Bristol-Myers Squibb (NYSE:BMY) Updates FY 2024 Earnings Guidance

Bristol-Myers Squibb (NYSE:BMY) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.750-0.950 for the period, compared to the consensus estimate of 0.710. The company issued revenue guidance of $47.3 billion-$47.3 billion, compared to the consensus revenue estimate of $46.8 billion. Bristol-Myers Squibb also updated its FY24 guidance to $0.75-0.95 EPS.

Bristol-Myers Squibb Stock Performance

BMY stock traded down $1.45 on Friday, reaching $54.32. The company’s stock had a trading volume of 12,894,832 shares, compared to its average volume of 8,759,896. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.02 and a current ratio of 1.16. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $56.20. The firm has a fifty day moving average of $51.26 and a two-hundred day moving average of $46.57.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.31. The business had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 11.40% and a negative net margin of 15.30%. Bristol-Myers Squibb’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $2.00 EPS. Analysts anticipate that Bristol-Myers Squibb will post 0.72 earnings per share for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were paid a $0.60 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.42%. Bristol-Myers Squibb’s payout ratio is presently -66.85%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup lowered Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and cut their target price for the company from $75.00 to $55.00 in a research note on Friday, October 25th. TD Cowen upped their price target on Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft dropped their target price on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. Jefferies Financial Group raised their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 price objective on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $53.00.

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.