday, November 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.41.

Check Out Our Latest Stock Analysis on Bristol-Myers Squibb

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

Insiders Place Their Bets

In other Bristol-Myers Squibb news, Director Theodore R. Samuels II acquired 8,500 shares of Bristol-Myers Squibb stock in a transaction dated Monday, November 20th. The stock was bought at an average cost of $49.81 per share, with a total value of $423,385.00. Following the completion of the transaction, the director now owns 35,500 shares of the company’s stock, valued at $1,768,255. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was acquired at an average cost of $49.78 per share, for a total transaction of $99,560.00. Following the completion of the purchase, the chief executive officer now owns 82,672 shares of the company’s stock, valued at approximately $4,115,412.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Theodore R. Samuels II bought 8,500 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was purchased at an average price of $49.81 per share, with a total value of $423,385.00. Following the completion of the purchase, the director now directly owns 35,500 shares of the company’s stock, valued at approximately $1,768,255. The disclosure for this purchase can be found here. Insiders purchased 13,571 shares of company stock valued at $672,994 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BMY. Norges Bank acquired a new position in Bristol-Myers Squibb during the fourth quarter worth $1,873,696,000. Moneta Group Investment Advisors LLC raised its stake in Bristol-Myers Squibb by 114,228.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company’s stock worth $1,544,751,000 after acquiring an additional 21,451,006 shares in the last quarter. Cowa LLC increased its stake in shares of Bristol-Myers Squibb by 9,777.8% in the first quarter. Cowa LLC now owns 1,657,894 shares of the biopharmaceutical company’s stock valued at $1,211,000 after buying an additional 1,641,110 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Bristol-Myers Squibb by 161.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,295,673 shares of the biopharmaceutical company’s stock valued at $167,653,000 after buying an additional 1,418,497 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Bristol-Myers Squibb by 21.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,397,454 shares of the biopharmaceutical company’s stock valued at $532,246,000 after buying an additional 1,311,960 shares in the last quarter. 74.98% of the stock is currently owned by institutional investors and hedge funds.

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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