William Blair Equities Analysts Lower Earnings Estimates for Bristol-Myers Squibb (NYSE:BMY)

Bristol-Myers Squibb (NYSE:BMY - Free Report) - Investment analysts at William Blair cut their Q2 2024 earnings per share estimates for shares of Bristol-Myers Squibb in a research note issued on Monday, April 1st. William Blair analyst M. Phipps now expects that the biopharmaceutical company will post earnings of $1.74 per share for the quarter, down from their previous forecast of $1.78. William Blair currently has a "Market Perform" rating on the stock. The consensus estimate for Bristol-Myers Squibb's current full-year earnings is $6.61 per share. William Blair also issued estimates for Bristol-Myers Squibb's Q3 2024 earnings at $1.58 EPS, Q4 2024 earnings at $1.49 EPS, Q1 2025 earnings at $1.84 EPS, Q2 2025 earnings at $1.78 EPS, Q3 2025 earnings at $1.74 EPS and Q4 2025 earnings at $1.69 EPS.

BMY has been the subject of a number of other reports. StockNews.com upgraded Bristol-Myers Squibb from a "buy" rating to a "strong-buy" rating in a report on Friday, March 1st. Bank of America cut Bristol-Myers Squibb from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $68.00 to $60.00 in a research report on Wednesday, January 3rd. Societe Generale cut Bristol-Myers Squibb from a "buy" rating to a "hold" rating in a research report on Monday, March 11th. Wells Fargo & Company lowered their price objective on Bristol-Myers Squibb from $58.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 6th. Finally, Redburn Atlantic cut Bristol-Myers Squibb from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $77.00 to $54.00 in a research report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $61.12.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock traded down $0.55 during trading hours on Wednesday, reaching $52.19. 10,431,293 shares of the company's stock were exchanged, compared to its average volume of 16,554,850. Bristol-Myers Squibb has a fifty-two week low of $47.58 and a fifty-two week high of $71.07. The stock has a market capitalization of $105.78 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.60 and a beta of 0.39. The business has a fifty day moving average price of $51.08 and a 200-day moving average price of $52.21. The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 1.24.

Bristol-Myers Squibb (NYSE:BMY - Get Free Report) last posted its earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.15. Bristol-Myers Squibb had a return on equity of 50.95% and a net margin of 17.83%. The firm had revenue of $11.48 billion during the quarter, compared to analyst estimates of $11.19 billion. During the same period in the previous year, the company earned $1.82 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis.

Bristol-Myers Squibb declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the biopharmaceutical company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Bristol-Myers Squibb Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.60%. The ex-dividend date is Thursday, April 4th. Bristol-Myers Squibb's payout ratio is presently 62.18%.

Institutional Trading of Bristol-Myers Squibb

Several large investors have recently made changes to their positions in BMY. State Street Corp lifted its stake in shares of Bristol-Myers Squibb by 0.9% during the second quarter. State Street Corp now owns 92,570,288 shares of the biopharmaceutical company's stock valued at $5,919,870,000 after acquiring an additional 858,922 shares during the period. Norges Bank acquired a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at $1,560,524,000. Northern Trust Corp lifted its stake in shares of Bristol-Myers Squibb by 5.8% during the third quarter. Northern Trust Corp now owns 25,292,711 shares of the biopharmaceutical company's stock valued at $1,467,989,000 after acquiring an additional 1,394,158 shares during the period. Primecap Management Co. CA lifted its stake in shares of Bristol-Myers Squibb by 14.6% during the fourth quarter. Primecap Management Co. CA now owns 23,534,378 shares of the biopharmaceutical company's stock valued at $1,207,549,000 after acquiring an additional 2,998,228 shares during the period. Finally, Moneta Group Investment Advisors LLC lifted its stake in shares of Bristol-Myers Squibb by 114,228.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company's stock valued at $1,544,751,000 after acquiring an additional 21,451,006 shares during the period. Institutional investors own 76.41% of the company's stock.

Bristol-Myers Squibb Company Profile

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.