Bristol Myers Squibb (NYSE:BMY) Given New $47.00 Price Target at Citigroup

Key Points

• Citigroup has lowered its price target for Bristol Myers Squibb (NYSE:BMY) from $51.00 to $47.00, maintaining a "neutral" rating on the stock.
• UBS Group has also reduced its price target from $60.00 to $54.00, and various analysts have given ratings ranging from sell to strong buy, leading to an average rating of "Hold" with a consensus target price of $57.33.
• Bristol Myers Squibb reported an earnings per share of $1.46, significantly exceeding the consensus estimate of $1.07, alongside a revenue of $12.27 billion, surpassing expectations of $11.32 billion.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) had its price target reduced by equities researchers at Citigroup from $51.00 to $47.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the biopharmaceutical company's stock. Citigroup's target price points to a potential upside of 3.79% from the company's current price.

Several other equities research analysts have also recently commented on BMY. The Goldman Sachs Group reiterated a "neutral" rating and issued a $55.00 price target (down from $67.00) on shares of Bristol Myers Squibb in a research report on Tuesday, April 8th. Wall Street Zen downgraded Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. William Blair restated a "market perform" rating on shares of Bristol Myers Squibb in a report on Friday, April 25th. Piper Sandler began coverage on Bristol Myers Squibb in a report on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 price objective on the stock. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $55.00 price objective on shares of Bristol Myers Squibb in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Bristol Myers Squibb presently has a consensus rating of "Hold" and an average price target of $56.38.

Bristol Myers Squibb Stock Performance

Bristol Myers Squibb stock traded down $0.12 during mid-day trading on Friday, reaching $45.29. The company's stock had a trading volume of 3,412,303 shares, compared to its average volume of 13,494,981. Bristol Myers Squibb has a twelve month low of $42.96 and a twelve month high of $63.33. The firm has a market cap of $92.16 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 2.33 and a beta of 0.36. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 2.54. The business has a 50 day moving average price of $47.48 and a 200-day moving average price of $52.15.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.39. The business had revenue of $12.27 billion during the quarter, compared to the consensus estimate of $11.32 billion. Bristol Myers Squibb had a net margin of 10.58% and a return on equity of 80.04%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.07 earnings per share. Sell-side analysts predict that Bristol Myers Squibb will post 6.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Bristol Myers Squibb

Hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its position in shares of Bristol Myers Squibb by 1.1% during the first quarter. Commonwealth Equity Services LLC now owns 1,288,407 shares of the biopharmaceutical company's stock worth $78,580,000 after purchasing an additional 13,959 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Bristol Myers Squibb during the 4th quarter worth approximately $16,651,000. Avaii Wealth Management LLC boosted its stake in shares of Bristol Myers Squibb by 590.9% during the 1st quarter. Avaii Wealth Management LLC now owns 78,597 shares of the biopharmaceutical company's stock worth $4,794,000 after acquiring an additional 67,221 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Bristol Myers Squibb by 1.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 65,038 shares of the biopharmaceutical company's stock worth $3,967,000 after acquiring an additional 869 shares during the period. Finally, Shorepoint Capital Partners LLC boosted its stake in shares of Bristol Myers Squibb by 2.2% during the 4th quarter. Shorepoint Capital Partners LLC now owns 58,426 shares of the biopharmaceutical company's stock worth $3,305,000 after acquiring an additional 1,248 shares during the period. 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.