William Blair Comments on Bristol-Myers Squibb’s Q1 2024 Earnings (NYSE:BMY)

Bristol-Myers Squibb (NYSE:BMYFree Report) – William Blair lowered their Q1 2024 EPS estimates for Bristol-Myers Squibb in a report issued on Monday, February 5th. William Blair analyst M. Phipps now expects that the biopharmaceutical company will post earnings of $1.59 per share for the quarter, down from their previous forecast of $1.96. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $7.07 per share. William Blair also issued estimates for Bristol-Myers Squibb’s Q3 2025 earnings at $1.72 EPS.

Bristol-Myers Squibb (NYSE:BMYGet Free Report) last announced its quarterly earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.15. Bristol-Myers Squibb had a return on equity of 50.33% and a net margin of 17.83%. The company had revenue of $11.48 billion for the quarter, compared to the consensus estimate of $11.19 billion. During the same quarter in the previous year, the business earned $1.82 EPS. Bristol-Myers Squibb’s revenue was up .6% compared to the same quarter last year.

Several other brokerages have also commented on BMY. Daiwa Capital Markets lowered shares of Bristol-Myers Squibb from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $54.00 in a report on Thursday, November 2nd. Wells Fargo & Company dropped their price target on Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Morgan Stanley lowered their price objective on Bristol-Myers Squibb from $56.00 to $50.00 and set an “underweight” rating for the company in a research report on Friday, October 27th. HSBC raised shares of Bristol-Myers Squibb from a “reduce” rating to a “hold” rating and dropped their price objective for the stock from $55.00 to $53.00 in a research note on Friday, October 27th. Finally, Redburn Atlantic downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and decreased their target price for the company from $77.00 to $54.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.17.

Read Our Latest Report on BMY

Bristol-Myers Squibb Stock Performance

Shares of BMY stock opened at $48.63 on Thursday. The firm has a market capitalization of $98.95 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.36 and a beta of 0.38. The stock has a fifty day moving average of $50.54 and a 200 day moving average of $54.93. Bristol-Myers Squibb has a 52 week low of $47.58 and a 52 week high of $74.42. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 1.11.

Hedge Funds Weigh In On Bristol-Myers Squibb

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Dakota Wealth Management bought a new position in shares of Bristol-Myers Squibb during the 1st quarter worth approximately $332,000. Covestor Ltd increased its stake in shares of Bristol-Myers Squibb by 111.5% in the 1st quarter. Covestor Ltd now owns 2,052 shares of the biopharmaceutical company’s stock valued at $150,000 after purchasing an additional 1,082 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Bristol-Myers Squibb by 53.2% during the 1st quarter. NewEdge Advisors LLC now owns 165,336 shares of the biopharmaceutical company’s stock worth $12,075,000 after buying an additional 57,444 shares during the period. Ergoteles LLC acquired a new position in Bristol-Myers Squibb during the first quarter worth $1,997,000. Finally, Mackenzie Financial Corp lifted its stake in Bristol-Myers Squibb by 25.1% in the 1st quarter. Mackenzie Financial Corp now owns 338,563 shares of the biopharmaceutical company’s stock valued at $24,725,000 after buying an additional 68,018 shares in the last quarter. 74.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, Director Theodore R. Samuels II bought 8,500 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average price of $49.81 per share, with a total value of $423,385.00. Following the purchase, the director now owns 35,500 shares of the company’s stock, valued at $1,768,255. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bristol-Myers Squibb news, CEO Christopher S. Boerner purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was purchased at an average cost of $49.78 per share, with a total value of $99,560.00. Following the purchase, the chief executive officer now owns 82,672 shares of the company’s stock, valued at $4,115,412.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II acquired 8,500 shares of Bristol-Myers Squibb stock in a transaction on Monday, November 20th. The shares were purchased at an average price of $49.81 per share, for a total transaction of $423,385.00. Following the completion of the acquisition, the director now directly owns 35,500 shares in the company, valued at $1,768,255. The disclosure for this purchase can be found here. Insiders have acquired a total of 13,571 shares of company stock valued at $672,994 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

Bristol-Myers Squibb declared that its Board of Directors has approved a share buyback program on Thursday, December 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Bristol-Myers Squibb Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, January 5th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date was Thursday, January 4th. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. Bristol-Myers Squibb’s dividend payout ratio is presently 62.18%.

Bristol-Myers Squibb Company Profile

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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, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.

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Earnings History and Estimates for Bristol-Myers Squibb (NYSE:BMY)

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