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Bristol Myers Squibb (BMY) Beats Stock Market Upswing: What Investors Need to Know

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Bristol Myers Squibb (BMY - Free Report) ended the recent trading session at $43.02, demonstrating a +1.06% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.27% gain on the day. Elsewhere, the Dow lost 0.31%, while the tech-heavy Nasdaq added 0.88%.

Shares of the biopharmaceutical company witnessed a loss of 5.53% over the previous month, trailing the performance of the Medical sector with its gain of 2.89% and the S&P 500's gain of 2.85%.

Market participants will be closely following the financial results of Bristol Myers Squibb in its upcoming release. The company plans to announce its earnings on July 26, 2024. On that day, Bristol Myers Squibb is projected to report earnings of $1.67 per share, which would represent a year-over-year decline of 4.57%. At the same time, our most recent consensus estimate is projecting a revenue of $11.48 billion, reflecting a 2.23% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $0.59 per share and a revenue of $46.12 billion, demonstrating changes of -92.14% and +2.48%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bristol Myers Squibb. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.15% lower. Bristol Myers Squibb currently has a Zacks Rank of #3 (Hold).

Digging into valuation, Bristol Myers Squibb currently has a Forward P/E ratio of 72.06. This signifies a premium in comparison to the average Forward P/E of 24.04 for its industry.

Investors should also note that BMY has a PEG ratio of 14.41 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Medical - Biomedical and Genetics industry was having an average PEG ratio of 1.93.

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 80, this industry ranks in the top 32% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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