Today The Bristol-Myers Squibb Company (BMY) Upgraded to “Hold” by Zacks Investment Research

Today The Bristol-Myers Squibb Company (BMY) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Bristol-Myers Squibb Company (NYSE:BMY) from a sell rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Bristol-Myers key products – Opdivo, Orencia, Eliquis and Sprycel – should continue to fuel top-line growth of the company. The company raised its 2016 earnings guidance buoyed by strong trends across the business and posted an encouraging 2017 earnings outlook. Meanwhile, Bristol-Myers’ efforts to develop its pipeline are impressive. However, shares are under pressure with investors expressing disappointment over the company’s failed efforts to expand its key product Opdivo’s label to include the first-line treatment of lung cancer, which could give an edge to its competitors. The company announced that it will not seek an accelerated approval in the U.S. for Opdivo plus Yervoy, for first-line lung cancer. Shares of the company have underperformed that of the industry in the last one year. Moreover, estimates have come down ahead of the fourth-quarter results.”

A number of other equities analysts have also recently issued reports on the company. Barclays PLC dropped their target price on Bristol-Myers Squibb Company from $65.00 to $58.00 and set an equal weight rating for the company in a report on Tuesday. BMO Capital Markets increased their target price on Bristol-Myers Squibb Company from $47.00 to $53.00 and gave the stock a market perform rating in a report on Monday. J P Morgan Chase & Co reissued a buy rating on shares of Bristol-Myers Squibb Company in a report on Saturday. Jefferies Group LLC reissued a buy rating and issued a $69.00 target price on shares of Bristol-Myers Squibb Company in a report on Friday, January 20th. Finally, Cowen and Company cut Bristol-Myers Squibb Company from an outperform rating to a market perform rating and dropped their target price for the stock from $77.12 to $65.00 in a report on Friday, January 20th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $64.39.

Bristol-Myers Squibb Company (NYSE:BMY) traded up 1.0707% during mid-day trading on Tuesday, hitting $49.4842. The stock had a trading volume of 6,378,295 shares. The firm has a market cap of $82.70 billion, a P/E ratio of 24.7545 and a beta of 0.94. The stock has a 50 day moving average of $57.21 and a 200-day moving average of $58.60. Bristol-Myers Squibb Company has a 1-year low of $48.80 and a 1-year high of $77.12.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 6th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Wednesday, January 4th. This is an increase from Bristol-Myers Squibb Company’s previous quarterly dividend of $0.38. Bristol-Myers Squibb Company’s dividend payout ratio (DPR) is presently 76.47%.

Hedge funds have recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. increased its stake in Bristol-Myers Squibb Company by 0.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 2,353 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 12 shares in the last quarter. West Coast Financial LLC increased its stake in Bristol-Myers Squibb Company by 0.3% in the third quarter. West Coast Financial LLC now owns 4,806 shares of the biopharmaceutical company’s stock valued at $259,000 after buying an additional 14 shares in the last quarter. Bruderman Asset Management LLC increased its stake in Bristol-Myers Squibb Company by 0.4% in the second quarter. Bruderman Asset Management LLC now owns 4,258 shares of the biopharmaceutical company’s stock valued at $313,000 after buying an additional 15 shares in the last quarter. Founders Capital Management LLC increased its stake in Bristol-Myers Squibb Company by 0.4% in the third quarter. Founders Capital Management LLC now owns 4,040 shares of the biopharmaceutical company’s stock valued at $218,000 after buying an additional 18 shares in the last quarter. Finally, Shayne & CO. LLC increased its stake in Bristol-Myers Squibb Company by 0.5% in the third quarter. Shayne & CO. LLC now owns 3,964 shares of the biopharmaceutical company’s stock valued at $214,000 after buying an additional 18 shares in the last quarter. 69.90% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb Company Company Profile

Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.

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