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

Bristol-Myers Squibb (NYSE:BMY) had its target price hoisted by Citigroup from $60.00 to $65.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the biopharmaceutical company’s stock. Citigroup’s target price indicates a potential upside of 9.97% from the company’s current price.

Several other research firms have also weighed in on BMY. Leerink Partnrs raised Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price target on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. Truist Financial upped their price target on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Daiwa America raised Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 13th. Finally, Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have given 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, Bristol-Myers Squibb currently has a consensus rating of “Hold” and a consensus target price of $56.60.

Bristol-Myers Squibb Trading Up 0.6 %

Shares of NYSE BMY opened at $59.11 on Tuesday. Bristol-Myers Squibb has a 12 month low of $39.35 and a 12 month high of $61.10. The company has a market cap of $119.88 billion, a price-to-earnings ratio of -16.46, a P/E/G ratio of 2.02 and a beta of 0.45. 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 business has a fifty day simple moving average of $57.56 and a 200-day simple moving average of $52.97.

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

Insider Activity at Bristol-Myers Squibb

In other news, EVP Samit Hirawat acquired 1,830 shares of Bristol-Myers Squibb stock in a transaction on Friday, November 1st. The stock was bought at an average price of $54.67 per share, for a total transaction of $100,046.10. Following the transaction, the executive vice president now owns 62,109 shares of the company’s stock, valued at $3,395,499.03. The trade was a 3.04 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Phil M. Holzer sold 700 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 11,760 shares of the company’s stock, valued at $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 owned by corporate insiders.

Institutional Trading of Bristol-Myers Squibb

A number of hedge funds have recently modified their holdings of the company. Edmp Inc. lifted its position in shares of Bristol-Myers Squibb by 0.4% in the 4th quarter. Edmp Inc. now owns 41,599 shares of the biopharmaceutical company’s stock worth $2,353,000 after acquiring an additional 171 shares during the period. Trust Point Inc. lifted its position in shares of Bristol-Myers Squibb by 1.9% during the 4th quarter. Trust Point Inc. now owns 9,423 shares of the biopharmaceutical company’s stock worth $533,000 after buying an additional 172 shares during the period. Horst & Graben Wealth Management LLC lifted its position in shares of Bristol-Myers Squibb by 2.4% during the 4th quarter. Horst & Graben Wealth Management LLC now owns 7,538 shares of the biopharmaceutical company’s stock worth $426,000 after buying an additional 179 shares during the period. Meridian Management Co. lifted its position in shares of Bristol-Myers Squibb by 0.6% during the 3rd quarter. Meridian Management Co. now owns 28,283 shares of the biopharmaceutical company’s stock worth $1,463,000 after buying an additional 182 shares during the period. Finally, Drive Wealth Management LLC lifted its position in shares of Bristol-Myers Squibb by 2.1% during the 4th quarter. Drive Wealth Management LLC now owns 8,878 shares of the biopharmaceutical company’s stock worth $502,000 after buying an additional 182 shares during the period. Institutional investors own 76.41% of the company’s stock.

About Bristol-Myers Squibb

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.