Bank of America Upgrades Bristol Myers Squibb (NYSE:BMY) to “Buy”

Bristol Myers Squibb (NYSE:BMY) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a $61.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $52.00. Bank of America‘s price objective indicates a potential upside of 16.46% from the company’s previous close.

Several other equities analysts have also commented on the company. Morgan Stanley reissued an “underweight” rating and set a $37.00 price objective (up previously from $36.00) on shares of Bristol Myers Squibb in a research report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $57.00 price target (up from $51.00) on shares of Bristol Myers Squibb in a research note on Tuesday, December 2nd. Wall Street Zen raised shares of Bristol Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. Cantor Fitzgerald restated a “neutral” rating on shares of Bristol Myers Squibb in a report on Monday, November 24th. Finally, Scotiabank reiterated a “sector perform” rating and set a $53.00 target price (up from $45.00) on shares of Bristol Myers Squibb in a report on Thursday, December 4th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.62.

Bristol Myers Squibb Stock Performance

Bristol Myers Squibb stock opened at $52.38 on Monday. Bristol Myers Squibb has a fifty-two week low of $42.52 and a fifty-two week high of $63.33. The stock’s 50 day simple moving average is $46.80 and its two-hundred day simple moving average is $46.93. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.17 and a current ratio of 1.27. The stock has a market cap of $106.63 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 8.02 and a beta of 0.29.

Bristol Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, October 30th. The biopharmaceutical company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.11. Bristol Myers Squibb had a return on equity of 76.53% and a net margin of 12.57%.The company had revenue of $12.22 billion during the quarter, compared to analysts’ expectations of $11.75 billion. During the same quarter last year, the business posted $1.80 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. Bristol Myers Squibb has set its FY 2025 guidance at 6.400-6.600 EPS. As a group, analysts expect that Bristol Myers Squibb will post 6.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bristol Myers Squibb

Several institutional investors and hedge funds have recently made changes to their positions in BMY. Saranac Partners Ltd bought a new stake in shares of Bristol Myers Squibb in the 3rd quarter worth $288,000. Swiss Life Asset Management Ltd lifted its holdings in shares of Bristol Myers Squibb by 6.4% during the third quarter. Swiss Life Asset Management Ltd now owns 1,142,844 shares of the biopharmaceutical company’s stock valued at $51,542,000 after purchasing an additional 68,565 shares in the last quarter. Innova Wealth Partners boosted its position in shares of Bristol Myers Squibb by 15.0% during the third quarter. Innova Wealth Partners now owns 5,511 shares of the biopharmaceutical company’s stock valued at $249,000 after buying an additional 717 shares during the last quarter. Groupama Asset Managment increased its holdings in Bristol Myers Squibb by 23.4% in the 3rd quarter. Groupama Asset Managment now owns 31,234 shares of the biopharmaceutical company’s stock worth $1,409,000 after buying an additional 5,926 shares in the last quarter. Finally, Investment Research Partners LLC purchased a new position in Bristol Myers Squibb in the 3rd quarter worth about $552,000. 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.