Leerink Partnrs Has Strong Forecast for BMY FY2024 Earnings

Bristol-Myers Squibb (NYSE:BMY) – Analysts at Leerink Partnrs increased their FY2024 EPS estimates for shares of Bristol-Myers Squibb in a research note issued on Sunday, January 12th. Leerink Partnrs analyst D. Risinger now expects that the biopharmaceutical company will earn $0.90 per share for the year, up from their prior estimate of $0.89. Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $0.93 per share. Leerink Partnrs also issued estimates for Bristol-Myers Squibb’s FY2026 earnings at $6.26 EPS.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 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 11.94%. The firm had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.26 billion. During the same quarter last year, the company earned $2.00 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year.

Several other equities research analysts also recently commented on the stock. Truist Financial boosted their target price on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Morgan Stanley upped their price objective on shares of Bristol-Myers Squibb from $36.00 to $39.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 12th. Jefferies Financial Group upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and lifted their target price for the company from $63.00 to $70.00 in a research note on Monday, December 16th. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a research report on Thursday, October 17th. They set a “market perform” rating and a $56.00 price target on the stock. Finally, Daiwa America upgraded Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bristol-Myers Squibb has a consensus rating of “Hold” and a consensus target price of $56.27.

Bristol-Myers Squibb Price Performance

Shares of BMY stock opened at $55.35 on Tuesday. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The stock’s fifty day simple moving average is $57.44 and its 200 day simple moving average is $51.66. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $61.08. The firm has a market cap of $112.26 billion, a price-to-earnings ratio of -15.42, a P/E/G ratio of 15.20 and a beta of 0.45.

Bristol-Myers Squibb Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 3rd will be given a dividend of $0.62 per share. This is a boost from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.48 annualized dividend and a dividend yield of 4.48%. Bristol-Myers Squibb’s payout ratio is presently -69.08%.

Insider Activity

In other news, EVP Samit Hirawat purchased 1,830 shares of Bristol-Myers Squibb stock in a transaction dated Friday, November 1st. The shares were bought at an average cost of $54.67 per share, with a total value of $100,046.10. Following the completion of the transaction, the executive vice president now directly owns 62,109 shares in the company, valued at $3,395,499.03. This trade represents a 3.04 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Phil M. Holzer sold 700 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $55.62, for a total transaction of $38,934.00. Following the completion of the sale, the senior vice president now owns 11,760 shares of the company’s stock, valued at approximately $654,091.20. This represents a 5.62 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bristol-Myers Squibb

Several large investors have recently modified their holdings of the business. Reston Wealth Management LLC acquired a new position in shares of Bristol-Myers Squibb in the 3rd quarter valued at approximately $25,000. Hollencrest Capital Management boosted its holdings in shares of Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 187 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bristol-Myers Squibb during the third quarter worth $28,000. Darwin Wealth Management LLC acquired a new stake in shares of Bristol-Myers Squibb during the third quarter worth $29,000. Finally, Valued Wealth Advisors LLC lifted its position in Bristol-Myers Squibb by 1,168.1% in the 3rd quarter. Valued Wealth Advisors LLC now owns 596 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 549 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors.

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.