Bristol-Myers Squibb Co. (BMY) Downgraded by Goldman Sachs Group Inc. to “Buy”
Goldman Sachs Group Inc. cut shares of Bristol-Myers Squibb Co. (NYSE:BMY) from a strong-buy rating to a buy rating in a research note released on Thursday. The firm currently has $75.00 price target on the biopharmaceutical company’s stock.
Several other research firms also recently commented on BMY. Jefferies Group boosted their target price on Bristol-Myers Squibb from $77.00 to $80.00 and gave the stock a hold rating in a report on Thursday, July 14th. Zacks Investment Research raised Bristol-Myers Squibb from a hold rating to a buy rating and set a $85.00 target price on the stock in a report on Wednesday, July 13th. Berenberg Bank reissued a buy rating on shares of Bristol-Myers Squibb in a report on Tuesday, July 12th. Vetr raised Bristol-Myers Squibb from a sell rating to a buy rating and set a $78.73 target price on the stock in a report on Monday, July 25th. Finally, SunTrust Banks Inc. downgraded Bristol-Myers Squibb from a buy rating to a neutral rating and dropped their target price for the stock from $86.00 to $68.00 in a report on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $69.31.
Bristol-Myers Squibb (NYSE:BMY) traded up 0.30% on Thursday, hitting $50.39. The stock had a trading volume of 1,826,219 shares. The company has a market capitalization of $84.19 billion, a price-to-earnings ratio of 29.47 and a beta of 0.74. Bristol-Myers Squibb has a 52 week low of $49.12 and a 52 week high of $77.12. The firm has a 50-day moving average of $55.34 and a 200 day moving average of $66.40.
Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.03. Bristol-Myers Squibb had a return on equity of 24.92% and a net margin of 16.63%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period in the previous year, the company posted $0.53 earnings per share. The firm’s revenue was up 17.2% on a year-over-year basis. On average, analysts predict that Bristol-Myers Squibb will post $2.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date is Wednesday, October 5th. Bristol-Myers Squibb’s payout ratio is presently 87.36%.
In related news, Director Lamberto Andreotti sold 23,200 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $59.17, for a total transaction of $1,372,744.00. Following the completion of the transaction, the director now directly owns 364,999 shares of the company’s stock, valued at $21,596,990.83. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.24% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BMY. WESPAC Advisors SoCal LLC raised its position in shares of Bristol-Myers Squibb by 5.1% in the second quarter. WESPAC Advisors SoCal LLC now owns 1,538 shares of the biopharmaceutical company’s stock worth $113,000 after buying an additional 75 shares during the last quarter. Perkins Coie Trust Co raised its position in shares of Bristol-Myers Squibb by 3.1% in the third quarter. Perkins Coie Trust Co now owns 2,239 shares of the biopharmaceutical company’s stock worth $121,000 after buying an additional 68 shares during the last quarter. Acropolis Investment Management LLC raised its position in shares of Bristol-Myers Squibb by 21.3% in the third quarter. Acropolis Investment Management LLC now owns 2,815 shares of the biopharmaceutical company’s stock worth $152,000 after buying an additional 495 shares during the last quarter. Jolley Asset Management LLC raised its position in shares of Bristol-Myers Squibb by 4.0% in the second quarter. Jolley Asset Management LLC now owns 2,092 shares of the biopharmaceutical company’s stock worth $154,000 after buying an additional 80 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Bristol-Myers Squibb during the second quarter worth approximately $163,000. 72.88% of the stock is owned by institutional investors.
About Bristol-Myers Squibb
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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