Bristol-Myers Squibb (NYSE:BMY) Receives Buy Rating from Truist Financial

Truist Financial reissued their buy rating on shares of Bristol-Myers Squibb (NYSE:BMY) in a research report released on Friday, Benzinga reports. Truist Financial currently has a $84.00 target price on the biopharmaceutical company’s stock.

Several other equities research analysts have also commented on BMY. HSBC started coverage on shares of Bristol-Myers Squibb in a research report on Friday, July 14th. They issued a reduce rating and a $56.00 price objective on the stock. Cantor Fitzgerald decreased their price objective on shares of Bristol-Myers Squibb from $88.00 to $85.00 and set an overweight rating on the stock in a research report on Wednesday, July 19th. Atlantic Securities decreased their price objective on shares of Bristol-Myers Squibb from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Friday, July 28th. SVB Securities assumed coverage on shares of Bristol-Myers Squibb in a research report on Monday, July 10th. They issued a market perform rating and a $66.00 price objective on the stock. Finally, Barclays reduced their target price on shares of Bristol-Myers Squibb from $64.00 to $62.00 and set an equal weight rating on the stock in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of Hold and an average target price of $70.67.

Bristol-Myers Squibb Stock Performance

NYSE:BMY opened at $58.58 on Friday. The firm’s fifty day moving average price is $61.62 and its 200 day moving average price is $65.11. Bristol-Myers Squibb has a 1-year low of $58.33 and a 1-year high of $81.43. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.39 and a quick ratio of 1.28. The firm has a market cap of $122.38 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.24). Bristol-Myers Squibb had a net margin of 17.62% and a return on equity of 50.51%. The business had revenue of $11.23 billion during the quarter, compared to analyst estimates of $11.81 billion. During the same period last year, the business posted $1.93 EPS. Bristol-Myers Squibb’s revenue was down 5.6% compared to the same quarter last year. On average, sell-side analysts expect that Bristol-Myers Squibb will post 7.49 EPS for the current year.

Insider Buying and Selling

In other Bristol-Myers Squibb news, EVP Ann Powell sold 17,986 shares of the stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.25, for a total value of $1,101,642.50. Following the completion of the sale, the executive vice president now owns 27,868 shares of the company’s stock, valued at $1,706,915. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Ann Powell sold 17,986 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $61.25, for a total transaction of $1,101,642.50. Following the completion of the transaction, the executive vice president now directly owns 27,868 shares in the company, valued at approximately $1,706,915. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert M. Plenge sold 732 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $61.14, for a total value of $44,754.48. Following the transaction, the executive vice president now owns 6,584 shares of the company’s stock, valued at $402,545.76. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Bristol-Myers Squibb

Several institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in shares of Bristol-Myers Squibb by 325.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 19,653 shares of the biopharmaceutical company’s stock valued at $1,257,000 after buying an additional 15,036 shares during the last quarter. Dechtman Wealth Management LLC bought a new position in Bristol-Myers Squibb during the second quarter worth $641,000. ST Germain D J Co. Inc. bought a new position in Bristol-Myers Squibb during the second quarter worth $1,456,000. Westshore Wealth LLC lifted its stake in Bristol-Myers Squibb by 15.4% during the second quarter. Westshore Wealth LLC now owns 4,220 shares of the biopharmaceutical company’s stock worth $270,000 after purchasing an additional 562 shares during the last quarter. Finally, Portside Wealth Group LLC bought a new position in Bristol-Myers Squibb during the second quarter worth $954,000. 74.98% 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, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.