Citigroup Downgrades Bristol-Myers Squibb: What It Means for Investors

On October 25, 2024, Citigroup revised its outlook for Bristol-Myers Squibb (LSE:0R1F) from Buy to Neutral.

Average Price Target Indicates Modest Growth Ahead

As of October 22, 2024, Bristol-Myers Squibb has an average one-year price target of 53.93 GBX/share. This target is based on forecasts that range from a low of 33.32 GBX to a high of 78.48 GBX. The average price represents an increase of 1.43% from its last closing price of 53.18 GBX/share.

Financial Projections Show Steady Income Growth

The expected annual revenue for Bristol-Myers Squibb is projected to be 48,638MM, reflecting a growth rate of 4.58%. Additionally, the anticipated non-GAAP EPS stands at 8.29.

Institutional Interest: A Mixed Bag

Currently, there are 3,364 funds or institutions with reported positions in Bristol-Myers Squibb. This marks a drop of 94 owners or 2.72% over the past quarter. The average portfolio weight across all funds dedicated to 0R1F is now 0.36%, which has risen by 9.01%. Institutions increased their total shares owned by 1.80% in the last three months, bringing the total to 1,790,322K shares.

Notable Movements Among Major Investors

JPMorgan Chase holds 74,630K shares, giving it a 3.68% stake in the company. Recently, the firm reported a decrease from 88,814K shares, which signifies a 19.01% reduction in ownership and a 37.51% decrease in portfolio allocation to 0R1F over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares, now owns 64,141K shares, accounting for 3.16% ownership. This captures a slight rise from its previous holding of 63,587K shares, and the fund has reduced its portfolio allocation in 0R1F by 24.88% over the last quarter.

Charles Schwab Investment Management owns 59,062K shares, representing a 2.91% share of the company. This reflects an increase from 53,716K shares, translating to a 9.05% growth. However, this firm has also decreased its portfolio allocation in 0R1F by 30.51% since last quarter.

Capital International Investors owns 55,407K shares, or 2.73% of Bristol-Myers Squibb, down from 70,204K shares, marking a 26.71% decrease and a 38.54% reduction in portfolio allocation.

Meanwhile, VFINX – Vanguard 500 Index Fund Investor Shares holds 52,027K shares, representing 2.57% ownership. This shows a small increase from 51,278K shares, but the fund has lowered its allocation to 0R1F by 26.45% in the last quarter.

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