Bristol-Myers Squibb (NYSE:BMY) Forecasted to Post Q2 2024 Earnings of $1.78 Per Share

Bristol-Myers Squibb (NYSE:BMYFree Report) – William Blair cut their Q2 2024 earnings estimates for Bristol-Myers Squibb in a research report issued on Monday, February 5th. William Blair analyst M. Phipps now anticipates that the biopharmaceutical company will post earnings of $1.78 per share for the quarter, down from their previous forecast of $1.81. William Blair has a “Market Perform” rating on the stock. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $6.93 per share. William Blair also issued estimates for Bristol-Myers Squibb’s Q3 2024 earnings at $1.61 EPS, Q4 2024 earnings at $1.52 EPS, FY2024 earnings at $6.50 EPS, Q1 2025 earnings at $1.81 EPS, Q2 2025 earnings at $1.76 EPS, Q4 2025 earnings at $1.67 EPS and FY2025 earnings at $6.96 EPS.

BMY has been the subject of several other reports. Bank of America lowered Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $60.00 in a report on Wednesday, January 3rd. 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 report on Friday, October 27th. Cantor Fitzgerald downgraded Bristol-Myers Squibb from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $55.00 in a research note on Wednesday, November 15th. StockNews.com downgraded Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, Wells Fargo & Company decreased their target price on Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average target price of $61.17.

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Bristol-Myers Squibb Stock Up 0.1 %

Shares of NYSE BMY opened at $48.71 on Wednesday. Bristol-Myers Squibb has a 1 year low of $47.58 and a 1 year high of $73.84. The firm has a market cap of $99.11 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.42 and a beta of 0.38. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.18. The stock’s 50-day simple moving average is $50.53 and its 200-day simple moving average is $54.89.

Bristol-Myers Squibb (NYSE:BMYGet Free Report) last announced its earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 earnings per share (EPS) for the quarter, topping 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 business had revenue of $11.48 billion for the quarter, compared to analyst estimates of $11.19 billion. During the same period in the previous year, the company earned $1.82 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year.

Bristol-Myers Squibb Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, January 5th were paid a dividend of $0.60 per share. This is an increase from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. This represents a $2.40 annualized dividend and a yield of 4.93%. The ex-dividend date was Thursday, January 4th. Bristol-Myers Squibb’s payout ratio is 62.18%.

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

Insider Activity

In other Bristol-Myers Squibb news, CEO Christopher S. Boerner acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was purchased at an average cost of $49.78 per share, for a total transaction of $99,560.00. Following the transaction, the chief executive officer now owns 82,672 shares of the company’s stock, valued at approximately $4,115,412.16. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Bristol-Myers Squibb news, CEO Christopher S. Boerner acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was purchased at an average cost of $49.78 per share, for a total transaction of $99,560.00. Following the transaction, the chief executive officer now owns 82,672 shares of the company’s stock, valued at approximately $4,115,412.16. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Theodore R. Samuels II acquired 8,500 shares of the firm’s stock in a transaction on Monday, November 20th. The shares were acquired at an average price of $49.81 per share, with a total value of $423,385.00. Following the completion of the transaction, the director now directly owns 35,500 shares in the company, valued at approximately $1,768,255. The disclosure for this purchase can be found here. Insiders acquired 13,571 shares of company stock worth $672,994 over the last quarter. Corporate insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Bristol-Myers Squibb

Several institutional investors have recently made changes to their positions in the company. Herold Advisors Inc. raised its stake in shares of Bristol-Myers Squibb by 3.2% in the 3rd quarter. Herold Advisors Inc. now owns 33,668 shares of the biopharmaceutical company’s stock valued at $1,954,000 after acquiring an additional 1,051 shares in the last quarter. Wealth Architects LLC increased its position in Bristol-Myers Squibb by 4.8% in the 2nd quarter. Wealth Architects LLC now owns 8,012 shares of the biopharmaceutical company’s stock worth $512,000 after buying an additional 366 shares during the period. Osterweis Capital Management Inc. increased its position in Bristol-Myers Squibb by 69.6% in the 2nd quarter. Osterweis Capital Management Inc. now owns 5,049 shares of the biopharmaceutical company’s stock worth $323,000 after buying an additional 2,072 shares during the period. Kestra Private Wealth Services LLC increased its position in Bristol-Myers Squibb by 9.5% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 139,811 shares of the biopharmaceutical company’s stock worth $8,115,000 after buying an additional 12,121 shares during the period. Finally, Metis Global Partners LLC increased its position in Bristol-Myers Squibb by 14.8% in the 3rd quarter. Metis Global Partners LLC now owns 101,772 shares of the biopharmaceutical company’s stock worth $5,907,000 after buying an additional 13,122 shares during the period. 74.98% of the stock is currently owned by institutional investors and hedge funds.

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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