Traders Buy Bristol-Myers Squibb Co. (BMY) on Weakness
Investors purchased shares of Bristol-Myers Squibb Co. (NYSE:BMY) on weakness during trading hours on Thursday. $163.17 million flowed into the stock on the tick-up and $119.18 million flowed out of the stock on the tick-down, for a money net flow of $43.99 million into the stock. Of all companies tracked, Bristol-Myers Squibb had the 32nd highest net in-flow for the day. Bristol-Myers Squibb traded down ($0.63) for the day and closed at $56.76
A number of equities research analysts have recently weighed in on BMY shares. Vetr upgraded shares of Bristol-Myers Squibb from a “sell” rating to a “buy” rating and set a $78.79 price target on the stock in a research note on Tuesday, June 7th. TheStreet upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating in a research note on Tuesday, May 31st. Argus restated a “buy” rating on shares of Bristol-Myers Squibb in a research note on Friday, May 13th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Bristol-Myers Squibb in a research report on Wednesday, July 6th. Finally, Zacks Investment Research upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Wednesday, July 13th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $71.59.
The firm has a market capitalization of $94.15 billion and a price-to-earnings ratio of 32.95. The company’s 50 day moving average price is $66.31 and its 200 day moving average price is $68.24.
Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.03. The firm earned $4.90 billion during the quarter, compared to analysts’ expectations of $4.60 billion. During the same period in the prior year, the company earned $0.53 EPS. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. Equities research analysts forecast that Bristol-Myers Squibb Co. will post $2.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, October 5th.
In other news, Director Lamberto Andreotti sold 23,200 shares of the stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $72.14, for a total transaction of $1,673,648.00. Following the completion of the sale, the director now owns 403,094 shares of the company’s stock, valued at $29,079,201.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP John E. Elicker sold 11,820 shares of the stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $72.69, for a total value of $859,195.80. Following the sale, the senior vice president now directly owns 55,011 shares of the company’s stock, valued at approximately $3,998,749.59. The disclosure for this sale can be found here.
Several hedge funds recently added to or reduced their stakes in BMY. Wafra Investment Advisory Group Inc. NY raised its stake in Bristol-Myers Squibb by 10.0% in the fourth quarter. Wafra Investment Advisory Group Inc. NY now owns 23,103 shares of the biopharmaceutical company’s stock worth $1,589,000 after buying an additional 2,103 shares during the period. St. Louis Trust Co bought a new stake in Bristol-Myers Squibb during the fourth quarter worth $2,366,000. Gluskin Sheff & Assoc Inc. raised its stake in Bristol-Myers Squibb by 53.7% in the fourth quarter. Gluskin Sheff & Assoc Inc. now owns 70,775 shares of the biopharmaceutical company’s stock worth $4,869,000 after buying an additional 24,720 shares during the period. Bridgewater Associates LP raised its stake in Bristol-Myers Squibb by 262.8% in the fourth quarter. Bridgewater Associates LP now owns 70,845 shares of the biopharmaceutical company’s stock worth $4,873,000 after buying an additional 51,317 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Bristol-Myers Squibb by 6.7% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 150,480 shares of the biopharmaceutical company’s stock worth $10,352,000 after buying an additional 9,500 shares during the period.
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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