Bristol-Myers Squibb (NYSE:BMY) Releases FY 2024 Earnings Guidance

Bristol-Myers Squibb (NYSE:BMY) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.750-0.950 for the period, compared to the consensus EPS estimate of 0.710. The company issued revenue guidance of $47.3 billion-$47.3 billion, compared to the consensus revenue estimate of $46.8 billion. Bristol-Myers Squibb also updated its FY24 guidance to $0.75-0.95 EPS.

Bristol-Myers Squibb Price Performance

NYSE BMY traded down $1.45 during mid-day trading on Friday, reaching $54.32. 12,894,832 shares of the company’s stock traded hands, compared to its average volume of 8,759,896. The company has a fifty day simple moving average of $51.26 and a 200-day simple moving average of $46.57. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $56.20. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.31. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.40%. The business had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.26 billion. During the same quarter in the previous year, the firm earned $2.00 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that Bristol-Myers Squibb will post 0.72 EPS for the current year.

Bristol-Myers Squibb Announces Dividend

The company 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. This represents a $2.40 annualized dividend and a yield of 4.42%. The ex-dividend date was Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio is currently -66.85%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BMY shares. Jefferies Financial Group boosted their price target on Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Barclays boosted their target price on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 price target on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. Sanford C. Bernstein initiated coverage on shares of Bristol-Myers Squibb in a research note on Thursday, October 17th. They set a “market perform” rating and a $56.00 price objective on the stock. Finally, TD Cowen lifted their target price on Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of “Hold” and a consensus target price of $53.00.

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.