Bristol-Myers Squibb (NYSE:BMY) Issues FY24 Earnings Guidance

by · The Markets Daily

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $0.75-0.95 for the period, compared to the consensus earnings per share estimate of $0.70. The company issued revenue guidance of +5% yr/yr to $47.26 billion, compared to the consensus revenue estimate of $46.78 billion. Bristol-Myers Squibb also updated its FY 2024 guidance to 0.750-0.950 EPS.

Bristol-Myers Squibb Price Performance

Shares of BMY traded down $1.45 during midday trading on Friday, reaching $54.32. The stock had a trading volume of 12,894,832 shares, compared to its average volume of 14,484,395. The company has a market capitalization of $110.13 billion, a price-to-earnings ratio of -16.66, a price-to-earnings-growth ratio of 14.62 and a beta of 0.46. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $56.20. The company’s 50-day moving average is $51.26 and its 200 day moving average is $46.57.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.31. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. The business had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.26 billion. During the same period last year, the business earned $2.00 earnings per share. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities analysts predict that Bristol-Myers Squibb will post 0.72 EPS for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.42%. Bristol-Myers Squibb’s payout ratio is -73.62%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BMY shares. Deutsche Bank Aktiengesellschaft lowered their target price on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Jefferies Financial Group increased their price objective on Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. BMO Capital Markets lifted their target price on shares of Bristol-Myers Squibb from $53.00 to $57.00 and gave the stock a “market perform” rating in a research note on Friday. TD Cowen increased their price target on shares of Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research report on Monday, October 7th. Finally, StockNews.com upgraded shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of “Hold” and a consensus price target of $53.08.

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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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