Investors Buy Bristol-Myers Squibb Co. (BMY) on Weakness
Traders purchased shares of Bristol-Myers Squibb Co. (NYSE:BMY) on weakness during trading hours 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
Several equities research analysts have recently weighed in on BMY shares. Jefferies Group increased their price target on Bristol-Myers Squibb from $77.00 to $80.00 and gave the stock a “hold” rating in a report on Thursday. Berenberg Bank reiterated a “buy” rating on shares of Bristol-Myers Squibb in a report on Tuesday. Zacks Investment Research upgraded Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Wednesday. Vetr upgraded Bristol-Myers Squibb from a “sell” rating to a “buy” rating and set a $78.79 price target on the stock in a report on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Bristol-Myers Squibb in a report on Wednesday, July 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $74.65.
The company has a 50 day moving average price of $73.13 and a 200 day moving average price of $67.60. The stock has a market capitalization of $126.87 billion and a P/E 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, beating analysts’ consensus estimates of $0.65 by $0.09. The firm earned $4.39 billion during the quarter, compared to analysts’ expectations of $4.19 billion. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. Equities analysts forecast that Bristol-Myers Squibb Co. will post $2.57 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 1st will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Wednesday, June 29th.
In other news, insider Louis S. Schmukler sold 22,218 shares of the company’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $71.95, for a total transaction of $1,598,585.10. Following the sale, the insider now owns 21,971 shares of the company’s stock, valued at $1,580,813.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lamberto Andreotti sold 23,200 shares of the company’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $74.45, for a total value of $1,727,240.00. Following the sale, the director now directly owns 380,099 shares in the company, valued at approximately $28,298,370.55. The disclosure for this sale can be found here.
Several hedge funds recently bought and sold shares of BMY. Boltwood Capital Management raised its stake in Bristol-Myers Squibb by 1.3% in the fourth quarter. Boltwood Capital Management now owns 15,540 shares of the biopharmaceutical company’s stock worth $1,069,000 after buying an additional 200 shares in the last quarter. LMR Partners LLP bought a new stake in Bristol-Myers Squibb during the fourth quarter worth $1,073,000. IronBridge Capital Management LP bought a new stake in Bristol-Myers Squibb during the fourth quarter worth $1,079,000. Atlanta Capital Group raised its stake in Bristol-Myers Squibb by 3.4% in the fourth quarter. Atlanta Capital Group now owns 15,751 shares of the biopharmaceutical company’s stock worth $1,084,000 after buying an additional 522 shares in the last quarter. Finally, Grandfield & Dodd LLC raised its stake in Bristol-Myers Squibb by 5.0% in the fourth quarter. Grandfield & Dodd LLC now owns 16,406 shares of the biopharmaceutical company’s stock worth $1,129,000 after buying an additional 780 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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