Bristol-Myers Squibb (NYSE:BMY) Announces Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Bristol-Myers Squibb (NYSE:BMY) issued its earnings results on Thursday. The biopharmaceutical company reported ($4.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.53) by $0.13, Briefing.com reports. The business had revenue of $11.87 billion for the quarter, compared to analyst estimates of $11.45 billion. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. Bristol-Myers Squibb’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm 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 Price Performance

Shares of Bristol-Myers Squibb stock traded down $4.15 on Thursday, hitting $44.71. 18,260,292 shares of the company traded hands, compared to its average volume of 15,534,563. The stock has a market capitalization of $90.62 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 1.48 and a beta of 0.39. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.31 and a current ratio of 1.43. Bristol-Myers Squibb has a 52 week low of $44.70 and a 52 week high of $69.74. The business has a 50-day simple moving average of $51.22 and a 200 day simple moving average of $51.31.

Bristol-Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 5.37%. The ex-dividend date is Thursday, April 4th. Bristol-Myers Squibb’s payout ratio is currently 62.18%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America lowered shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $68.00 to $60.00 in a research note on Wednesday, January 3rd. Redburn Atlantic downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their target price for the company from $77.00 to $54.00 in a report on Tuesday, February 6th. Societe Generale downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. Wells Fargo & Company increased their target price on shares of Bristol-Myers Squibb from $51.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Finally, William Blair reiterated a “market perform” rating on shares of Bristol-Myers Squibb in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $61.18.

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.