Investors Buy Bristol-Myers Squibb Co. (BMY) on Weakness
Traders bought shares of Bristol-Myers Squibb Co. (NYSE:BMY) on weakness during trading on Friday. $242.77 million flowed into the stock on the tick-up and $67.50 million flowed out of the stock on the tick-down, for a money net flow of $175.27 million into the stock. Of all stocks tracked, Bristol-Myers Squibb had the 6th highest net in-flow for the day. Bristol-Myers Squibb traded down ($0.77) for the day and closed at $76.00
A number of research firms have recently commented on BMY. Jefferies Group increased their price objective on Bristol-Myers Squibb from $76.00 to $78.00 and gave the company a “hold” rating in a report on Tuesday, June 14th. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Bristol-Myers Squibb in a report on Thursday, May 19th. Berenberg Bank reiterated a “buy” rating on shares of Bristol-Myers Squibb in a report on Tuesday, July 12th. Leerink Swann reiterated a “buy” rating on shares of Bristol-Myers Squibb in a report on Wednesday, April 27th. Finally, Vetr upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating and set a $78.79 price objective on the stock in a report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $74.65.
The company’s 50 day moving average is $73.13 and its 200-day moving average is $67.60. The firm has a market capitalization of $126.87 billion and a price-to-earnings ratio of 81.63.
Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, April 28th. The biopharmaceutical company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.09. During the same period in the previous year, the firm posted $0.71 earnings per share. The business had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.19 billion. The firm’s revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Bristol-Myers Squibb Co. will post $2.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 1st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.00%. The ex-dividend date is Wednesday, June 29th.
In related news, SVP Joseph C. Caldarella sold 3,519 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $72.47, for a total value of $255,021.93. Following the completion of the sale, the senior vice president now directly owns 55,238 shares of the company’s stock, valued at $4,003,097.86. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Giovanni Caforio sold 34,594 shares of the business’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $71.31, for a total value of $2,466,898.14. Following the completion of the sale, the chief executive officer now directly owns 132,263 shares of the company’s stock, valued at $9,431,674.53. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC raised its stake in shares of Bristol-Myers Squibb by 19.2% in the fourth quarter. Jennison Associates LLC now owns 27,739,860 shares of the biopharmaceutical company’s stock valued at $1,908,225,000 after buying an additional 4,462,075 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Bristol-Myers Squibb by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 100,977,126 shares of the biopharmaceutical company’s stock valued at $6,946,217,000 after buying an additional 2,396,947 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Bristol-Myers Squibb by 173.6% in the fourth quarter. Marshall Wace LLP now owns 2,833,753 shares of the biopharmaceutical company’s stock valued at $194,933,000 after buying an additional 1,798,080 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Bristol-Myers Squibb by 16.2% in the fourth quarter. OppenheimerFunds Inc. now owns 4,814,935 shares of the biopharmaceutical company’s stock valued at $331,229,000 after buying an additional 670,086 shares in the last quarter. Finally, Brown Advisory Inc. raised its stake in shares of Bristol-Myers Squibb by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 8,541,624 shares of the biopharmaceutical company’s stock valued at $587,578,000 after buying an additional 433,894 shares in the last quarter.
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company operates in BioPharmaceuticals segment. Its pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes (involving recombinant deoxyribonucleic acid (DNA) technology) called biologics.
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