SunTrust Banks Comments on Bristol-Myers Squibb Company’s FY2017 Earnings (BMY)

Bristol-Myers Squibb Company (NYSE:BMY) – Equities research analysts at SunTrust Banks reduced their FY2017 earnings per share estimates for shares of Bristol-Myers Squibb in a research report issued on Thursday. SunTrust Banks analyst J. Boris now anticipates that the biopharmaceutical company will earn $2.95 per share for the year, down from their previous estimate of $2.96. SunTrust Banks also issued estimates for Bristol-Myers Squibb’s FY2018 earnings at $3.15 EPS and FY2019 earnings at $3.58 EPS.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.01. The firm had revenue of $5.14 billion during the quarter, compared to analysts’ expectations of $5.09 billion. Bristol-Myers Squibb had a net margin of 22.66% and a return on equity of 32.33%. Bristol-Myers Squibb’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. TRADEMARK VIOLATION NOTICE: This news story was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this news story on another publication, it was illegally stolen and republished in violation of United States & international copyright & trademark law. The correct version of this news story can be viewed at https://stocknewstimes.com/2017/09/20/suntrust-banks-comments-on-bristol-myers-squibb-companys-fy2017-earnings-bmy.html.

Other equities research analysts have also issued reports about the stock. Credit Suisse Group set a $58.00 price target on shares of Bristol-Myers Squibb and gave the company a “hold” rating in a research note on Wednesday, August 16th. Cowen and Company reiterated a “hold” rating and issued a $65.00 price target on shares of Bristol-Myers Squibb in a research note on Tuesday. BMO Capital Markets reiterated an “underperform” rating and issued a $47.00 price target (down from $51.00) on shares of Bristol-Myers Squibb in a research note on Wednesday, July 26th. Leerink Swann lowered their price target on shares of Bristol-Myers Squibb from $66.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, July 28th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $63.00 price target on shares of Bristol-Myers Squibb in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $62.66.

Shares of Bristol-Myers Squibb (BMY) opened at 62.93 on Monday. The company has a 50-day moving average of $58.94 and a 200-day moving average of $56.02. The company has a market capitalization of $103.20 billion, a PE ratio of 22.98 and a beta of 1.18. Bristol-Myers Squibb has a one year low of $46.01 and a one year high of $63.47.

Several hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in Bristol-Myers Squibb by 108.5% in the 2nd quarter. Renaissance Technologies LLC now owns 13,488,200 shares of the biopharmaceutical company’s stock valued at $751,563,000 after purchasing an additional 7,020,200 shares during the period. Franklin Resources Inc. boosted its holdings in Bristol-Myers Squibb by 185.2% in the 2nd quarter. Franklin Resources Inc. now owns 6,098,935 shares of the biopharmaceutical company’s stock valued at $339,830,000 after purchasing an additional 3,960,191 shares during the period. Janus Henderson Group PLC boosted its holdings in Bristol-Myers Squibb by 2,990.5% in the 2nd quarter. Janus Henderson Group PLC now owns 3,634,128 shares of the biopharmaceutical company’s stock valued at $202,494,000 after purchasing an additional 3,516,536 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Bristol-Myers Squibb by 42,071.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,331,549 shares of the biopharmaceutical company’s stock valued at $185,634,000 after purchasing an additional 3,323,649 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Bristol-Myers Squibb by 18.7% in the 1st quarter. Ameriprise Financial Inc. now owns 15,547,051 shares of the biopharmaceutical company’s stock valued at $845,504,000 after purchasing an additional 2,451,390 shares during the period. 68.88% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Joseph C. Caldarella sold 9,340 shares of Bristol-Myers Squibb stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $60.00, for a total transaction of $560,400.00. Following the completion of the sale, the senior vice president now owns 46,297 shares of the company’s stock, valued at approximately $2,777,820. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Theodore R. Samuels II bought 6,000 shares of Bristol-Myers Squibb stock in a transaction that occurred on Wednesday, August 2nd. The shares were bought at an average cost of $55.94 per share, with a total value of $335,640.00. Following the acquisition, the director now directly owns 18,000 shares in the company, valued at approximately $1,006,920. The disclosure for this purchase can be found here. Insiders own 0.23% of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 6th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Thursday, October 5th. Bristol-Myers Squibb’s payout ratio is 56.73%.

About Bristol-Myers Squibb

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.

Earnings History and Estimates for Bristol-Myers Squibb (NYSE:BMY)

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