Wells Fargo & Company Forecasts Strong Price Appreciation for Bristol Myers Squibb (NYSE:BMY) Stock

by · The Markets Daily

Bristol Myers Squibb (NYSE:BMY – Get Free Report) had its target price increased by analysts at Wells Fargo & Company from $53.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.15% from the company’s current price.

A number of other brokerages have also weighed in on BMY. Wall Street Zen raised Bristol Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Bristol Myers Squibb in a report on Monday, November 3rd. Cantor Fitzgerald reissued a “neutral” rating on shares of Bristol Myers Squibb in a report on Monday, November 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $57.00 target price (up from $51.00) on shares of Bristol Myers Squibb in a report on Tuesday, December 2nd. Finally, Truist Financial set a $65.00 price target on Bristol Myers Squibb in a research note on Wednesday, December 3rd. Four research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $53.83.

Check Out Our Latest Stock Analysis on Bristol Myers Squibb

Bristol Myers Squibb Stock Performance

Shares of Bristol Myers Squibb stock traded up $0.68 on Wednesday, reaching $51.33. 6,840,865 shares of the stock were exchanged, compared to its average volume of 13,905,886. The firm has a market capitalization of $104.50 billion, a PE ratio of 17.34, a PEG ratio of 7.90 and a beta of 0.29. Bristol Myers Squibb has a 1-year low of $42.52 and a 1-year high of $63.33. The business has a fifty day moving average price of $46.47 and a two-hundred day moving average price of $46.83. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 2.39.

Bristol Myers Squibb (NYSE:BMY – Get Free Report) last announced its quarterly earnings data on Thursday, October 30th. The biopharmaceutical company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.11. Bristol Myers Squibb had a net margin of 12.57% and a return on equity of 76.53%. The firm had revenue of $12.22 billion during the quarter, compared to the consensus estimate of $11.75 billion. During the same quarter last year, the firm earned $1.80 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. Bristol Myers Squibb has set its FY 2025 guidance at 6.400-6.600 EPS. As a group, research analysts anticipate that Bristol Myers Squibb will post 6.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMY. New England Asset Management Inc. lifted its position in shares of Bristol Myers Squibb by 0.8% in the 1st quarter. New England Asset Management Inc. now owns 39,476 shares of the biopharmaceutical company’s stock worth $2,408,000 after buying an additional 305 shares during the last quarter. Commonwealth Retirement Investments LLC boosted its position in Bristol Myers Squibb by 24.6% during the 2nd quarter. Commonwealth Retirement Investments LLC now owns 59,183 shares of the biopharmaceutical company’s stock valued at $2,740,000 after purchasing an additional 11,690 shares during the period. Norges Bank bought a new position in Bristol Myers Squibb during the 2nd quarter worth $1,554,154,000. Sound View Wealth Advisors Group LLC increased its position in Bristol Myers Squibb by 438.0% in the second quarter. Sound View Wealth Advisors Group LLC now owns 307,849 shares of the biopharmaceutical company’s stock worth $14,250,000 after buying an additional 250,624 shares during the period. Finally, Wealth Quarterback LLC lifted its stake in Bristol Myers Squibb by 42.6% in the second quarter. Wealth Quarterback LLC now owns 25,443 shares of the biopharmaceutical company’s stock valued at $1,178,000 after buying an additional 7,603 shares during the last quarter. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

About Bristol Myers Squibb

(Get Free Report)

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.

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