Bristol-Myers Squibb (NYSE:BMY) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Bristol-Myers Squibb (NYSE:BMY) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($4.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.50) by $0.10, Briefing.com reports. The business had revenue of $11.87 billion for the quarter, compared to analysts’ expectations of $11.45 billion. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.05 earnings per share. Bristol-Myers Squibb updated its FY 2024 guidance to 0.400-0.700 EPS and its FY24 guidance to $0.40-0.70 EPS.

Bristol-Myers Squibb Stock Down 6.7 %

BMY stock traded down $3.28 during midday trading on Thursday, hitting $45.58. The stock had a trading volume of 11,733,400 shares, compared to its average volume of 15,451,996. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.43 and a quick ratio of 1.31. The firm has a market cap of $92.38 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 1.48 and a beta of 0.39. The business has a 50-day moving average of $51.22 and a two-hundred day moving average of $51.31. Bristol-Myers Squibb has a 52-week low of $45.11 and a 52-week high of $69.74.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $2.40 annualized dividend and a yield of 5.27%. Bristol-Myers Squibb’s payout ratio is 62.18%.

Analyst Ratings Changes

Several brokerages have commented on BMY. Redburn Atlantic cut shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $77.00 to $54.00 in a research report on Tuesday, February 6th. Societe Generale lowered Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Bank of America downgraded Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $60.00 in a research note on Wednesday, January 3rd. StockNews.com downgraded shares of Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company upped their target price on Bristol-Myers Squibb from $51.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Bristol-Myers Squibb currently has an average rating of “Hold” and a consensus price target of $61.18.

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.