Citigroup Forecasts Strong Price Appreciation for Bristol-Myers Squibb (NYSE:BMY) Stock

Bristol-Myers Squibb (NYSE:BMY) had its price target hoisted by research analysts at Citigroup from $55.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. Citigroup’s price objective indicates a potential upside of 2.69% from the stock’s previous close.

Several other equities analysts have also issued reports on BMY. Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 price target on shares of Bristol-Myers Squibb in a research note on Friday, October 18th. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. Morgan Stanley raised their price target on shares of Bristol-Myers Squibb from $36.00 to $39.00 and gave the company an “underweight” rating in a research note on Tuesday. Sanford C. Bernstein assumed coverage on shares of Bristol-Myers Squibb in a report on Thursday, October 17th. They set a “market perform” rating and a $56.00 price target on the stock. Finally, Barclays increased their price objective on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.07.

Bristol-Myers Squibb Stock Performance

Shares of Bristol-Myers Squibb stock opened at $58.43 on Tuesday. Bristol-Myers Squibb has a 52-week low of $39.35 and a 52-week high of $61.08. The firm has a 50-day moving average of $52.24 and a 200-day moving average of $46.99. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.31. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. The business had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.26 billion. During the same period in the previous year, the company posted $2.00 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities analysts forecast that Bristol-Myers Squibb will post 0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Samit Hirawat purchased 1,830 shares of the business’s stock in a transaction on Friday, November 1st. The stock was acquired at an average cost of $54.67 per share, for a total transaction of $100,046.10. Following the purchase, the executive vice president now directly owns 62,109 shares in the company, valued at $3,395,499.03. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Phil M. Holzer sold 700 shares of Bristol-Myers Squibb stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $55.62, for a total value of $38,934.00. Following the completion of the transaction, the senior vice president now owns 11,760 shares in the company, valued at approximately $654,091.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Samit Hirawat acquired 1,830 shares of the stock in a transaction dated Friday, November 1st. The stock was bought at an average cost of $54.67 per share, with a total value of $100,046.10. Following the completion of the purchase, the executive vice president now directly owns 62,109 shares in the company, valued at approximately $3,395,499.03. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Bristol-Myers Squibb

Several institutional investors have recently made changes to their positions in BMY. Reston Wealth Management LLC purchased a new position in Bristol-Myers Squibb in the 3rd quarter valued at about $25,000. Hollencrest Capital Management grew its position in Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 187 shares during the period. ESL Trust Services LLC purchased a new stake in Bristol-Myers Squibb in the first quarter valued at $27,000. Kennebec Savings Bank acquired a new position in shares of Bristol-Myers Squibb in the 3rd quarter valued at $28,000. Finally, Darwin Wealth Management LLC purchased a new position in shares of Bristol-Myers Squibb during the 3rd quarter worth $29,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

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.