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Bristol Myers Squibb (BMY) Stock Falls Amid Market Uptick: What Investors Need to Know

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The most recent trading session ended with Bristol Myers Squibb (BMY - Free Report) standing at $52.20, reflecting a -0.38% shift from the previouse trading day's closing. This change lagged the S&P 500's daily gain of 0.61%. Elsewhere, the Dow gained 0.97%, while the tech-heavy Nasdaq added 0.33%.

The biopharmaceutical company's stock has climbed by 8.62% in the past month, exceeding the Medical sector's loss of 3.79% and the S&P 500's gain of 5.36%.

Analysts and investors alike will be keeping a close eye on the performance of Bristol Myers Squibb in its upcoming earnings disclosure. The company's earnings report is set to go public on October 31, 2024. The company's earnings per share (EPS) are projected to be $1.54, reflecting a 23% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $11.29 billion, up 2.97% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.77 per share and a revenue of $46.84 billion, representing changes of -89.75% and +4.06%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Bristol Myers Squibb. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.1% higher. Bristol Myers Squibb is currently a Zacks Rank #3 (Hold).

From a valuation perspective, Bristol Myers Squibb is currently exchanging hands at a Forward P/E ratio of 67.83. For comparison, its industry has an average Forward P/E of 22.33, which means Bristol Myers Squibb is trading at a premium to the group.

We can additionally observe that BMY currently boasts a PEG ratio of 13.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. BMY's industry had an average PEG ratio of 2.25 as of yesterday's close.

The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 85, positioning it in the top 34% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.


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