Bristol Myers Squibb (BMY) is on the move.

After plummeting from about $68 to a low of $54.60, the oversold stock is just starting to pivot higher.  In fact, from a current price of $58.65, we’d like to see the stock retest $68.

Helping, the company just boosted its quarterly dividend to 54 cents a share – a 10.2% increase from its 49-cent dividend.  The annual dividend rate is now $2.16.  The latest dividend will be paid out on February 1 to shareholders of record as of January 7, 2022.

BMY also approved a $15 billion buyback.

The company’s financial position is strong, and we remain committed to a consistent, balanced capital allocation strategy,” said Giovanni Caforio, board chair and chief executive officer, Bristol Myers Squibb, as quoted in a company press release.

“With significant free cash flow of $45 billion to $50 billion expected between 2021 and 2023, investment in business development continues to be a key priority for the company in driving innovation and sustained growth as we return capital to shareholders through the dividend increase and expanded share repurchase authorization. We remain committed to maintaining a strong investment grade credit rating and reducing our debt.”

In addition, Wells Fargo recently initiated coverage of the BMY stock with an equal weight rating, with a $58 price target.  In mid-November, BMO Capital initiated coverage with an outperform rating with a $72 price target.

Weakness may be a solid opportunity for BMY moving forward.

Again, we’d like to see BMY run back to $68 from its current price of $58.65.