Bristol-Myers Squibb (NYSE:BMY) Announces $0.60 Quarterly Dividend

Bristol-Myers Squibb (NYSE:BMYGet Free Report) declared a quarterly dividend on Friday, March 1st, RTT News reports. Shareholders of record on Friday, April 5th will be given a dividend of 0.60 per share by the biopharmaceutical company on Wednesday, May 1st. This represents a $2.40 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date is Thursday, April 4th.

Bristol-Myers Squibb has increased its dividend by an average of 8.2% per year over the last three years. Bristol-Myers Squibb has a payout ratio of 28.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Bristol-Myers Squibb to earn $6.87 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 29.1%.

Bristol-Myers Squibb Stock Performance

NYSE:BMY opened at $52.75 on Wednesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.43 and a quick ratio of 1.31. The firm has a 50-day moving average of $51.08 and a two-hundred day moving average of $52.21. The stock has a market cap of $106.91 billion, a P/E ratio of 13.67, a PEG ratio of 1.60 and a beta of 0.39. Bristol-Myers Squibb has a 1-year low of $47.58 and a 1-year high of $71.07.

Bristol-Myers Squibb (NYSE:BMYGet Free Report) last issued its quarterly earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.55 by $0.15. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. The business had revenue of $11.48 billion for the quarter, compared to analysts’ expectations of $11.19 billion. During the same quarter last year, the company posted $1.82 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts expect that Bristol-Myers Squibb will post 6.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BMY. Redburn Atlantic cut Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and cut their price target for the company from $77.00 to $54.00 in a report on Tuesday, February 6th. Wells Fargo & Company cut their price target on Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 6th. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Friday, March 1st. William Blair reissued a “market perform” rating on shares of Bristol-Myers Squibb in a report on Monday. Finally, Societe Generale cut Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.12.

View Our Latest Stock Analysis on Bristol-Myers Squibb

Institutional Investors Weigh In On Bristol-Myers Squibb

Hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth $1,873,696,000. Moneta Group Investment Advisors LLC lifted its stake in shares of Bristol-Myers Squibb by 114,228.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company’s stock worth $1,544,751,000 after buying an additional 21,451,006 shares during the last quarter. Legal & General Group Plc raised its stake in Bristol-Myers Squibb by 16.6% in the 4th quarter. Legal & General Group Plc now owns 19,811,009 shares of the biopharmaceutical company’s stock worth $1,016,502,000 after purchasing an additional 2,814,746 shares in the last quarter. Voloridge Investment Management LLC raised its stake in Bristol-Myers Squibb by 114.5% in the 4th quarter. Voloridge Investment Management LLC now owns 4,990,171 shares of the biopharmaceutical company’s stock worth $256,046,000 after purchasing an additional 2,664,152 shares in the last quarter. Finally, Cowa LLC raised its stake in Bristol-Myers Squibb by 9,777.8% in the 1st quarter. Cowa LLC now owns 1,657,894 shares of the biopharmaceutical company’s stock worth $1,211,000 after purchasing an additional 1,641,110 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb declared that its Board of Directors has initiated a share buyback program on Thursday, December 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the biopharmaceutical company to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

About Bristol-Myers Squibb

(Get Free Report)

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.

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Dividend History for Bristol-Myers Squibb (NYSE:BMY)

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