Bristol-Myers Squibb Forecasted to Earn Q3 2023 Earnings of $1.81 Per Share (NYSE:BMY)

Posted by Defense World Staff on Oct 26th, 2023

Bristol-Myers Squibb (NYSE:BMY – Free Report) – Investment analysts at William Blair dropped their Q3 2023 earnings estimates for shares of Bristol-Myers Squibb in a report released on Monday, October 23rd. William Blair analyst M. Phipps now anticipates that the biopharmaceutical company will earn $1.81 per share for the quarter, down from their prior forecast of $1.86. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $7.37 per share. William Blair also issued estimates for Bristol-Myers Squibb’s Q4 2023 earnings at $1.78 EPS, FY2023 earnings at $7.39 EPS, FY2024 earnings at $7.90 EPS, FY2025 earnings at $8.23 EPS, FY2026 earnings at $8.14 EPS and FY2027 earnings at $8.60 EPS.

A number of other analysts also recently weighed in on the stock. Credit Suisse Group reduced their target price on shares of Bristol-Myers Squibb from $72.00 to $66.00 in a research report on Wednesday, July 12th. UBS Group reissued a “neutral” rating and set a $60.00 price objective (down from $70.00) on shares of Bristol-Myers Squibb in a research report on Friday, October 20th. Morgan Stanley cut their price objective on shares of Bristol-Myers Squibb from $57.00 to $56.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 11th. StockNews.com initiated coverage on shares of Bristol-Myers Squibb in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Finally, Truist Financial reaffirmed a “buy” rating and set a $84.00 price target on shares of Bristol-Myers Squibb in a report on Friday, October 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Bristol-Myers Squibb currently has an average rating of “Hold” and an average price target of $68.67.

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Bristol-Myers Squibb Stock Up 0.9 %

Shares of NYSE BMY opened at $56.61 on Wednesday. The company has a current ratio of 1.39, a quick ratio of 1.28 and a debt-to-equity ratio of 1.08. Bristol-Myers Squibb has a 12 month low of $55.69 and a 12 month high of $81.43. The firm has a market capitalization of $118.26 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 1.55 and a beta of 0.43. The firm has a fifty day simple moving average of $59.04 and a two-hundred day simple moving average of $63.04.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.24). Bristol-Myers Squibb had a return on equity of 50.51% and a net margin of 17.62%. The company had revenue of $11.23 billion during the quarter, compared to the consensus estimate of $11.81 billion. During the same quarter last year, the company posted $1.93 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year.

Hedge Funds Weigh In On Bristol-Myers Squibb

A number of large investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC purchased a new stake in shares of Bristol-Myers Squibb during the third quarter worth about $52,000. Taylor Frigon Capital Management LLC boosted its position in Bristol-Myers Squibb by 2.8% in the third quarter. Taylor Frigon Capital Management LLC now owns 19,968 shares of the biopharmaceutical company’s stock valued at $1,159,000 after buying an additional 535 shares during the last quarter. ETF Store Inc. purchased a new stake in Bristol-Myers Squibb in the third quarter valued at approximately $215,000. Lindbrook Capital LLC boosted its position in Bristol-Myers Squibb by 2.3% in the third quarter. Lindbrook Capital LLC now owns 8,060 shares of the biopharmaceutical company’s stock valued at $468,000 after buying an additional 182 shares during the last quarter. Finally, Concord Wealth Partners boosted its position in Bristol-Myers Squibb by 6.6% in the third quarter. Concord Wealth Partners now owns 21,619 shares of the biopharmaceutical company’s stock valued at $1,255,000 after buying an additional 1,330 shares during the last quarter. 74.98% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Ann Powell sold 17,986 shares of Bristol-Myers Squibb stock in a transaction 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 sale, the executive vice president now directly owns 27,868 shares in the company, valued at $1,706,915. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Robert M. Plenge sold 732 shares of Bristol-Myers Squibb stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $61.14, for a total value of $44,754.48. Following the completion of the sale, the executive vice president now directly owns 6,584 shares in the company, valued at $402,545.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Powell sold 17,986 shares of the business’s stock in a transaction dated 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 owns 27,868 shares of the company’s stock, valued at $1,706,915. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Friday, October 6th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.03%. The ex-dividend date is Thursday, October 5th. Bristol-Myers Squibb’s payout ratio is 60.64%.

About Bristol-Myers Squibb

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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.