Bristol-Myers Squibb (NYSE:BMY) Stock Price Up 7.9% After Earnings Beat

Shares of Bristol-Myers Squibb (NYSE:BMY) shot up 7.9% on Friday following a better than expected earnings announcement. The company traded as high as $49.46 and last traded at $48.84. 12,223,510 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 15,740,780 shares. The stock had previously closed at $45.27.

The biopharmaceutical company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.40. Bristol-Myers Squibb had a positive return on equity of 8.83% and a negative net margin of 13.50%. The business had revenue of $12.20 billion during the quarter, compared to analysts’ expectations of $11.54 billion. During the same period in the prior year, the business earned $1.75 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year.

Bristol-Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Friday, July 5th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.91%. The ex-dividend date of this dividend is Friday, July 5th. Bristol-Myers Squibb’s dividend payout ratio is -77.42%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BMY. Deutsche Bank Aktiengesellschaft reduced their price target on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $45.00 price target on shares of Bristol-Myers Squibb in a research report on Monday. Wells Fargo & Company boosted their price target on Bristol-Myers Squibb from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. William Blair reissued a “market perform” rating on shares of Bristol-Myers Squibb in a research report on Monday, April 1st. Finally, Barclays reduced their target price on Bristol-Myers Squibb from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four 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 a consensus target price of $57.73.

Hedge Funds Weigh In On Bristol-Myers Squibb

A number of hedge funds have recently bought and sold shares of the business. Northwest Financial Advisors acquired a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at approximately $27,000. ESL Trust Services LLC acquired a new position in shares of Bristol-Myers Squibb during the first quarter valued at approximately $27,000. Accordant Advisory Group Inc acquired a new position in shares of Bristol-Myers Squibb during the first quarter valued at approximately $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at approximately $34,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Bristol-Myers Squibb during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Up 7.9 %

The business has a fifty day simple moving average of $41.63 and a 200 day simple moving average of $46.83. The firm has a market cap of $99.00 billion, a price-to-earnings ratio of -15.75, a PEG ratio of 16.73 and a beta of 0.44. The company has a debt-to-equity ratio of 2.99, a current ratio of 1.11 and a quick ratio of 0.99.

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.