Bristol-Myers Squibb (NYSE:BMY) Shares Up 1.4% Following Strong Earnings

Bristol-Myers Squibb (NYSE:BMY) rose 1.4% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $45.34 and last traded at $45.33. Approximately 5,111,179 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 15,762,926 shares. The stock had previously closed at $44.70.

The biopharmaceutical company reported ($4.40) EPS for the quarter, beating analysts’ consensus estimates of ($4.53) by $0.13. Bristol-Myers Squibb had a return on equity of 50.95% and a net margin of 17.83%. The firm had revenue of $11.87 billion during the quarter, compared to analysts’ expectations of $11.45 billion. During the same quarter last year, the firm posted $2.05 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year.

Bristol-Myers Squibb Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 5th will be given a $0.60 dividend. The ex-dividend date is Thursday, April 4th. This represents a $2.40 annualized dividend and a yield of 5.31%. Bristol-Myers Squibb’s payout ratio is 62.18%.

Analysts Set New Price Targets

A number of research firms recently commented on BMY. Wells Fargo & Company increased their price target on Bristol-Myers Squibb from $51.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. William Blair reaffirmed a “market perform” rating on shares of Bristol-Myers Squibb in a research report on Monday, April 1st. Societe Generale cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Bank of America lowered Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their target price for the company from $68.00 to $60.00 in a report on Wednesday, January 3rd. Finally, Barclays dropped their price target on Bristol-Myers Squibb from $51.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of “Hold” and a consensus target price of $60.71.

Hedge Funds Weigh In On Bristol-Myers Squibb

A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Bristol-Myers Squibb in the fourth quarter valued at approximately $1,560,524,000. Northern Trust Corp increased its stake in Bristol-Myers Squibb by 5.8% in the 3rd quarter. Northern Trust Corp now owns 25,292,711 shares of the biopharmaceutical company’s stock worth $1,467,989,000 after acquiring an additional 1,394,158 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of Bristol-Myers Squibb by 14.6% in the 4th quarter. Primecap Management Co. CA now owns 23,534,378 shares of the biopharmaceutical company’s stock valued at $1,207,549,000 after acquiring an additional 2,998,228 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Bristol-Myers Squibb by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 16,959,807 shares of the biopharmaceutical company’s stock worth $870,198,000 after purchasing an additional 1,246,066 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Bristol-Myers Squibb by 8.6% in the third quarter. Invesco Ltd. now owns 15,606,587 shares of the biopharmaceutical company’s stock worth $905,806,000 after purchasing an additional 1,240,902 shares during the last quarter. 76.41% of the stock is owned by institutional investors.

Bristol-Myers Squibb Trading Up 1.1 %

The firm’s 50-day simple moving average is $51.13 and its 200-day simple moving average is $51.26. The firm has a market capitalization of $91.57 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 1.47 and a beta of 0.39. The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 1.24.

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.