Q3 2023 Earnings Forecast for Bristol-Myers Squibb Issued By Zacks Research (NYSE:BMY)

Bristol-Myers Squibb (NYSE:BMY) – Stock analysts at Zacks Research lowered their Q3 2023 EPS estimates for Bristol-Myers Squibb in a research report issued on Tuesday, September 12th. Zacks Research analyst E. Bagri now expects that the biopharmaceutical company will earn $1.83 per share for the quarter, down from their previous estimate of $1.86. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $7.49 per share. Zacks Research also issued estimates for Bristol-Myers Squibb’s Q4 2023 earnings at $1.84 EPS, FY2023 earnings at $7.47 EPS, Q2 2024 earnings at $2.02 EPS and FY2025 earnings at $7.46 EPS.

Other equities analysts also recently issued research reports about the stock. Bank of America cut their price target on shares of Bristol-Myers Squibb from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, July 28th. Morgan Stanley reiterated an “underweight” rating and issued a $59.00 price target on shares of Bristol-Myers Squibb in a report on Wednesday, July 19th. BMO Capital Markets cut their price target on shares of Bristol-Myers Squibb from $87.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, July 28th. HSBC began coverage on shares of Bristol-Myers Squibb in a report on Friday, July 14th. They issued a “reduce” rating and a $56.00 price target on the stock. Finally, Daiwa Capital Markets began coverage on shares of Bristol-Myers Squibb in a report on Wednesday, June 28th. They issued an “outperform” rating and a $70.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $70.77.

Bristol-Myers Squibb Stock Performance

BMY opened at $59.49 on Thursday. Bristol-Myers Squibb has a 52-week low of $59.28 and a 52-week high of $81.43. The company has a quick ratio of 1.28, a current ratio of 1.39 and a debt-to-equity ratio of 1.08. The company has a market cap of $124.28 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.58 and a beta of 0.42. The firm’s 50-day moving average price is $61.78 and its 200-day moving average price is $65.29.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.24). Bristol-Myers Squibb had a net margin of 17.62% and a return on equity of 50.51%. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $11.81 billion. During the same quarter last year, the company earned $1.93 EPS. The business’s revenue was down 5.6% compared to the same quarter last year.

Institutional Trading of Bristol-Myers Squibb

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Bristol-Myers Squibb by 86,002.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 659,143,253 shares of the biopharmaceutical company’s stock valued at $42,152,211,000 after acquiring an additional 658,377,716 shares during the period. Norges Bank purchased a new stake in shares of Bristol-Myers Squibb in the 4th quarter valued at approximately $1,873,696,000. Moneta Group Investment Advisors LLC raised its stake in shares of Bristol-Myers Squibb by 114,228.7% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company’s stock valued at $1,544,751,000 after acquiring an additional 21,451,006 shares during the period. Capital International Investors raised its stake in shares of Bristol-Myers Squibb by 12.8% in the 2nd quarter. Capital International Investors now owns 69,296,006 shares of the biopharmaceutical company’s stock valued at $4,431,517,000 after acquiring an additional 7,878,833 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Bristol-Myers Squibb by 193.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 7,214,000 shares of the biopharmaceutical company’s stock valued at $186,351,000 after acquiring an additional 4,755,058 shares during the period. 74.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Ann Powell sold 17,986 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $61.25, for a total value of $1,101,642.50. Following the transaction, the executive vice president now owns 27,868 shares in the company, valued at approximately $1,706,915. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bristol-Myers Squibb news, EVP Robert M. Plenge sold 732 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $61.14, for a total value of $44,754.48. Following the completion of the sale, the executive vice president now directly owns 6,584 shares of the company’s stock, valued at approximately $402,545.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann Powell sold 17,986 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $61.25, for a total value of $1,101,642.50. Following the completion of the sale, the executive vice president now directly owns 27,868 shares of the company’s stock, valued at $1,706,915. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

About Bristol-Myers Squibb

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.