Leerink Partnrs Issues Pessimistic Forecast for BMY Earnings

by · The Markets Daily

Bristol-Myers Squibb (NYSE:BMY – Free Report) – Stock analysts at Leerink Partnrs dropped their Q3 2024 earnings per share estimates for shares of Bristol-Myers Squibb in a research report issued to clients and investors on Tuesday, October 22nd. Leerink Partnrs analyst D. Risinger now anticipates that the biopharmaceutical company will earn $1.51 per share for the quarter, down from their prior estimate of $1.66. The consensus estimate for Bristol-Myers Squibb’s current full-year earnings is $0.77 per share. Leerink Partnrs also issued estimates for Bristol-Myers Squibb’s FY2024 earnings at $0.70 EPS, FY2025 earnings at $7.06 EPS, FY2026 earnings at $6.30 EPS and FY2027 earnings at $6.75 EPS.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last posted its earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.43. The firm had revenue of $12.20 billion during the quarter, compared to the consensus estimate of $11.54 billion. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.75 EPS.

A number of other analysts have also weighed in on BMY. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. UBS Group increased their target price on Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. TD Cowen increased their target price on Bristol-Myers Squibb from $53.00 to $59.00 and gave the stock a “hold” rating in a research note on Monday, October 7th. Barclays increased their target price on Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group increased their target price on Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $53.20.

View Our Latest Stock Report on Bristol-Myers Squibb

Bristol-Myers Squibb Stock Performance

BMY stock opened at $53.06 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86. The business’s fifty day simple moving average is $50.63 and its two-hundred day simple moving average is $46.39. Bristol-Myers Squibb has a twelve month low of $39.35 and a twelve month high of $56.77. The firm has a market cap of $107.56 billion, a price-to-earnings ratio of -17.12, a PEG ratio of 13.75 and a beta of 0.46.

Institutional Investors Weigh In On Bristol-Myers Squibb

Several institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Bristol-Myers Squibb by 11.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,393,721 shares of the biopharmaceutical company’s stock worth $70,954,000 after acquiring an additional 147,246 shares in the last quarter. Osborne Partners Capital Management LLC lifted its holdings in shares of Bristol-Myers Squibb by 0.3% during the third quarter. Osborne Partners Capital Management LLC now owns 94,249 shares of the biopharmaceutical company’s stock worth $4,876,000 after purchasing an additional 259 shares during the period. Parcion Private Wealth LLC acquired a new stake in shares of Bristol-Myers Squibb during the third quarter worth about $260,000. Allworth Financial LP lifted its holdings in shares of Bristol-Myers Squibb by 3.7% during the third quarter. Allworth Financial LP now owns 63,211 shares of the biopharmaceutical company’s stock worth $3,271,000 after purchasing an additional 2,274 shares during the period. Finally, CWC Advisors LLC. acquired a new stake in shares of Bristol-Myers Squibb during the third quarter worth about $263,000. Institutional investors and hedge funds own 76.41% of the company’s stock.

Bristol-Myers Squibb Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio is presently -77.42%.

About Bristol-Myers Squibb

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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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