Bristol-Myers Squibb (NYSE:BMY) Price Target Raised to $90.00

Bristol-Myers Squibb (NYSE:BMYGet Rating) had its price objective lifted by Citigroup from $75.00 to $90.00 in a research report sent to investors on Thursday, The Fly reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

Several other research analysts have also weighed in on the company. Morgan Stanley lowered their price target on Bristol-Myers Squibb from $66.00 to $64.00 and set an underweight rating on the stock in a research report on Wednesday, April 6th. Guggenheim lifted their target price on Bristol-Myers Squibb from $72.00 to $80.00 in a research note on Monday, May 2nd. BMO Capital Markets lifted their target price on Bristol-Myers Squibb from $87.00 to $92.00 in a research note on Monday, May 2nd. Barclays lifted their target price on Bristol-Myers Squibb from $66.00 to $68.00 in a research note on Monday, May 2nd. Finally, Wells Fargo & Company lifted their target price on Bristol-Myers Squibb from $65.00 to $70.00 and gave the stock an equal weight rating in a research note on Tuesday, May 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $73.70.

Shares of Bristol-Myers Squibb stock opened at $76.14 on Thursday. The business’s 50 day simple moving average is $75.65 and its 200 day simple moving average is $67.69. Bristol-Myers Squibb has a 52-week low of $53.22 and a 52-week high of $78.61. The firm has a market cap of $162.11 billion, a PE ratio of 27.00, a P/E/G ratio of 1.61 and a beta of 0.49. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.23 and a current ratio of 1.32.

Bristol-Myers Squibb (NYSE:BMYGet Rating) last announced its earnings results on Friday, April 29th. The biopharmaceutical company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.04. The business had revenue of $11.65 billion for the quarter, compared to analyst estimates of $11.34 billion. Bristol-Myers Squibb had a return on equity of 48.37% and a net margin of 13.31%. Bristol-Myers Squibb’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.74 EPS. As a group, equities research analysts predict that Bristol-Myers Squibb will post 7.57 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 1st were issued a dividend of $0.54 per share. The ex-dividend date was Thursday, March 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.84%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently 76.60%.

In other Bristol-Myers Squibb news, CEO Giovanni Caforio sold 25,000 shares of the company’s stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $71.52, for a total value of $1,788,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rupert Vessey sold 74,559 shares of the company’s stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $69.25, for a total value of $5,163,210.75. The disclosure for this sale can be found here. Insiders have sold a total of 135,668 shares of company stock valued at $9,449,888 in the last three months. 0.09% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in shares of Bristol-Myers Squibb by 2.2% in the fourth quarter. State Street Corp now owns 94,645,972 shares of the biopharmaceutical company’s stock valued at $5,901,176,000 after buying an additional 2,020,678 shares during the period. Wellington Management Group LLP increased its stake in shares of Bristol-Myers Squibb by 3.3% in the third quarter. Wellington Management Group LLP now owns 45,407,364 shares of the biopharmaceutical company’s stock valued at $2,686,754,000 after buying an additional 1,444,304 shares during the period. Geode Capital Management LLC increased its stake in shares of Bristol-Myers Squibb by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 37,863,099 shares of the biopharmaceutical company’s stock valued at $2,354,737,000 after buying an additional 922,811 shares during the period. Capital International Investors bought a new stake in shares of Bristol-Myers Squibb during the 1st quarter valued at about $1,672,455,000. Finally, Norges Bank bought a new stake in shares of Bristol-Myers Squibb during the 4th quarter valued at about $1,413,962,000. 73.07% of the stock is owned by institutional investors.

Bristol-Myers Squibb Company Profile (Get Rating)

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; 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; and Orencia for adult patients with active RA and psoriatic arthritis.

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