Bristol Myers Squibb (NYSE:BMY) Rating Lowered to Neutral at Daiwa Capital Markets

Key Points

• Daiwa Capital Markets downgraded Bristol Myers Squibb from an "outperform" to a "neutral" rating, with a target price of $42.00, indicating a potential downside of 7.47% from the current price.
• Other analysts, including Cantor Fitzgerald and UBS Group, maintained a "neutral" rating with target prices ranging from $54.00 to $55.00, showcasing a mixed outlook among research firms.
• Bristol Myers Squibb recently reported quarterly earnings of $1.46 per share, surpassing expectations by $0.39, with revenues of $12.27 billion, indicating a slight year-over-year growth of 0.6%.

Daiwa Capital Markets downgraded shares of Bristol Myers Squibb (NYSE:BMY - Free Report) from an outperform rating to a neutral rating in a research note released on Tuesday, MarketBeat reports. They currently have $42.00 price target on the biopharmaceutical company's stock.

Other analysts have also issued reports about the company. Jefferies Financial Group dropped their target price on Bristol Myers Squibb from $70.00 to $68.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Citigroup reduced their price target on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating for the company in a report on Friday, August 1st. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $55.00 price target on shares of Bristol Myers Squibb in a report on Tuesday, April 22nd. Piper Sandler started coverage on Bristol Myers Squibb in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $65.00 price target for the company. Finally, Morgan Stanley reaffirmed a "hold" rating on shares of Bristol Myers Squibb in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $56.38.

Bristol Myers Squibb Stock Performance

Shares of BMY stock traded up $0.50 on Tuesday, hitting $45.32. The company had a trading volume of 11,839,864 shares, compared to its average volume of 13,897,906. The firm has a market cap of $92.24 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 2.29 and a beta of 0.36. Bristol Myers Squibb has a twelve month low of $42.96 and a twelve month high of $63.33. The company has a 50-day moving average price of $47.36 and a 200-day moving average price of $51.98. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 2.54.

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

Bristol Myers Squibb Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd were issued a dividend of $0.62 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.5%. Bristol Myers Squibb's dividend payout ratio is currently 100.00%.

Hedge Funds Weigh In On Bristol Myers Squibb

A number of hedge funds and other institutional investors have recently bought and sold shares of BMY. Wellington Management Group LLP boosted its holdings in Bristol Myers Squibb by 297.0% during the 1st quarter. Wellington Management Group LLP now owns 23,728,443 shares of the biopharmaceutical company's stock valued at $1,447,198,000 after acquiring an additional 17,750,938 shares during the period. Ameriprise Financial Inc. boosted its holdings in Bristol Myers Squibb by 59.9% during the 4th quarter. Ameriprise Financial Inc. now owns 32,079,246 shares of the biopharmaceutical company's stock valued at $1,814,341,000 after acquiring an additional 12,011,983 shares during the period. GQG Partners LLC boosted its holdings in Bristol Myers Squibb by 22,647.6% during the 1st quarter. GQG Partners LLC now owns 12,023,454 shares of the biopharmaceutical company's stock valued at $733,310,000 after acquiring an additional 11,970,598 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Bristol Myers Squibb by 701.2% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 12,470,106 shares of the biopharmaceutical company's stock valued at $705,309,000 after acquiring an additional 10,913,708 shares during the period. Finally, Nuveen LLC purchased a new position in Bristol Myers Squibb during the 1st quarter valued at about $624,369,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

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.