Bristol Myers Squibb (NYSE:BMY) Stock Price Up 4% – Here’s What Happened

Bristol Myers Squibb Company (NYSE:BMY) shares traded up 4% on Wednesday. The company traded as high as $58.75 and last traded at $58.9130. Approximately 5,034,184 shares traded hands during trading, a decline of 58% from the average session volume of 12,044,291 shares. The stock had previously closed at $56.67.

Wall Street Analysts Forecast Growth

BMY has been the topic of several analyst reports. Leerink Partners cut shares of Bristol Myers Squibb from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $73.00 to $59.00 in a report on Monday, October 5th. Royal Bank Of Canada lifted their target price on shares of Bristol Myers Squibb from $60.00 to $64.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings upgraded Bristol Myers Squibb from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. JPMorgan Chase & Co. upped their target price on Bristol Myers Squibb from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Bristol Myers Squibb in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $64.88.

Bristol Myers Squibb Stock Up 2.1%

The stock’s 50-day moving average price is $63.65 and its two-hundred day moving average price is $60.30. The company has a current ratio of 1.53, a quick ratio of 1.38 and a debt-to-equity ratio of 1.89. The stock has a market capitalization of $123.60 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.30 and a beta of 0.19.

Bristol Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.44. Bristol Myers Squibb had a net margin of 18.87% and a return on equity of 66.90%. The company had revenue of $12.97 billion for the quarter, compared to analysts’ expectations of $11.74 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. Bristol Myers Squibb’s revenue was up 5.7% on a year-over-year basis. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. As a group, research analysts expect that Bristol Myers Squibb Company will post 6.65 earnings per share for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 2nd will be paid a $0.63 dividend. The ex-dividend date is Friday, October 2nd. This represents a $2.52 annualized dividend and a dividend yield of 4.2%. Bristol Myers Squibb’s dividend payout ratio (DPR) is presently 55.51%.

Insider Transactions at Bristol Myers Squibb

In other Bristol Myers Squibb news, SVP Phil M. Holzer sold 500 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $67.50, for a total transaction of $33,750.00. Following the sale, the senior vice president owned 16,862 shares in the company, valued at $1,138,185. This represents a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Bristol Myers Squibb

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA bought a new stake in Bristol Myers Squibb during the 2nd quarter worth approximately $1,436,115,000. Legal & General Group Plc bought a new stake in Bristol Myers Squibb during the second quarter valued at $980,862,000. BlackRock Inc. grew its position in Bristol Myers Squibb by 5.1% during the second quarter. BlackRock Inc. now owns 180,384,994 shares of the biopharmaceutical company’s stock worth $10,393,783,000 after buying an additional 8,702,106 shares in the last quarter. State Street Corp increased its stake in Bristol Myers Squibb by 7.3% in the 2nd quarter. State Street Corp now owns 105,757,638 shares of the biopharmaceutical company’s stock worth $6,093,755,000 after acquiring an additional 7,192,724 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Bristol Myers Squibb by 153.8% in the 1st quarter. SG Americas Securities LLC now owns 8,910,032 shares of the biopharmaceutical company’s stock valued at $540,393,000 after acquiring an additional 5,399,407 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors.

About Bristol Myers Squibb

Bristol Myers Squibb (NYSE:BMY) is a global biopharmaceutical company that discovers, develops and commercializes prescription medicines. Its research and commercial activities focus primarily on oncology, hematology, immunology, cardiovascular disease and neuroscience. The company serves patients and healthcare providers in the United States and international markets.

Bristol Myers Squibb’s portfolio includes medicines such as Opdivo and Yervoy for certain cancers, Eliquis for the prevention of blood clots and stroke, Revlimid and Pomalyst for blood cancers, and Abraxane for certain solid tumors.