FY2024 Earnings Forecast for BMY Issued By Leerink Partnrs

Bristol-Myers Squibb (NYSE:BMY) – Analysts at Leerink Partnrs upped their FY2024 earnings per share estimates for shares of Bristol-Myers Squibb in a research note issued to investors on Sunday, January 12th. Leerink Partnrs analyst D. Risinger now anticipates that the biopharmaceutical company will post earnings of $0.90 per share for the year, up from their previous estimate of $0.89. Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $0.93 per share. Leerink Partnrs also issued estimates for Bristol-Myers Squibb’s FY2026 earnings at $6.26 EPS.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.31. The business had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $2.00 EPS.

Several other equities analysts have also issued reports on the company. Leerink Partners upgraded Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $55.00 to $73.00 in a research note on Tuesday, November 12th. Barclays boosted their price objective on Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Sanford C. Bernstein assumed coverage on Bristol-Myers Squibb in a research note on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price objective on the stock. Bank of America reissued a “neutral” rating and issued a $63.00 price objective on shares of Bristol-Myers Squibb in a research note on Tuesday, December 10th. Finally, Truist Financial boosted their price objective on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $56.27.

Bristol-Myers Squibb Price Performance

Shares of NYSE BMY opened at $55.96 on Tuesday. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $61.08. The business has a fifty day moving average price of $57.44 and a two-hundred day moving average price of $51.76. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The stock has a market capitalization of $113.50 billion, a PE ratio of -15.59, a P/E/G ratio of 15.20 and a beta of 0.45.

Bristol-Myers Squibb Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 3rd will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a dividend yield of 4.43%. Bristol-Myers Squibb’s dividend payout ratio is currently -69.08%.

Insider Activity

In related news, EVP Samit Hirawat bought 1,830 shares of the company’s stock in a transaction on Friday, November 1st. The shares were purchased at an average price of $54.67 per share, for a total transaction of $100,046.10. Following the completion of the transaction, the executive vice president now directly owns 62,109 shares in the company, valued at approximately $3,395,499.03. The trade was a 3.04 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Phil M. Holzer sold 700 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $55.62, for a total value of $38,934.00. Following the sale, the senior vice president now owns 11,760 shares in the company, valued at approximately $654,091.20. This represents a 5.62 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bristol-Myers Squibb

Institutional investors have recently made changes to their positions in the stock. Thoroughbred Financial Services LLC raised its position in shares of Bristol-Myers Squibb by 9.5% in the second quarter. Thoroughbred Financial Services LLC now owns 10,353 shares of the biopharmaceutical company’s stock worth $430,000 after buying an additional 901 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Bristol-Myers Squibb by 1.6% in the second quarter. Envestnet Asset Management Inc. now owns 2,268,887 shares of the biopharmaceutical company’s stock worth $94,227,000 after buying an additional 34,643 shares in the last quarter. Bcwm LLC purchased a new stake in shares of Bristol-Myers Squibb in the second quarter worth $4,720,000. Keene & Associates Inc. raised its position in Bristol-Myers Squibb by 2.1% during the second quarter. Keene & Associates Inc. now owns 60,313 shares of the biopharmaceutical company’s stock valued at $2,505,000 after purchasing an additional 1,249 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Bristol-Myers Squibb during the second quarter valued at about $7,721,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

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.