Bristol-Myers Squibb Co. (BMY) Receives Hold Rating from SunTrust Banks Inc.
SunTrust Banks Inc. restated their hold rating on shares of Bristol-Myers Squibb Co. (NYSE:BMY) in a research note issued to investors on Monday morning. The firm currently has a $62.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $68.00.
“Our ’17E EPS decreases to $3.02 (from $3.29) vs. Street’s $3.00. We lowered our PT to $62 (from $68) & maintained our Hold rating. Our $62PT is based on 20x our ’17E EPS. BMY needs positive expressers arm of CM-227 to stop in 2017 for it to execute on its IO-IO combo strategy.”On October 9, Bristol-Myer disclosed in a statement, “Two pivotal Phase 3 studies, CheckMate -057 and CheckMate -017, which showed more than one-third of previously treated metastatic non-small cell lung cancer (NSCLC) patients in both trials experienced ongoing responses with Opdivo, compared to no ongoing responses in the docetaxel arm.,” SunTrust Banks Inc.’s analyst wrote.
Other equities analysts also recently issued reports about the stock. Morgan Stanley downgraded shares of Bristol-Myers Squibb from an overweight rating to an equal weight rating and set a $63.00 target price for the company. in a research note on Friday, August 5th. Deutsche Bank AG reissued a hold rating on shares of Bristol-Myers Squibb in a research note on Wednesday, June 15th. Berenberg Bank reissued a buy rating on shares of Bristol-Myers Squibb in a research note on Tuesday, July 12th. Vetr raised shares of Bristol-Myers Squibb from a sell rating to a buy rating and set a $78.73 price target for the company in a research note on Monday, July 25th. Finally, Jefferies Group boosted their price target on shares of Bristol-Myers Squibb from $77.00 to $80.00 and gave the stock a hold rating in a research note on Thursday, July 14th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $69.31.
Bristol-Myers Squibb (NYSE:BMY) traded up 0.14% during midday trading on Monday, reaching $49.88. 5,621,428 shares of the company’s stock were exchanged. The stock has a market cap of $83.34 billion, a P/E ratio of 29.17 and a beta of 0.75. The firm’s 50-day moving average is $56.14 and its 200 day moving average is $66.76. Bristol-Myers Squibb has a 1-year low of $49.51 and a 1-year high of $77.12.
Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.03. Bristol-Myers Squibb had a net margin of 16.63% and a return on equity of 24.92%. The company earned $4.90 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The company’s revenue was up 17.2% on a year-over-year basis. Equities analysts anticipate that Bristol-Myers Squibb will post $2.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.05%. The ex-dividend date is Wednesday, October 5th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently 87.36%.
In other news, Director Lamberto Andreotti sold 21,600 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $56.87, for a total value of $1,228,392.00. Following the transaction, the director now directly owns 334,499 shares of the company’s stock, valued at $19,022,958.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.24% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of 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 during the last quarter. Bank of Montreal Can bought a new position in shares of Bristol-Myers Squibb during the second quarter valued at $154,732,000. Sustainable Growth Advisers LP raised its position in shares of Bristol-Myers Squibb by 1,957.1% in the second quarter. Sustainable Growth Advisers LP now owns 1,402,482 shares of the biopharmaceutical company’s stock valued at $103,153,000 after buying an additional 1,334,303 shares during the last quarter. Jarislowsky Fraser Ltd raised its position in shares of Bristol-Myers Squibb by 240.6% in the second quarter. Jarislowsky Fraser Ltd now owns 1,885,751 shares of the biopharmaceutical company’s stock valued at $100,571,000 after buying an additional 1,332,163 shares during the last quarter. Finally, WestEnd Advisors LLC bought a new position in shares of Bristol-Myers Squibb during the second quarter valued at $94,956,000. 72.88% of the stock is currently owned by institutional investors.
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.
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