Advertiser Disclosure
X

Advertiser Disclosure: We may have financial relationships with companies listed on our site. We may receive compensation for placement of sponsored products or services and this may affect our decision about who to promote and where to promote them. We make every effort to be authentic and accurate with every article we write.

Stock Market

How To Buy Bristol-Myers Squibb Stock – Step by Step


Neither CashBlog nor its writers are financial advisors.  Nothing published on our website is financial advice.  Our articles are strictly educational.


If you want to learn how to buy Bristol-Myers Squibb stock, you’re in the right place. This article takes our guide on how to buy stocks and tailors it specifically to Bristol-Myers Squibb stock.

Here are the steps to take, in order from first to last:

 

Set up a Brokerage Account To Buy Bristol-Myers Squibb Stock

The term “broker” or “brokerage account” can be confusing to understand at first for many people.

We’re going to keep it simple and help explain it by using an analogy.

When you have money, there are different types of accounts where you can put your money.

If you want to put your money in an account where you can easily access it and write checks or withdraw cash from an ATM, then you typically set up a bank account.

If, on the other hand, you want to put your money in an account that allows you to buy stocks like Bristol-Myers Squibb, then you need a brokerage account. It might seem like a foreign term if you’re a beginner, but it’s just the terminology used to describe an account that can buy and sell shares of stock.

There are many brokerage accounts out there that are free to set up. You can choose one from our list of the best stock trading platforms.

We like Tradier. They’re a brokerage that makes it simple to buy Bristol-Myers Squibb stock online. We’ll feature Tradier in our tutorial in this guide.

Setting up a brokerage account involves more than just a click or two. It may take some time to go through all the forms, but at least it’s just a one-time deal to complete them.

 

Put Money in Your New Brokerage Account

After you set up the brokerage account, it’s time to put money in it. You can’t buy Bristol-Myers Squibb stock if you don’t have money in the account.

Most brokerages will clarify how to put money in the account right after you open it. Most times, it involves connecting your bank account with your brokerage account to transfer money between them electronically.

It’s worth noting that typically when you make your first deposit into a new brokerage account, it takes about a week for them to let you use that money. So don’t expect that you’ll be able to instantly buy Bristol-Myers Squibb stock shares after making the deposit.  

 

Buy Bristol-Myers Squibb Stock Using Your Brokerage Account

You’re ready to buy Bristol-Myers Squibb stock now that your brokerage account has money. Here is a step-by-step guide on how to buy shares of Bristol-Myers Squibb stock using screenshots from the Tradier brokerage account.

First, you need to pull up a ticker symbol for the underlying stock. In Tradier’s platform (which they call Dash), that is done through the Dashboard page as shown here:

 

The Ticker Symbol for Bristol-Myers Squibb is BMY

Then type in the ticker symbol of the stock you want to buy. For Bristol-Myers Squibb, the ticker symbol is BMY.

In Tradier, after you type in BMY, it brings up a page that looks like this:

As you can see, it shows all the core information about BMY stock there, including the current price.

From here, to buy shares of stock for Bristol-Myers Squibb, you need to click the green button at the top that says “Trade.”  

Doing that takes you to a page that looks like this:

That is where you can enter the details for your Bristol-Myers Squibb stock trade. These fields are already auto-populated:

  • BMY (in the Symbol field)
  • Equity (refers to stocks, as opposed to options or other assets)
  • Buy (as opposed to Sell)

The remaining fields need some explanation:

 

Quantity

There is an empty Quantity field. That’s where you enter the number of shares of Bristol-Myers Squibb stock you want to buy.  

You can see at the top right of the above screenshot that the prevailing price of BMY stock was $72.51. So, each share you buy will cost approximately the amount shown there.

 

Order Type

The two usual choices here are either Market or Limit.

To explain those, we need to talk about the mechanics of prices in the stock market. For any given asset, there are buyers and sellers.  

When someone wants to buy a stock, the price they are willing to pay is referred to as a bid. When someone wants to sell, it’s an offer (or ask).

A transaction occurs when the bid criterion for a buyer matches the ask criterion for a seller.

You can see the highest bid and the lowest ask price for a stock at any given time. These are respectively referred to as “the bid” and “the ask.”  

You’ll typically see some distance between the bid and the ask. If the bid and the ask were the same, that would have already resulted in a transaction. Any open orders will not have overlapping bid and ask prices.

If you look again at the screenshot above, you’ll see the bid and the ask indicated there for Bristol-Myers Squibb stock. It shows a bid of $71.57 and an ask of $73.34.

That means the highest bidder out there is willing to pay $71.57 And the lowest seller out there is willing to sell for $73.34.

Now let’s look at the two order types: market and limit.

If you submit an order to buy Bristol-Myers Squibb stock using a market order, it will match you up with the nearest seller. You don’t indicate a numeric price since “market” means you’ll pay the market price for Bristol-Myers Squibb stock. In this case, you would likely pay $73.34 for your shares.

If you buy Bristol-Myers Squibb stock using a limit order, you indicate the exact price you are willing to pay. Your order will only get filled if you get that price or lower.  

There are tradeoffs with each order type.

With a market order, you ensure you get into Bristol-Myers Squibb stock position quickly, but you might make a sacrifice on the price since you’re automatically paying the ask price.

With a limit order, you can try to get a lower price (maybe a price between the bid and ask), but you risk missing the buying opportunity if your order isn’t filled. So limit orders offer less certainty of fulfillment than market orders do.

There is no perfect order type for your Bristol-Myers Squibb stock purchase. Ultimately you have to decide for yourself which tradeoffs you prefer.

 

Time In Force

That is the last field on the Tradier order entry page. You have two choices here:

  • Day – Your order will only be active until the current day’s trading session ends.
  • GTC – This stands for Good Til Canceled, which means your order will be active until you cancel it.

Once you’ve entered all your preferences, you can click the purple Submit button to submit your order.

The broker will fill your order immediately if you use a market order. If you use a limit order, it may not be filled right away.  That’s where your Time In Force choice makes a difference.  It affects how long your Bristol-Myers Squibb stock order stays open.

 

Conclusion

Those are the steps to take in order to buy Bristol-Myers Squibb stock. You need to have a brokerage account ready and open. Then you need to get to the ordering screen, type in the ticker symbol for Bristol-Myers Squibb (BMY), and make sure the settings are configured to buy the stock at the price you want.

 

FAQs About Buying Bristol-Myers Squibb Stock

Here are some FAQs we’ve heard before about buying Bristol-Myers Squibb stock shares:

 

What Is Bristol-Myers Squibb Stock?

Bristol-Myers Squibb is a public company. That means that there are no individuals who privately own Bristol-Myers Squibb. So it’s not just some guy or gal who single-handedly owns the entire company.

Most small businesses are private companies, and there is a single owner. But for huge companies, many of them are public companies. And for them, the company is owned by the general public.

For companies like Bristol-Myers Squibb, anyone can pay to own a piece of the company. A share of stock represents one share of ownership in a public company like Bristol-Myers Squibb.

So if you buy a share of Bristol-Myers Squibb stock, you are purchasing one share of an ownership stake in Bristol-Myers Squibb.

 

Can I Make Money From Buying Bristol-Myers Squibb Stock?

It’s certainly possible, although there is no guarantee that you will make money from buying Bristol-Myers Squibb stock.  There is risk involved any time you invest in the stock market.

 

You can check out our guides on how to make money in the stock market and the best stock picking services in order to improve your odds of profitability.

 

What Does Bristol-Myers Squibb Do?

As per Bristol-Myers Squibb’s website:

“Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company’s products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke\/systemic embolism in NVAF, and for the treatment of DVT\/PE; Opdivo for anti-cancer indications; Pomalyst\/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis.”

 

When Was Bristol-Myers Squibb Started?

Bristol-Myers Squibb was incorporated in 1887.

 

Where Is Bristol-Myers Squibb Located?

Bristol-Myers Squibb is headquartered in New York, New York.

 

What Is The Exchange Where Bristol-Myers Squibb Stock Is Traded?

Bristol-Myers Squibb stock is traded on the NYSE exchange.

 

What Sector Is Bristol-Myers Squibb In?

Bristol-Myers Squibb is in the Healthcare sector.

 

What Industry Is Bristol-Myers Squibb In?

Bristol-Myers Squibb is in the Drug Manufacturers-General industry.

Photo of author

James Rochester

James Rochester has decades of stock market experience. He's run his own stock market intelligence firm and is an active trader of stocks, options, and futures.
Want to Say in the Loop?

Get the latest updates we offer about all things "Money" by signing up for the CashBlog newsletter.


As Seen on

The content on Cashblog.com is for informational and educational purposes only. It is not financial advice and we are not certified financial advisors. Cashblog.com strives to keep its information accurate and up to date, but it may differ from actual numbers. We may have financial relationships with companies listed on our site. We may receive compensation for the placement of sponsored products or services. We work hard to write authentic and accurate articles.