Bristol-Myers Squibb (BMY) Stock on November 29, 2025: 5.4% Dividend, Heavy Institutional Buying and a ‘Hold’ Consensus

Bristol-Myers Squibb (NYSE: BMY) spent Saturday, November 29, 2025 out of the trading spotlight—U.S. markets were closed—but very much in the headlines. A cluster of fresh reports focused on three themes: a fat 5.4% dividend yield, big institutional investors quietly adding to their positions, and a Wall Street analyst community that largely refuses to move beyond a “Hold” stance on the stock. ^[1]

Here’s a detailed look at what hit the wires on November 29 and how it fits into the bigger Bristol‑Myers Squibb story.

Where BMY Stock Stands Right Now

As of the close on Friday, November 28, 2025, Bristol‑Myers Squibb shares traded at about $49.20, giving the company a market capitalization just over $100 billion. ^[2]

Performance has been sluggish:

Down ~22% from its 52‑week high of $63.33 set in March. ^[3]
Roughly –16% over the past 12 months, versus a +13% gain for the S&P 500. ^[4]
About –13% year‑to‑date in 2025, compared with +15.8% for the S&P 500 over the same period. ^[5]

In other words: despite a recent rebound from its lows, BMY still looks like a laggard in big pharma.

On valuation, sources don’t perfectly agree but all tell a similar story:

A discounted cash‑flow analysis from Simply Wall St pegs BMY’s fair value at $117.66 per share, implying it trades at roughly a 58% discount to that estimate. ^[6]
The same analysis notes a price‑to‑earnings (P/E) ratio of about 16.6×, versus ~23× for pharma peers and ~20.6× for the broader industry, suggesting a more conservative valuation. ^[7]
MarketBeat data shows a trailing P/E near 19.8× and a forward P/E around 7.3×, again indicating a low multiple on expected earnings. ^[8]
Macrotrends data, using a different methodology, puts BMY’s P/E at about 7.5× as of November 29, 2025, reinforcing the “value stock” narrative. ^[9]

Despite discrepancies in the exact numbers, the common thread is that Bristol‑Myers Squibb is cheap relative to both the market and its sector on most standard metrics.

November 29 Headlines: The Dividend Debate

The single biggest talking point on November 29 was Bristol‑Myers’ unusually high dividend yield.

Motley Fool / Nasdaq: 5.4% Yield, But Is It a Value Trap?

A widely circulated article by Motley Fool writer David Jagielski, syndicated on Nasdaq, asked bluntly: “Should You Buy Bristol Myers Stock for Its 5.4%-Yielding Dividend?” ^[10]

Key points from that piece:

Dividend yield ~5.4% — far above the ~1.2% yield of the S&P 500, making BMY stand out among income stocks. ^[11]
Over the last five years, Bristol‑Myers’ total return is negative, even including dividends, while an S&P 500 index fund would have roughly doubled investors’ money. ^[12]
The company expects 2025 revenue between $47.5–48.0 billion, slightly below the $48.3 billion reported last year, and faces major patent cliffs in coming years. ^[13]

On dividend safety, the article was cautiously optimistic near term but wary long term:

Payout ratio is around 84% of earnings, high but still within sustainable territory for a mature, profitable pharma company. ^[14]
Over the last 12 months BMY generated about $15.3 billion in free cash flow versus roughly $5 billion in dividends paid, giving decent coverage today. ^[15]
However, net debt of about $32 billion, down from $38.5 billion at the start of the year, remains a serious overhang. ^[16]

Motley Fool’s conclusion: while the stock looks cheap and the dividend looks covered for now, the combination of a heavy debt load and looming patent expirations makes BMY look more like a potential value trap than a straightforward income buy at this stage. ^[17]

AInvest: Can a 5%+ Dividend Survive Patent and Policy Pressure?

A separate November 29 analysis from AInvest, titled “Can Bristol Myers Squibb Sustain Its 5% Dividend Amid Patent Cliff and Regulatory Pressures?”, came at the same issue from a slightly different angle. ^[18]

Highlights:

The article stresses that legacy drugs — including Revlimid and Pomalyst — are seeing sharp revenue erosion as generics bite, undermining the company’s once‑reliable cash engine. ^[19]
It focuses heavily on the Inflation Reduction Act (IRA) and price caps on Eliquis, Bristol‑Myers’ top‑selling blood thinner (co‑marketed with Pfizer), as a key near‑term headwind. The IRA’s Medicare price caps could have knock‑on effects if private payers follow suit. ^[20]
The piece notes that Bristol‑Myers spends roughly $9.3 billion a year on R&D, and that successful execution of the pipeline is critical if the dividend is to remain intact while legacy revenues fade. ^[21]

Taken together, November 29 coverage paints a split picture: the dividend looks well‑covered today, but multiple analysts warn that future payouts depend on how effectively BMY replaces declining legacy sales and manages its balance sheet.

Wall Street on November 29: A Firm “Hold”

Two MarketBeat articles dated November 29 focused on analyst sentiment and institutional positioning.

Consensus Rating: Hold, With Modest Upside

MarketBeat reports that 19 brokerages currently cover Bristol‑Myers Squibb and give it an average rating of “Hold”: 15 Hold ratings and 4 Buy ratings, with no Sell ratings. ^[22]

Across this coverage, the average 12‑month price target sits around $54.42, implying about 10–11% upside from recent prices near $49. ^[23]

Other services are in a similar ballpark:

DirectorsTalk notes a slightly broader dataset (20 Hold, 6 Buy, 1 Sell) with an average price target around $52.73, suggesting roughly 14% upside from current levels. ^[24]
Barchart also flags a consensus Hold rating and an average target close to $52.5, implying mid‑single‑digit to low‑double‑digit upside. ^[25]

In short, analysts see Bristol‑Myers as undervalued, but not a screaming buy, with most targets clustered a bit above current prices rather than projecting explosive gains.

Smart Money on the Move: Big Funds Add BMY

The other major November 29 MarketBeat headlines spotlighted institutional investors increasing their stakes in Bristol‑Myers Squibb.

Skandinaviska Enskilda Banken, Norges Bank and Others

One MarketBeat piece notes that Skandinaviska Enskilda Banken AB publ boosted its stake in BMY by 77.2% in Q2, to about 2.33 million shares worth roughly $107.7 million at the time of filing. ^[26]

The same article highlights other large holders:

Norges Bank opened a new position estimated at around $1.55 billion. ^[27]
Multiple additional institutions — including Scotia Capital and the State Board of Administration of Florida — also increased holdings. ^[28]

Grantham Mayo Van Otterloo & Co: +402% Position Increase

A separate November 29 MarketBeat alert reports that Grantham Mayo Van Otterloo & Co. LLC (GMO) raised its BMY stake by a striking 401.9% in Q2, adding nearly 697,000 shares to reach 870,304 shares worth about $40.3 million. ^[29]

Across these filings, MarketBeat estimates that institutional investors and hedge funds own roughly 76–83% of BMY’s float, depending on the data source. ^[30]

Interpretation: even as the analyst community remains cautious, large long‑term investors appear comfortable accumulating BMY at current levels, likely attracted by the combination of cash generation, pipeline potential and a discounted share price.

Under the Hood: Q3 2025 Earnings Remain Solid

November 29 commentary constantly referenced Bristol‑Myers’ better‑than‑expected third‑quarter results, originally reported on October 30.

According to the company’s own release and multiple financial outlets: ^[31]

Q3 2025 revenue came in at $12.22 billion, up about 3% year‑over‑year and ahead of analyst estimates around $11.8 billion.
Adjusted EPS was $1.63, beating consensus expectations of roughly $1.51.
Revenue from the growth portfolio (including key products like Opdivo, Eliquis, Reblozyl, Camzyos and Breyanzi) increased about 18% to $6.9 billion.
By contrast, the legacy portfolio fell sharply: sales of blood cancer drug Revlimid dropped 59% to about $575 million amid generic competition, and the broader legacy blockbusters segment fell around 12% year‑over‑year. ^[32]
Net income surged—one AInvest summary cites Q3 net income growth of 80.7%—and ValueSense estimates Q3 net income of $2.2 billion, with a net margin near 18% and cash from operations around $6.3 billion. ^[33]

On the back of that quarter, Bristol‑Myers raised its 2025 revenue guidance to a range of $47.5–48.0 billion and set non‑GAAP EPS guidance between $6.40 and $6.60. ^[34]

This is the core tension underpinning the November 29 discussions: operational results and cash flows are strong, yet the market still fears what happens when more big drugs lose exclusivity.

Pipeline and Strategic Moves: Fighting the Patent Cliff

Several recent developments, widely referenced in commentary, help explain why some investors view BMY as undervalued despite all the noise.

BioNTech Partnership: A Big Bet in Immuno‑Oncology

In early November, BioNTech raised its 2025 revenue forecast after receiving initial payments from a new cancer immunotherapy alliance with Bristol‑Myers Squibb. The deal could be worth up to $11.1 billion in milestones, and aims to challenge Merck’s blockbuster Keytruda in immuno‑oncology. ^[35]

The partnership expands clinical development of the joint cancer candidate pumitamig, with more trials planned for 2026. For Bristol‑Myers, this is another major swing at long‑term oncology leadership, a critical area for replacing lost Revlimid and future Eliquis/Opdivo revenues.

Factor XIa Momentum: Bayer’s Success Validates Milvexian

On November 24, Bayer announced a successful Phase 3 trial for its Factor XIa inhibitor asundexian in secondary stroke prevention, sending Bayer shares sharply higher — and lifting Bristol‑Myers’ stock roughly 3–4% as investors extrapolated to BMY’s own Factor XIa program, milvexian. ^[36]

Analysts quoted in that coverage suggested:

Bayer’s win de‑risks the Factor XIa mechanism of action, improving perceived odds that milvexian succeeds in its ongoing stroke and atrial fibrillation trials.
Some forecasts now assume multi‑billion‑dollar peak sales potential for milvexian if late‑stage data replicate that efficacy/safety profile. ^[37]

While one large Phase 3 trial (Librexia ACS) with milvexian was recently discontinued for futility, other pivotal studies — Librexia AF and Librexia STROKE — are continuing, with topline data expected in 2026. ^[38]

Sotyktu and Immunology

Bristol‑Myers is also pushing deeper into immunology. Company communications around rheumatology conferences highlight Week 52 data from the POETYK PsA‑1 study in psoriatic arthritis and PAISLEY LTE data in systemic lupus erythematosus for Sotyktu (deucravacitinib), reinforcing its potential beyond psoriasis. ^[39]

These updates are framed by management as evidence that Sotyktu could become a multi‑indication immunology franchise, another important pillar in the post‑Revlimid era.

CAR‑T Expansion: Breyanzi Wins New EU Approval

On November 24, the European Commission approved Breyanzi (lisocabtagene maraleucel) for adults with relapsed or refractory mantle cell lymphoma after at least two prior therapies including a BTK inhibitor. Trial data showed an overall response rate of 82.7%, with 71.6% complete responses and roughly half of patients still responding at 24 months. ^[40]

This approval meaningfully broadens Breyanzi’s commercial opportunity in Europe and underscores BMY’s cell therapy presence in hematologic malignancies.

Key Risks Highlighted Across Recent Coverage

Despite encouraging news on earnings and the pipeline, the November 29 articles repeatedly stressed several risk factors.

1. Patent Cliffs and Legacy Erosion

Multiple sources point out that generic competition is hitting older blockbusters hard:

Q3 legacy portfolio revenue fell about 12%, with Revlimid sales down 59% year‑over‑year. ^[41]
Other drugs like Pomalyst, Sprycel and Abraxane face or will soon face similar pressures. ^[42]
Longer term, even current growth drivers Opdivo and Eliquis are expected to face patent expirations in the next decade, creating another wave of potential revenue loss. ^[43]

This is why articles like those from AInvest and Motley Fool call the stock “high‑yield but high‑uncertainty”.

2. U.S. Drug Pricing Reform

The Inflation Reduction Act’s price caps on Eliquis for Medicare patients loom large. While they apply only to certain segments today, analysts worry private insurers and pharmacy benefit managers could follow with tougher pricing, amplifying revenue pressure. ^[44]

In addition, broader U.S. political scrutiny of drug prices continues, adding another layer of regulatory risk.

3. Litigation: The Plavix Case

On November 20, the state of Texas sued Bristol‑Myers Squibb and Sanofi, alleging the companies concealed that their blood thinner Plavix was ineffective for some patients due to genetic variations. The suit follows a $700 million settlement of similar claims in Hawaii, though BMY and Sanofi maintain that Plavix is safe and effective. ^[45]

While it’s too early to quantify the financial impact, the case underscores ongoing legal and reputational risk for big pharma firms.

4. Leverage and Capital Allocation

Even as Bristol‑Myers reduces its debt, the net debt figure of roughly $32 billion remains substantial. ^[46]

The company is actively managing its balance sheet:

It has priced about €5 billion of senior unsecured notes in November 2025 and launched multi‑billion‑dollar tender offers to repurchase or retire older debt series. ^[47]

This strategy can help refinance at favorable rates and smooth maturities, but it also highlights that capital structure remains a key part of the investment story.

Valuation Snapshot: Bargain or Value Trap?

Views on valuation diverge, but November 29 commentary lands in a few broad camps:

DCF bulls: Simply Wall St’s model implying ~58% upside (fair value around $118 vs. a $49 share price) suggests BMY is deeply undervalued if its cash flows hold up. ^[48]
Income‑focused skeptics: Motley Fool acknowledges the coverage of the dividend but argues the stock “looks cheap for a reason”, citing growth challenges, high leverage and looming patent cliffs as reasons to stay cautious despite a forward P/E under 8. ^[49]
Neutral Wall Street: Sell‑side analysts generally see 10–14% upside based on average price targets in the low‑ to mid‑$50s, but remain firmly in Hold territory, signaling limited conviction in a near‑term rerating. ^[50]

Overlay that with the performance numbers — stock down double digits this year while the market rallies — and you get a classic debate: is BMY a mispriced cash‑flow machine or a slow‑motion value trap? ^[51]

What November 29 News Means for Investors

Putting all this together, November 29, 2025 coverage crystallizes the current investment thesis for Bristol‑Myers Squibb:

Income Appeal
- A 5%+ dividend yield, covered by current earnings and free cash flow, is undeniably attractive compared with the broader market. ^[52]
- However, the payout ratio is high and long‑term sustainability depends on successfully offsetting legacy drug erosion and managing a sizeable debt load.
Value Opportunity (With Strings Attached)
- Multiple valuation frameworks suggest BMY is cheaper than peers and the index, with some models calling it heavily undervalued. ^[53]
- The market appears to be discounting patent, regulatory and litigation risks, effectively saying: “We’ll believe the growth story when we see it.”
Pipeline and Partnerships Provide Real, But Not Guaranteed, Upside
- Strong Q3 numbers from Opdivo, Eliquis, Camzyos, Reblozyl, Breyanzi and Cobenfy, plus the BioNTech alliance and a broad Factor XIa program, suggest BMY is not standing still. ^[54]
Institutional Confidence vs. Analyst Caution
- Big funds like Skandinaviska Enskilda Banken, Norges Bank and GMO have materially increased their BMY positions, even as analysts maintain Hold ratings. ^[55]
- That gap between what the “smart money” is doing and what Wall Street is saying is one of the most interesting signals in the current setup.

Final Thoughts (and a Quick Disclaimer)

For income‑oriented investors, Bristol‑Myers Squibb’s 5%+ yield, backed by strong present‑day cash flows, is compelling — but only if you’re comfortable with pipeline execution risk, a sizeable debt burden and ongoing policy and patent uncertainty.

For value‑focused investors, BMY may warrant a closer look as a classic “good business under a cloud”: the November 29 coverage shows solid operations, major institutional support and a cheap valuation, set against serious, well‑documented structural risks.

This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation, or a solicitation to buy or sell any security. Always consider your own objectives, risk tolerance and, if possible, consult a qualified financial adviser before making investment decisions.

Bristol Myers Squibb (BMY) Stock Analysis | Undervalued Dividend Giant or Value Trap?