Bristol Myers Squibb (NYSE:BMY) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Bristol Myers Squibb Company (NYSE:BMY) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $62.17 and traded as high as $62.92. Bristol Myers Squibb shares last traded at $62.7990, with a volume of 7,617,086 shares.

Wall Street Analysts Forecast Growth

BMY has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Bristol Myers Squibb from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 18th. Royal Bank Of Canada restated a “sector perform” rating on shares of Bristol Myers Squibb in a research note on Monday, October 19th. Argus raised Bristol Myers Squibb from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Wednesday, August 5th. Roth Capital began coverage on Bristol Myers Squibb in a research note on Wednesday, August 5th. They set a “buy” rating and a $75.00 price target on the stock. Finally, Morgan Stanley reduced their price objective on Bristol Myers Squibb from $41.00 to $40.00 and set an “underweight” rating for the company in a research note on Friday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bristol Myers Squibb presently has a consensus rating of “Hold” and a consensus price target of $65.46.

Bristol Myers Squibb Stock Up 1.1%

The stock has a market cap of $128.37 billion, a PE ratio of 13.92, a P/E/G ratio of 0.32 and a beta of 0.20. The business has a 50 day moving average price of $62.17 and a 200 day moving average price of $60.19. The company has a quick ratio of 1.44, a current ratio of 1.59 and a debt-to-equity ratio of 1.79.

Bristol Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.10 by $0.25. Bristol Myers Squibb had a return on equity of 60.48% and a net margin of 18.47%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.72 billion. During the same quarter in the prior year, the firm posted $1.63 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts expect that Bristol Myers Squibb Company will post 6.45 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 2nd were paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, October 2nd. Bristol Myers Squibb’s payout ratio is currently 55.88%.

Insiders Place Their Bets

In other Bristol Myers Squibb news, Director Julia Haller sold 3,800 shares of Bristol Myers Squibb stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $63.31, for a total value of $240,578.00. Following the completion of the transaction, the director owned 30,279 shares of the company’s stock, valued at approximately $1,916,963.49. The trade was a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Phil M. Holzer sold 500 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $67.50, for a total value of $33,750.00. Following the sale, the senior vice president owned 16,862 shares in the company, valued at $1,138,185. This trade represents a 2.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BMY. Financial Freedom LLC purchased a new position in Bristol Myers Squibb in the 3rd quarter worth approximately $26,000. Davis Asset Management L.P. purchased a new stake in shares of Bristol Myers Squibb in the second quarter valued at approximately $27,000. Addison Advisors LLC purchased a new stake in shares of Bristol Myers Squibb in the second quarter valued at approximately $32,000. Groupe la Francaise increased its holdings in shares of Bristol Myers Squibb by 562.9% in the second quarter. Groupe la Francaise now owns 590 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 501 shares during the last quarter. Finally, Arlington Trust Co LLC acquired a new stake in shares of Bristol Myers Squibb in the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Bristol Myers Squibb Company Profile

Bristol Myers Squibb is a global biopharmaceutical company that discovers, develops, manufactures and markets medicines. Its research and commercial activities focus on serious diseases, particularly cancer, blood disorders, immune-mediated conditions and cardiovascular disease. The company’s medicines include Opdivo and Yervoy for cancer, Eliquis for preventing and treating blood clots, and Orencia for certain autoimmune conditions. Its portfolio also includes treatments for hematologic diseases and other serious illnesses.