In a significant move, Bristol-Myers Squibb Co.'s (NYSE: NYSE:BMY) stock closed at $52.90 on Friday, marking an increase of $1.78 or 3.47%, the highest close since October 26, 2023 ($52.97). This rally breaks a two-day losing streak and is the largest percentage increase since June 21, 2022 (3.66%). The stock also reached an intraday high of $53.14, the highest level since October 26, 2023 ($55.29), marking a rise of 3.92%, the most significant since September 12, 2022.
Despite this recent surge, BMY's year-to-date performance indicates a decline of 26.47%, which could potentially mirror its worst year in 2002 when it experienced a drop of 54.61%. From its all-time high of $81.13 on December 2, 2022, BMY's stock is down by 34.79%, and it's lower by 32.84% compared to a year ago (November 4, 2022).
During the last trading session, Bristol-Myers Squibb Co.'s traded shares stood at 13.39 million and closed at $51.13 before the recent rally. Despite the decrease in its stock's price before the surge, analysts have given Bristol-Myers Squibb an Overweight consensus recommendation with a mean rating of 2.33 and an estimated current-quarter earnings per share of $1.76.
Bristol-Myers Squibb Co.'s market valuation stands at $104.04B with a beta value of 0.37 indicating lower volatility compared to the market as a whole. Short interest saw shorts transact 26.75 million shares, with a time to cover of 2.34 days.
The company's year-to-date price performance before the surge was -28.94%. The 52-week high of BMY share is $81.43, which is -59.26% down since that peak but still up by 3.21% since falling to its 52-week low of $49.49. Compared to its industry peers, BMY's performance has underperformed with shares down by -23.48% over the last six months.
Bristol-Myers Squibb Co.'s revenue is forecast to shrink -11.60% this quarter before falling -1.10% for the next one. The company has a forward dividend ratio of 2.24, with the share yield ticking at 4.37%, continuing the rising pattern observed over the past year.
Institutional holders own 78.21% of Bristol-Myers Squibb Co.'s shares at a float percentage of 78.26%. Vanguard Group Inc., and Blackrock (NYSE:BLK) Inc., are major institutional holders, while Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund are the top two Mutual Funds with the largest holdings.
Wall Street analysts suggest a consensus price target of $64.76 for BMY's stock, implying an increase of 21.05% to the stock's current value.
InvestingPro Insights
InvestingPro data and tips provide a comprehensive perspective on Bristol-Myers Squibb Co.'s performance and potential. The market cap stands at 107.54B USD with a P/E ratio of 13.32, reflecting a relatively low valuation compared to its earnings. The company's revenue for the last twelve months as of Q3 2023 was 44.94B USD, despite a decline of 3.86% in the same period.
InvestingPro Tips highlight Bristol-Myers Squibb's high earnings quality, with free cash flow exceeding net income. The company's management has also been buying back shares aggressively, indicating confidence in the company's future. Furthermore, the stock is currently trading at a low P/E ratio relative to near-term earnings growth, suggesting potential for a price increase.
InvestingPro offers many more insights and tips that can help investors make informed decisions. For instance, it provides 13 additional tips on Bristol-Myers Squibb, including insights into net income growth, dividend payments, and more.
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