Bristol-Myers Squibb (NYSE:BMY) Trading Down 3% – What’s Next?

Bristol-Myers Squibb (NYSE:BMY) shares dropped 3% during mid-day trading on Friday . The company traded as low as $56.42 and last traded at $56.77. Approximately 5,718,470 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 14,393,194 shares. The stock had previously closed at $58.50.

Analyst Ratings Changes

BMY has been the topic of a number of analyst reports. Barclays boosted their price objective on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 price target on shares of Bristol-Myers Squibb in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Leerink Partners upgraded Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $55.00 to $73.00 in a report on Tuesday, November 12th. Finally, Citigroup boosted their price objective on Bristol-Myers Squibb from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.07.

Bristol-Myers Squibb Stock Down 3.9 %

The business’s 50-day simple moving average is $52.73 and its 200 day simple moving average is $47.23. The firm has a market cap of $114.02 billion, a PE ratio of -15.66, a P/E/G ratio of 15.83 and a beta of 0.44. The company has a current ratio of 1.24, a quick ratio of 1.09 and a debt-to-equity ratio of 2.83.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.31. The company had revenue of $11.89 billion during the quarter, compared to the consensus estimate of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. Bristol-Myers Squibb’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.00 earnings per share. As a group, equities research analysts expect that Bristol-Myers Squibb will post 0.92 earnings per share for the current year.

Bristol-Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Friday, October 4th. Bristol-Myers Squibb’s payout ratio is currently -66.85%.

Insiders Place Their Bets

In other news, EVP Samit Hirawat acquired 1,830 shares of Bristol-Myers Squibb stock in a transaction that occurred on Friday, November 1st. The stock was purchased at an average price of $54.67 per share, for a total transaction of $100,046.10. Following the purchase, the executive vice president now directly owns 62,109 shares in the company, valued at $3,395,499.03. The trade was a 3.04 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Phil M. Holzer sold 700 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $55.62, for a total transaction of $38,934.00. Following the sale, the senior vice president now directly owns 11,760 shares of the company’s stock, valued at $654,091.20. The trade was a 5.62 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Bristol-Myers Squibb by 3.8% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 5,595 shares of the biopharmaceutical company’s stock valued at $289,000 after acquiring an additional 206 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in Bristol-Myers Squibb by 34.3% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 44,546 shares of the biopharmaceutical company’s stock valued at $2,305,000 after purchasing an additional 11,387 shares in the last quarter. Graypoint LLC raised its holdings in shares of Bristol-Myers Squibb by 29.4% in the third quarter. Graypoint LLC now owns 11,293 shares of the biopharmaceutical company’s stock worth $584,000 after buying an additional 2,563 shares during the last quarter. Xponance Inc. lifted its stake in shares of Bristol-Myers Squibb by 8.8% during the second quarter. Xponance Inc. now owns 317,381 shares of the biopharmaceutical company’s stock worth $13,181,000 after buying an additional 25,543 shares during the period. Finally, Plato Investment Management Ltd grew its holdings in shares of Bristol-Myers Squibb by 25.4% during the second quarter. Plato Investment Management Ltd now owns 103,954 shares of the biopharmaceutical company’s stock valued at $4,317,000 after buying an additional 21,041 shares during the last quarter. 76.41% of the stock is owned by institutional investors and hedge funds.

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.