Traders Sell Bristol-Myers Squibb Co. (BMY) on Strength Following Analyst Downgrade
Traders sold shares of Bristol-Myers Squibb Co. (NYSE:BMY) on strength during trading hours on Wednesday after Citigroup lowered their price target on the stock from $75.00 to $70.00. $110.56 million flowed into the stock on the tick-up and $187.90 million flowed out of the stock on the tick-down, for a money net flow of $77.34 million out of the stock. Of all equities tracked, Bristol-Myers Squibb had the 0th highest net out-flow for the day. Bristol-Myers Squibb traded up $0.37 for the day and closed at $55.93
Several other research firms have also recently commented on BMY. Vetr raised shares of Bristol-Myers Squibb from a “sell” rating to a “buy” rating and set a $78.73 target price on the stock in a research report on Monday, July 25th. Deutsche Bank AG reissued a “hold” rating on shares of Bristol-Myers Squibb in a research report on Wednesday, June 15th. BMO Capital Markets reissued a “market perform” rating and set a $60.00 target price on shares of Bristol-Myers Squibb in a research report on Saturday, September 3rd. Zacks Investment Research raised 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. Finally, SunTrust Banks Inc. cut shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $86.00 to $68.00 in a research report on Friday, August 5th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have issued 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 $69.64.
In other Bristol-Myers Squibb news, Director Lamberto Andreotti sold 23,200 shares of the business’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $74.45, for a total value of $1,727,240.00. Following the completion of the sale, the director now directly owns 380,099 shares of the company’s stock, valued at $28,298,370.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.24% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Bristol-Myers Squibb by 3.4% in the second quarter. Vanguard Group Inc. now owns 109,554,831 shares of the biopharmaceutical company’s stock valued at $8,057,758,000 after buying an additional 3,595,648 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Bristol-Myers Squibb by 1.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 44,742,184 shares of the biopharmaceutical company’s stock valued at $2,858,131,000 after buying an additional 844,233 shares in the last quarter. Jennison Associates LLC increased its stake in Bristol-Myers Squibb by 4.1% in the second quarter. Jennison Associates LLC now owns 28,064,140 shares of the biopharmaceutical company’s stock valued at $2,064,118,000 after buying an additional 1,099,210 shares in the last quarter. BlackRock Fund Advisors increased its stake in Bristol-Myers Squibb by 2.9% in the second quarter. BlackRock Fund Advisors now owns 23,780,943 shares of the biopharmaceutical company’s stock valued at $1,749,088,000 after buying an additional 659,425 shares in the last quarter. Finally, Janus Capital Management LLC increased its stake in Bristol-Myers Squibb by 5.2% in the second quarter. Janus Capital Management LLC now owns 21,937,539 shares of the biopharmaceutical company’s stock valued at $1,613,481,000 after buying an additional 1,094,167 shares in the last quarter. 72.91% of the stock is owned by institutional investors and hedge funds.
The firm has a 50 day moving average of $58.51 and a 200-day moving average of $67.50. The firm has a market capitalization of $94.27 billion, a price-to-earnings ratio of 32.99 and a beta of 0.61.
Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ 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. Bristol-Myers Squibb had a net margin of 16.63% and a return on equity of 24.92%. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 earnings per share. On average, analysts anticipate that Bristol-Myers Squibb Co. will post $2.62 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.38 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.69%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently 87.36%.
About Bristol-Myers Squibb
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.
Receive News & Ratings for Bristol-Myers Squibb Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bristol-Myers Squibb Co. and related companies with MarketBeat.com's FREE daily email newsletter.