Bristol Myers Squibb (NYSE:BMY) Stock Price Breaks Above 50 Day Moving Average on Analyst Downgrade

Key Points

• Bristol Myers Squibb shares rose above their 50-day moving average, reaching $63.14 and last trading at $62.95 after Goldman Sachs upgraded the stock to “strong buy.”
• Analyst sentiment remains mixed: the consensus rating is “Hold,” with a target price of $65.46, although several firms maintain Buy or Overweight ratings and higher targets.
• The company reported quarterly EPS of $1.35, beating estimates by $0.25, while revenue increased 6.9% year over year to $13.07 billion. Bristol Myers Squibb also announced a quarterly dividend of $0.63 per share, implying a 4.0% yield.

Bristol Myers Squibb Company (NYSE:BMY - Get Free Report) shares crossed above its fifty day moving average during trading on Monday after The Goldman Sachs Group upgraded the stock from a hold rating to a strong-buy rating. The stock has a fifty day moving average of $62.71 and traded as high as $63.14. Bristol Myers Squibb shares last traded at $62.95, with a volume of 10,825,078 shares traded.

Several other research firms have also commented on BMY. Jefferies Financial Group reiterated a "buy" rating and set a $76.00 price objective on shares of Bristol Myers Squibb in a research note on Monday, October 12th. Royal Bank Of Canada raised their target price on Bristol Myers Squibb from $60.00 to $64.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. HSBC reaffirmed a "hold" rating and issued a $65.00 price target (up from $60.00) on shares of Bristol Myers Squibb in a research note on Thursday, September 10th. Weiss Ratings upgraded Bristol Myers Squibb from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 18th. Finally, Piper Sandler reissued an "overweight" rating and issued a $82.00 price objective (up from $75.00) on shares of Bristol Myers Squibb in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $65.46.

Insider Transactions at Bristol Myers Squibb

In related news, SVP Phil M. Holzer sold 500 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $67.50, for a total transaction of $33,750.00. Following the completion of the sale, the senior vice president owned 16,862 shares of the company's stock, valued at approximately $1,138,185. This represents a 2.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Bristol Myers Squibb

A number of large investors have recently made changes to their positions in BMY. Lazard Asset Management LLC increased its stake in Bristol Myers Squibb by 23.7% during the first quarter. Lazard Asset Management LLC now owns 1,924,036 shares of the biopharmaceutical company's stock worth $116,693,000 after acquiring an additional 368,193 shares during the last quarter. Callan Family Office LLC purchased a new stake in Bristol Myers Squibb in the second quarter valued at $3,575,000. Saudi Central Bank lifted its stake in shares of Bristol Myers Squibb by 90.2% in the 2nd quarter. Saudi Central Bank now owns 142,922 shares of the biopharmaceutical company's stock valued at $8,235,000 after purchasing an additional 67,780 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Bristol Myers Squibb by 5.1% in the 2nd quarter. BlackRock Inc. now owns 180,384,994 shares of the biopharmaceutical company's stock valued at $10,393,783,000 after purchasing an additional 8,702,106 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Bristol Myers Squibb by 17.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,142,754 shares of the biopharmaceutical company's stock worth $123,465,000 after purchasing an additional 317,360 shares during the period. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol Myers Squibb Stock Up 0.8%

The stock has a market capitalization of $128.59 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 0.31 and a beta of 0.19. The business has a 50-day moving average of $62.71 and a 200-day moving average of $59.97. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.38 and a current ratio of 1.53.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last posted its earnings results on Thursday, October 29th. The biopharmaceutical company reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.25. The company had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.72 billion. Bristol Myers Squibb had a net margin of 18.87% and a return on equity of 66.90%. Bristol Myers Squibb's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.63 earnings per share. On average, sell-side analysts expect that Bristol Myers Squibb Company will post 6.40 EPS for the current year.

Bristol Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 2nd will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.0%. Bristol Myers Squibb's dividend payout ratio (DPR) is presently 55.88%.

Bristol Myers Squibb Company Profile

Bristol Myers Squibb NYSE: BMY is a global biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases. Its research and development activities span oncology, hematology, immunology, cardiovascular disease, neuroscience and other specialty areas.

The company's portfolio includes oncology medicines such as Opdivo, Yervoy, Abraxane, Sprycel and Pomalyst, as well as Eliquis, an anticoagulant developed in partnership with Pfizer. Bristol Myers Squibb also markets immunology and neuroscience products, including Orencia and Sotyktu, and continues to invest in therapies based on biologics, cell therapy and other advanced treatment approaches.

Bristol Myers Squibb traces its roots to pharmaceutical businesses founded by Bristol-Myers in 1881 and E.R.

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