Wells Fargo & Company Increases Bristol-Myers Squibb (NYSE:BMY) Price Target to $62.00

Bristol-Myers Squibb (NYSE:BMY) had its target price increased by Wells Fargo & Company from $60.00 to $62.00 in a report published on Friday morning,Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

Several other analysts also recently commented on BMY. Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 13th. Daiwa America raised Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 13th. Leerink Partners raised Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $55.00 to $73.00 in a research note on Tuesday, November 12th. Sanford C. Bernstein assumed coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price target on the stock. Finally, Wolfe Research assumed coverage on Bristol-Myers Squibb in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $57.86.

Bristol-Myers Squibb Stock Performance

Shares of Bristol-Myers Squibb stock opened at $56.96 on Friday. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $61.10. The company has a market cap of $115.51 billion, a price-to-earnings ratio of -12.89, a PEG ratio of 2.13 and a beta of 0.45. The company has a debt-to-equity ratio of 2.83, a quick ratio of 1.09 and a current ratio of 1.24. The business’s 50 day moving average price is $57.56 and its 200 day moving average price is $53.83.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings data on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.81% and a negative net margin of 18.53%. On average, research analysts predict that Bristol-Myers Squibb will post 6.75 EPS for the current year.

Bristol-Myers Squibb Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 3rd were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 4.35%. This is an increase from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, January 3rd. Bristol-Myers Squibb’s dividend payout ratio is presently -56.11%.

Hedge Funds Weigh In On Bristol-Myers Squibb

Several hedge funds have recently bought and sold shares of BMY. Reston Wealth Management LLC acquired a new position in Bristol-Myers Squibb during the third quarter worth $25,000. Hollencrest Capital Management boosted its holdings in Bristol-Myers Squibb by 61.3% during the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 187 shares during the period. Kennebec Savings Bank bought a new stake in Bristol-Myers Squibb during the third quarter valued at about $28,000. Fairway Wealth LLC bought a new stake in Bristol-Myers Squibb during the fourth quarter valued at about $28,000. Finally, Darwin Wealth Management LLC bought a new stake in Bristol-Myers Squibb during the third quarter valued at about $29,000. 76.41% of the stock is owned by institutional investors and hedge funds.

Bristol-Myers Squibb Company Profile

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.