Morgan Stanley Cuts Bristol Myers Squibb (NYSE:BMY) Price Target to $34.00

Bristol Myers Squibb (NYSE:BMY - Free Report) had its price target trimmed by Morgan Stanley from $36.00 to $34.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the biopharmaceutical company's stock.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group reiterated a "neutral" rating and set a $55.00 target price (down from $67.00) on shares of Bristol Myers Squibb in a research report on Tuesday, April 8th. Piper Sandler initiated coverage on Bristol Myers Squibb in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price for the company. Jefferies Financial Group lowered their price target on shares of Bristol Myers Squibb from $70.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Argus raised shares of Bristol Myers Squibb to a "hold" rating in a report on Friday, April 25th. Finally, Wall Street Zen downgraded shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $57.69.

Bristol Myers Squibb Price Performance

Shares of BMY traded up $0.88 during midday trading on Thursday, hitting $48.54. 14,726,489 shares of the company traded hands, compared to its average volume of 12,862,426. The firm has a 50 day moving average of $47.58 and a 200-day moving average of $53.35. Bristol Myers Squibb has a 52 week low of $39.93 and a 52 week high of $63.33. The stock has a market cap of $98.78 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.41 and a beta of 0.36. The company has a debt-to-equity ratio of 2.65, a quick ratio of 1.17 and a current ratio of 1.28.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The biopharmaceutical company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.50 by $0.30. Bristol Myers Squibb had a net margin of 11.38% and a return on equity of 87.62%. The business had revenue of $11.20 billion during the quarter, compared to the consensus estimate of $10.77 billion. During the same quarter in the prior year, the firm earned ($4.40) EPS. The business's revenue was down 5.6% on a year-over-year basis. On average, analysts forecast that Bristol Myers Squibb will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.48 annualized dividend and a dividend yield of 5.11%. Bristol Myers Squibb's dividend payout ratio (DPR) is 92.88%.

Insider Activity at Bristol Myers Squibb

In related news, EVP Samit Hirawat acquired 4,250 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average price of $47.58 per share, for a total transaction of $202,215.00. Following the acquisition, the executive vice president directly owned 83,513 shares of the company's stock, valued at $3,973,548.54. This represents a 5.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.09% of the company's stock.

Institutional Investors Weigh In On Bristol Myers Squibb

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMY. King Wealth Management Group increased its holdings in shares of Bristol Myers Squibb by 2.6% in the 4th quarter. King Wealth Management Group now owns 7,294 shares of the biopharmaceutical company's stock valued at $413,000 after acquiring an additional 182 shares during the last quarter. Thoroughbred Financial Services LLC grew its position in shares of Bristol Myers Squibb by 1.1% during the 4th quarter. Thoroughbred Financial Services LLC now owns 17,763 shares of the biopharmaceutical company's stock valued at $1,004,000 after buying an additional 190 shares during the last quarter. Marcum Wealth LLC grew its position in shares of Bristol Myers Squibb by 1.0% during the 1st quarter. Marcum Wealth LLC now owns 19,296 shares of the biopharmaceutical company's stock valued at $1,177,000 after buying an additional 193 shares during the last quarter. Beacon Investment Advisory Services Inc. grew its position in shares of Bristol Myers Squibb by 2.7% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 8,063 shares of the biopharmaceutical company's stock valued at $492,000 after buying an additional 212 shares during the last quarter. Finally, Leelyn Smith LLC grew its position in shares of Bristol Myers Squibb by 0.5% during the 4th quarter. Leelyn Smith LLC now owns 47,699 shares of the biopharmaceutical company's stock valued at $2,698,000 after buying an additional 215 shares during the last quarter. Institutional investors own 76.41% of the company's stock.

About Bristol Myers Squibb

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.