PRINCETON, N.J. - Bristol Myers Squibb (NYSE: BMY), a pharmaceutical giant with a market capitalization of $115 billion and current dividend yield of 4.13%, announced today that its Board of Directors has approved an increase in the company's quarterly dividend. The new dividend of sixty-two cents ($0.62) per share on the company's common stock represents a 3.3% hike from the previous sixty cents ($0.60) per share. This dividend will be payable on February 3, 2025, to shareholders of record as of January 3, 2025.
The announcement marks the 16th consecutive year of dividend increases for the pharmaceutical giant, underscoring its commitment to returning value to shareholders. According to InvestingPro data, Bristol Myers Squibb has maintained dividend payments for 54 consecutive years, demonstrating a long-term commitment to shareholder returns. With this increase, the projected annual dividend for the fiscal year 2025 is set at $2.48 per share.[Want deeper insights? InvestingPro subscribers have access to 12 additional exclusive tips and comprehensive financial analysis for BMY, along with detailed Pro Research Reports covering 1,400+ top stocks.]
Additionally, the Board has declared a dividend of fifty cents ($0.50) per share on its $2.00 convertible preferred stock. This dividend is scheduled for payment on March 3, 2025, to stockholders on record by February 4, 2025.
Bristol Myers Squibb has a longstanding history of dividend payments, having done so for 93 consecutive years. The company's consistent dividend payments and increases reflect its financial health, which InvestingPro rates as "GOOD" with an overall score of 2.82, as well as its dedication to share profits with investors.
Bristol Myers Squibb is a global biopharmaceutical company with a focus on discovering, developing, and delivering innovative medicines aimed at helping patients overcome serious diseases. The company's financial decisions, including dividend policies, are closely watched by investors as indicators of its performance and management's confidence in future earnings. Based on InvestingPro's Fair Value analysis, the stock currently appears to be trading near its fair value, with strong momentum shown by a 38.7% price return over the past six months.
This financial update is based on a press release statement issued by the company.
In other recent news, Bristol-Myers Squibb (NYSE:BMY) has seen notable developments in its financial and clinical performance. The company's third-quarter earnings exceeded expectations, leading Bernstein SocGen Group and BMO Capital to raise the company's price target. Leerink Partners also upgraded Bristol-Myers Squibb's stock from Market Perform to Outperform, citing the anticipated performance of Cobenfy and milvexian.
The European Medicines Agency's Committee for Medicinal Products for Human Use recommended approval of Bristol-Myers Squibb's drug, repotrectinib, for the treatment of ROS1-positive advanced non-small cell lung cancer and certain advanced solid tumors. This recommendation follows positive outcomes from the TRIDENT-1 and CARE clinical trials.
Meanwhile, CFRA has downgraded Bristol-Myers Squibb shares from Buy to Hold, maintaining a price target of $60.00. This comes despite the company's strong market position following the U.S. approval of Cobenfy for the treatment of schizophrenia in adults. CFRA has also slightly lowered its 2025 EPS projection for Bristol-Myers Squibb to $7.13 from $7.18.
Bristol-Myers Squibb's recent acquisition of Karuna Therapeutics (NASDAQ:KRTX) is aimed at enhancing long-term growth with ongoing trials in schizophrenia and Alzheimer's. The company also plans to initiate three Phase 3 studies in 2024 and present Phase 1 data for CD19 NEX-T cell therapy. These updates underscore Bristol-Myers Squibb's commitment to growth and innovation.
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