Bristol-Myers Squibb (NYSE:BMY) Rating Lowered to Market Perform at William Blair

Bristol-Myers Squibb (NYSE:BMY) was downgraded by William Blair from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Marketbeat.com reports. William Blair also issued estimates for Bristol-Myers Squibb’s Q3 2023 earnings at $1.81 EPS, Q4 2023 earnings at $1.78 EPS, FY2023 earnings at $7.39 EPS, Q1 2024 earnings at $2.10 EPS, Q2 2024 earnings at $2.00 EPS, Q3 2024 earnings at $1.98 EPS, Q4 2024 earnings at $1.82 EPS, FY2024 earnings at $7.90 EPS, FY2025 earnings at $8.23 EPS, FY2026 earnings at $8.14 EPS and FY2027 earnings at $8.60 EPS.

BMY has been the subject of several other research reports. Wells Fargo & Company cut their price objective on Bristol-Myers Squibb from $78.00 to $65.00 and set an “equal weight” rating for the company in a research report on Friday, July 28th. UBS Group reaffirmed a “neutral” rating and issued a $60.00 target price (down from $70.00) on shares of Bristol-Myers Squibb in a report on Friday, October 20th. BMO Capital Markets dropped their target price on shares of Bristol-Myers Squibb from $87.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, July 28th. TD Cowen dropped their price target on Bristol-Myers Squibb from $80.00 to $66.00 and set a “market perform” rating for the company in a research report on Friday, September 15th. Finally, Bank of America dropped their price target on Bristol-Myers Squibb from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $66.20.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock opened at $51.02 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.28 and a debt-to-equity ratio of 1.08. The stock has a 50 day simple moving average of $58.63 and a 200-day simple moving average of $62.79. The company has a market cap of $106.59 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.43 and a beta of 0.43. Bristol-Myers Squibb has a 12-month low of $49.49 and a 12-month high of $81.43.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.24. The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.96 billion. Bristol-Myers Squibb had a return on equity of 50.53% and a net margin of 18.44%. Bristol-Myers Squibb’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. On average, equities analysts forecast that Bristol-Myers Squibb will post 7.58 EPS for the current year.

Insider Buying and Selling at Bristol-Myers Squibb

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

Institutional Trading of Bristol-Myers Squibb

A number of institutional investors have recently added to or reduced their stakes in BMY. True Wealth Design LLC purchased a new position in Bristol-Myers Squibb in the 4th quarter worth approximately $26,000. Northwest Capital Management Inc acquired a new stake in Bristol-Myers Squibb during the 2nd quarter valued at approximately $26,000. Coppell Advisory Solutions Corp. purchased a new stake in Bristol-Myers Squibb during the 4th quarter worth approximately $31,000. Coppell Advisory Solutions LLC acquired a new position in shares of Bristol-Myers Squibb in the 2nd quarter valued at approximately $28,000. Finally, Live Oak Investment Partners acquired a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth approximately $33,000. 74.98% of the stock is owned by hedge funds and other institutional investors.

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.