Bristol-Myers Squibb Company (BMY) Rating Lowered to Hold at Zacks Investment Research
Bristol-Myers Squibb Company (NYSE:BMY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Bristol-Myers reported mixed results for the third-quarter wherein earnings missed expectations although revenue beat on the same. The miss in earnings was attributable to lower gross margin which in turn was due to product mix and decline in virology business. The increase in earnings guidance was encouraging. The company’s blockbuster immuno-oncology Opdivo continues to perform well along with, Eliquis and Orencia. The company is looking to expand Opdivo’s label further and recently won FDA approvals for liver and colorectal cancers which should boost performance. The company is also looking to counter generic threat for its key drugs through deals and acquisitions. The company recently entered into a deal with AbbVie and Halozyme. However, Opdivo is currently facing competitive challenges in the United States. The virology business is also under pressure. Shares of the company have underperformed the industry in the year so far.”
Several other brokerages have also recently issued reports on BMY. Credit Suisse Group reissued a “hold” rating and issued a $61.00 price objective (up previously from $58.00) on shares of Bristol-Myers Squibb in a research note on Friday, October 27th. Cowen and Company reissued a “hold” rating and issued a $65.00 price objective on shares of Bristol-Myers Squibb in a research note on Tuesday, September 19th. Jefferies Group LLC increased their price objective on Bristol-Myers Squibb from $66.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $60.00 target price on shares of Bristol-Myers Squibb in a research report on Friday, October 27th. Finally, Leerink Swann increased their target price on Bristol-Myers Squibb from $61.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $64.93.
Bristol-Myers Squibb (NYSE:BMY) traded up $0.06 on Thursday, hitting $62.22. The stock had a trading volume of 3,327,075 shares, compared to its average volume of 5,820,000. Bristol-Myers Squibb has a 1 year low of $46.01 and a 1 year high of $66.10. The company has a market capitalization of $101.84 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 2.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.46 and a current ratio of 1.59.
Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). Bristol-Myers Squibb had a return on equity of 32.41% and a net margin of 20.56%. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.20 billion. During the same period last year, the company earned $0.77 EPS. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. sell-side analysts expect that Bristol-Myers Squibb will post 2.99 EPS for the current year.
In related news, SVP Joseph C. Caldarella sold 9,340 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $60.00, for a total value of $560,400.00. Following the completion of the transaction, the senior vice president now owns 46,297 shares in the company, valued at approximately $2,777,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. HL Financial Services LLC grew its position in Bristol-Myers Squibb by 3.2% during the 3rd quarter. HL Financial Services LLC now owns 361,062 shares of the biopharmaceutical company’s stock worth $23,014,000 after purchasing an additional 11,154 shares during the period. Courier Capital LLC grew its position in Bristol-Myers Squibb by 21.5% during the 3rd quarter. Courier Capital LLC now owns 50,348 shares of the biopharmaceutical company’s stock worth $3,209,000 after purchasing an additional 8,925 shares during the period. Lipe & Dalton grew its position in Bristol-Myers Squibb by 1.4% during the 3rd quarter. Lipe & Dalton now owns 68,149 shares of the biopharmaceutical company’s stock worth $4,344,000 after purchasing an additional 940 shares during the period. Stevens First Principles Investment Advisors grew its position in Bristol-Myers Squibb by 475.5% during the 3rd quarter. Stevens First Principles Investment Advisors now owns 4,472 shares of the biopharmaceutical company’s stock worth $285,000 after purchasing an additional 3,695 shares during the period. Finally, FDx Advisors Inc. grew its position in Bristol-Myers Squibb by 3.2% during the 3rd quarter. FDx Advisors Inc. now owns 35,970 shares of the biopharmaceutical company’s stock worth $2,293,000 after purchasing an additional 1,132 shares during the period. 68.93% of the stock is currently owned by institutional investors.
About Bristol-Myers Squibb
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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