Bristol-Myers Squibb (NYSE:BMY) Updates FY24 Earnings Guidance

Bristol-Myers Squibb (NYSE:BMY) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $0.75-0.95 for the period, compared to the consensus earnings per share estimate of $0.70. The company issued revenue guidance of +5% yr/yr to $47.26 billion, compared to the consensus revenue estimate of $46.78 billion. Bristol-Myers Squibb also updated its FY 2024 guidance to 0.750-0.950 EPS.

Bristol-Myers Squibb Stock Down 2.6 %

Shares of BMY traded down $1.45 during mid-day trading on Friday, reaching $54.32. The company had a trading volume of 12,894,832 shares, compared to its average volume of 14,484,395. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $56.20. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.02 and a current ratio of 1.16. The company has a market capitalization of $110.13 billion, a price-to-earnings ratio of -16.66, a price-to-earnings-growth ratio of 14.62 and a beta of 0.46. The firm has a 50-day moving average price of $51.26 and a 200 day moving average price of $46.57.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.49 by $0.31. The business had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.00 earnings per share. On average, sell-side analysts forecast that Bristol-Myers Squibb will post 0.72 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.42%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -73.62%.

Analyst Ratings Changes

Several brokerages recently weighed in on BMY. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a research note on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price target for the company. UBS Group upped their price target on Bristol-Myers Squibb from $50.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 price objective on shares of Bristol-Myers Squibb in a report on Friday, October 18th. Finally, Jefferies Financial Group upped their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $53.08.

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.