Bristol-Myers Squibb (NYSE:BMY) Stock Price Up 1.4% After Strong Earnings

Bristol-Myers Squibb (NYSE:BMY) rose 1.4% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $45.34 and last traded at $45.33. Approximately 5,111,179 shares changed hands during trading, a decline of 68% from the average daily volume of 15,762,926 shares. The stock had previously closed at $44.70.

The biopharmaceutical company reported ($4.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.53) by $0.13. Bristol-Myers Squibb had a negative net margin of 13.50% and a positive return on equity of 50.04%. The firm had revenue of $11.87 billion for the quarter, compared to analyst estimates of $11.45 billion. During the same period last year, the company posted $2.05 EPS. Bristol-Myers Squibb’s quarterly revenue was up 4.7% compared to the same quarter last year.

Bristol-Myers Squibb Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $2.40 annualized dividend and a yield of 5.35%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -77.42%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BMY shares. Redburn Atlantic cut shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their price target for the company from $77.00 to $54.00 in a research report on Tuesday, February 6th. Societe Generale cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. William Blair reissued a “market perform” rating on shares of Bristol-Myers Squibb in a report on Monday, April 1st. Wells Fargo & Company increased their price target on shares of Bristol-Myers Squibb from $51.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Finally, BMO Capital Markets lowered their target price on shares of Bristol-Myers Squibb from $55.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Bristol-Myers Squibb during the 4th quarter valued at approximately $1,560,524,000. Northern Trust Corp increased its holdings in Bristol-Myers Squibb by 5.8% during the 3rd quarter. Northern Trust Corp now owns 25,292,711 shares of the biopharmaceutical company’s stock worth $1,467,989,000 after acquiring an additional 1,394,158 shares during the period. Primecap Management Co. CA increased its holdings in Bristol-Myers Squibb by 14.6% during the 4th quarter. Primecap Management Co. CA now owns 23,534,378 shares of the biopharmaceutical company’s stock worth $1,207,549,000 after acquiring an additional 2,998,228 shares during the period. Dimensional Fund Advisors LP increased its holdings in Bristol-Myers Squibb by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 16,959,807 shares of the biopharmaceutical company’s stock worth $870,198,000 after acquiring an additional 1,246,066 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Bristol-Myers Squibb by 8.6% in the 3rd quarter. Invesco Ltd. now owns 15,606,587 shares of the biopharmaceutical company’s stock worth $905,806,000 after buying an additional 1,240,902 shares during the last quarter. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Up 0.3 %

The stock’s fifty day moving average price is $51.03 and its 200 day moving average price is $51.14. The stock has a market cap of $90.90 billion, a P/E ratio of -14.47, a price-to-earnings-growth ratio of 16.25 and a beta of 0.39. The company has a current ratio of 1.43, a quick ratio of 1.31 and a debt-to-equity ratio of 1.24.

About Bristol-Myers Squibb

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.