Investors Buy Shares of Bristol-Myers Squibb Co. (BMY) on Weakness
Traders purchased shares of Bristol-Myers Squibb Co. (NYSE:BMY) on weakness during trading on Friday. $1,246.34 million flowed into the stock on the tick-up and $1,167.71 million flowed out of the stock on the tick-down, for a money net flow of $78.63 million into the stock. Of all equities tracked, Bristol-Myers Squibb had the 3rd highest net in-flow for the day. Bristol-Myers Squibb traded down ($12.04) for the day and closed at $63.28
A number of research firms have commented on BMY. Credit Suisse Group AG boosted their price objective on Bristol-Myers Squibb from $75.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 9th. Berenberg Bank reissued a “buy” rating and issued a $80.00 price objective on shares of Bristol-Myers Squibb in a research note on Friday, April 22nd. Citigroup Inc. reissued a “buy” rating on shares of Bristol-Myers Squibb in a research note on Wednesday. Vetr raised Bristol-Myers Squibb from a “strong sell” rating to a “sell” rating and set a $64.94 price objective on the stock in a research note on Monday, April 25th. Finally, Zacks Investment Research raised Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Wednesday, July 13th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $74.98.
The firm has a market capitalization of $105.73 billion and a P/E ratio of 37.01. The stock has a 50 day moving average of $73.96 and a 200 day moving average of $68.53.
Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, July 28th. The biopharmaceutical company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. The business earned $4.90 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same period in the prior year, the business posted $0.53 EPS. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. Analysts predict that Bristol-Myers Squibb Co. will post $2.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Wednesday, October 5th.
In related news, CFO Charles A. Bancroft sold 30,201 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $70.79, for a total transaction of $2,137,928.79. Following the sale, the chief financial officer now owns 184,694 shares of the company’s stock, valued at approximately $13,074,488.26. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Joseph C. Caldarella sold 3,519 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $72.47, for a total value of $255,021.93. Following the sale, the senior vice president now directly owns 55,238 shares in the company, valued at approximately $4,003,097.86. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Loeb Partners Corp increased its stake in Bristol-Myers Squibb by 6.1% in the fourth quarter. Loeb Partners Corp now owns 63,710 shares of the biopharmaceutical company’s stock valued at $4,383,000 after buying an additional 3,640 shares during the period. Vanguard Group Inc. increased its stake in 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 during the period. Emerson Investment Management LLC increased its stake in Bristol-Myers Squibb by 0.5% in the fourth quarter. Emerson Investment Management LLC now owns 160,746 shares of the biopharmaceutical company’s stock valued at $11,058,000 after buying an additional 749 shares during the period. IronBridge Capital Management LP purchased a new stake in Bristol-Myers Squibb during the fourth quarter valued at $1,079,000. Finally, Ironsides Asset Advisors LLC increased its stake in Bristol-Myers Squibb by 1.0% in the fourth quarter. Ironsides Asset Advisors LLC now owns 37,329 shares of the biopharmaceutical company’s stock valued at $2,568,000 after buying an additional 361 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 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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