Bristol-Myers Squibb (NYSE:BMY) Price Target Raised to $62.00 at Wells Fargo & Company

Bristol-Myers Squibb (NYSE:BMY) had its price objective raised by Wells Fargo & Company from $60.00 to $62.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the biopharmaceutical company’s stock.

BMY has been the subject of several other reports. Truist Financial lifted their target price on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald upped their price objective on Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday. Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 13th. Wolfe Research began coverage on Bristol-Myers Squibb in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Finally, Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $57.86.

Bristol-Myers Squibb Stock Performance

Shares of BMY opened at $56.96 on Friday. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $61.10. The company has a quick ratio of 1.09, a current ratio of 1.24 and a debt-to-equity ratio of 2.83. The stock has a market cap of $115.51 billion, a P/E ratio of -15.86, a P/E/G ratio of 2.10 and a beta of 0.45. The business’s 50 day moving average price is $57.61 and its 200-day moving average price is $53.65.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. Equities research analysts anticipate that Bristol-Myers Squibb will post 0.92 earnings per share for the current fiscal year.

Bristol-Myers Squibb Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 3rd were given a $0.62 dividend. The ex-dividend date of this dividend was Friday, January 3rd. This is an increase from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a yield of 4.35%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -69.08%.

Institutional Investors Weigh In On Bristol-Myers Squibb

Several hedge funds and other institutional investors have recently modified their holdings of BMY. Sequoia Financial Advisors LLC lifted its position in Bristol-Myers Squibb by 6.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 151,700 shares of the biopharmaceutical company’s stock valued at $8,580,000 after purchasing an additional 8,745 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Bristol-Myers Squibb by 14.9% during the 4th quarter. Moors & Cabot Inc. now owns 89,229 shares of the biopharmaceutical company’s stock valued at $5,047,000 after buying an additional 11,578 shares in the last quarter. Natural Investments LLC bought a new position in shares of Bristol-Myers Squibb during the 4th quarter valued at approximately $393,000. AGF Management Ltd. increased its holdings in Bristol-Myers Squibb by 8.2% in the 4th quarter. AGF Management Ltd. now owns 607,064 shares of the biopharmaceutical company’s stock worth $34,336,000 after acquiring an additional 45,901 shares in the last quarter. Finally, Fairway Wealth LLC bought a new stake in Bristol-Myers Squibb during the 4th quarter worth approximately $28,000. 76.41% of the stock is currently owned by hedge funds and other 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.