Phil M. Holzer, Senior Vice President and Controller at Bristol Myers Squibb Co (NYSE:BMY), recently sold 700 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $55.615, amounting to a total transaction value of $38,930. Following this sale, Holzer retains ownership of 11,760 shares in the pharmaceutical giant. The transaction was conducted on November 4, 2024, as detailed in the Form 4 filing submitted to the Securities and Exchange Commission.
In other recent news, Bristol-Myers Squibb (NYSE:BMY) has reported a 20% increase in third-quarter earnings, primarily driven by growth in its portfolio revenues. Leerink Partners and BMO Capital Markets have both adjusted their price targets for the company, citing recent financial reports and clinical trial updates. Leerink increased its price target to $55.00, while BMO Capital Markets raised its target to $57, both maintaining a Market Perform rating on the company's shares.
Bristol-Myers Squibb has revised its full-year 2024 revenue growth projection to around 5%, up from the previous estimate of approximately 4%. This increase is attributed to strong performance in cell therapy, the heart failure drug Camzyos, and its legacy business. The company has also acquired Karuna Therapeutics (NASDAQ:KRTX), aiming to enhance long-term growth with ongoing trials in schizophrenia and Alzheimer's.
The company's Phase 3 EMERGENT-4 and EMERGENT-5 trials have shown sustained improvements in schizophrenia symptoms over a 52-week period with COBENFY treatment. BMO Capital Markets has noted these positive signs but remains cautious, waiting for further confirmation of the company's growth trajectory in subsequent quarters. These are some of the recent developments shaping the trajectory of Bristol-Myers Squibb.
InvestingPro Insights
As Phil M. Holzer's recent stock sale draws attention to Bristol Myers Squibb Co (NYSE:BMY), it's worth examining some key financial metrics and insights provided by InvestingPro to gain a more comprehensive view of the company's current position.
BMY's stock has shown strong momentum recently, with InvestingPro data revealing a 30.57% price total return over the past six months and an 18.88% return in the last three months. This upward trend aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week high, suggesting investor confidence in the company's prospects.
Despite the recent insider sale, BMY continues to offer value to shareholders through its dividend policy. An InvestingPro Tip highlights that the company has maintained dividend payments for an impressive 54 consecutive years, demonstrating a long-term commitment to returning value to investors. Currently, BMY boasts a dividend yield of 4.29%, which may be attractive to income-focused investors in the pharmaceutical sector.
For those considering BMY's valuation, it's noteworthy that the company trades at a Price to Book multiple of 6.56, which an InvestingPro Tip describes as high. This could indicate that the market has priced in significant growth expectations or values the company's intangible assets highly, typical in the pharmaceutical industry where intellectual property is crucial.
InvestingPro offers additional tips and insights beyond what's mentioned here, with 12 more tips available for subscribers looking to delve deeper into BMY's financial health and market position.
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