Bristol-Myers Squibb (NYSE:BMY) Price Target Raised to $60.00 at Citigroup

Bristol-Myers Squibb (NYSE:BMY) had its price objective increased by Citigroup from $55.00 to $60.00 in a research report report published on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the biopharmaceutical company’s stock.

BMY has been the subject of a number of other reports. Sanford C. Bernstein started coverage on shares of Bristol-Myers Squibb in a report on Thursday, October 17th. They set a “market perform” rating and a $56.00 target price for the company. Jefferies Financial Group boosted their target price on Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price target on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. StockNews.com upgraded shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, two have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $54.07.

Bristol-Myers Squibb Trading Down 2.3 %

NYSE:BMY traded down $1.34 during trading hours on Tuesday, reaching $57.16. The company’s stock had a trading volume of 1,089,516 shares, compared to its average volume of 14,372,343. The firm has a 50-day simple moving average of $52.58 and a 200-day simple moving average of $47.15. The company has a debt-to-equity ratio of 2.83, a quick ratio of 1.09 and a current ratio of 1.24. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $61.08. The firm has a market capitalization of $115.93 billion, a price-to-earnings ratio of -15.92, a PEG ratio of 15.83 and a beta of 0.44.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.31. The firm had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.00 EPS. Research analysts expect that Bristol-Myers Squibb will post 0.92 EPS for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.20%. Bristol-Myers Squibb’s dividend payout ratio is currently -66.85%.

Insider Buying and Selling

In other news, SVP Phil M. Holzer sold 700 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $55.62, for a total value of $38,934.00. Following the sale, the senior vice president now directly owns 11,760 shares in the company, valued at approximately $654,091.20. This trade represents a 5.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Samit Hirawat acquired 1,830 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were purchased at an average price of $54.67 per share, with a total value of $100,046.10. Following the completion of the transaction, the executive vice president now owns 62,109 shares of the company’s stock, valued at $3,395,499.03. This trade represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bristol-Myers Squibb

Large investors have recently modified their holdings of the company. Centiva Capital LP bought a new stake in shares of Bristol-Myers Squibb in the 3rd quarter worth approximately $936,000. Cinctive Capital Management LP bought a new position in Bristol-Myers Squibb in the third quarter valued at about $14,924,000. Community Bank N.A. lifted its holdings in Bristol-Myers Squibb by 3.4% in the third quarter. Community Bank N.A. now owns 225,680 shares of the biopharmaceutical company’s stock valued at $11,677,000 after acquiring an additional 7,463 shares during the period. Ascent Group LLC bought a new position in shares of Bristol-Myers Squibb in the third quarter worth about $1,668,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Bristol-Myers Squibb during the third quarter worth about $5,962,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

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.