Bristol-Myers Squibb (NYSE:BMY) Price Target Raised to $62.00

Bristol-Myers Squibb (NYSE:BMY) had its price target lifted by Wells Fargo & Company from $60.00 to $62.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently weighed in on BMY. Bank of America reaffirmed a “neutral” rating and set a $63.00 price objective on shares of Bristol-Myers Squibb in a research report on Tuesday, December 10th. BMO Capital Markets raised their price objective on Bristol-Myers Squibb from $57.00 to $61.00 and gave the company a “market perform” rating in a research report on Tuesday, November 12th. Sanford C. Bernstein began coverage on Bristol-Myers Squibb in a research report on Thursday, October 17th. They set a “market perform” rating and a $56.00 price objective on the stock. Morgan Stanley raised their price objective on Bristol-Myers Squibb from $36.00 to $39.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. Finally, Truist Financial raised their price objective on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average target price of $57.86.

Bristol-Myers Squibb Price Performance

BMY opened at $56.96 on Friday. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $61.10. The company has a current ratio of 1.24, a quick ratio of 1.09 and a debt-to-equity ratio of 2.83. The business’s fifty day simple moving average is $57.56 and its 200-day simple moving average is $53.83. The company has a market capitalization of $115.51 billion, a price-to-earnings ratio of -12.89, a PEG ratio of 2.13 and a beta of 0.45.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.81% and a negative net margin of 18.53%. On average, equities research analysts anticipate that Bristol-Myers Squibb will post 6.75 earnings per share for the current fiscal year.

Bristol-Myers Squibb Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 3rd were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.35%. This is a boost from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, January 3rd. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -56.11%.

Institutional Trading of Bristol-Myers Squibb

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its holdings in Bristol-Myers Squibb by 1.6% during the third quarter. State Street Corp now owns 92,896,580 shares of the biopharmaceutical company’s stock worth $4,806,469,000 after acquiring an additional 1,451,214 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Bristol-Myers Squibb by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 61,030,403 shares of the biopharmaceutical company’s stock worth $3,157,713,000 after acquiring an additional 1,968,729 shares during the period. FMR LLC grew its holdings in Bristol-Myers Squibb by 10.5% during the third quarter. FMR LLC now owns 44,940,609 shares of the biopharmaceutical company’s stock worth $2,325,227,000 after acquiring an additional 4,275,787 shares during the period. Geode Capital Management LLC grew its holdings in Bristol-Myers Squibb by 2.5% during the third quarter. Geode Capital Management LLC now owns 43,204,016 shares of the biopharmaceutical company’s stock worth $2,228,425,000 after acquiring an additional 1,036,495 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Bristol-Myers Squibb by 6.4% during the fourth quarter. Bank of New York Mellon Corp now owns 24,733,868 shares of the biopharmaceutical company’s stock worth $1,398,948,000 after acquiring an additional 1,482,410 shares during the period. 76.41% of the stock is owned by institutional investors and hedge funds.

Bristol-Myers Squibb Company Profile

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.