Bristol-Myers Squibb (NYSE:BMY) Trading Down 3% – Here’s Why

Bristol-Myers Squibb (NYSE:BMY)’s share price dropped 3% during trading on Friday . The company traded as low as $56.42 and last traded at $56.77. Approximately 5,718,470 shares traded hands during trading, a decline of 60% from the average daily volume of 14,393,194 shares. The stock had previously closed at $58.50.

Analysts Set New Price Targets

A number of brokerages recently commented on BMY. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft cut 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 research note on Tuesday, July 23rd. Sanford C. Bernstein initiated coverage on shares of Bristol-Myers Squibb in a research report on Thursday, October 17th. They set a “market perform” rating and a $56.00 target price for the company. Jefferies Financial Group increased their price target on Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, two have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average price target of $54.07.

Bristol-Myers Squibb Stock Down 3.9 %

The company has a debt-to-equity ratio of 2.83, a quick ratio of 1.09 and a current ratio of 1.24. The business’s 50 day moving average is $52.73 and its 200-day moving average is $47.23. The stock has a market cap of $114.02 billion, a price-to-earnings ratio of -15.66, 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, beating the consensus estimate of $1.49 by $0.31. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. The business had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11.26 billion. During the same quarter last year, the business earned $2.00 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that Bristol-Myers Squibb will post 0.92 EPS for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 4th were given a $0.60 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.27%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -66.85%.

Insider Transactions at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, SVP Phil M. Holzer sold 700 shares of Bristol-Myers Squibb stock in a transaction on Monday, November 4th. The shares were sold at an average price of $55.62, for a total transaction of $38,934.00. Following the sale, the senior vice president now owns 11,760 shares of the company’s stock, valued at $654,091.20. The trade was a 5.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Samit Hirawat bought 1,830 shares of Bristol-Myers Squibb stock in a transaction dated Friday, November 1st. The stock was acquired 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 directly owns 62,109 shares of the company’s stock, valued at approximately $3,395,499.03. The trade was a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Reston Wealth Management LLC purchased a new position in Bristol-Myers Squibb during the third quarter worth approximately $25,000. Hollencrest Capital Management raised its holdings in shares of Bristol-Myers Squibb by 61.3% during the 3rd quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 187 shares during the period. Kennebec Savings Bank acquired a new position in shares of Bristol-Myers Squibb during the 3rd quarter valued at about $28,000. Darwin Wealth Management LLC acquired a new stake in Bristol-Myers Squibb during the third quarter worth about $29,000. Finally, Valued Wealth Advisors LLC raised its stake in Bristol-Myers Squibb by 1,168.1% during the third quarter. Valued Wealth Advisors LLC now owns 596 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 549 shares during the period. 76.41% of the stock is currently owned by institutional investors and hedge funds.

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.