Bedel Financial Consulting Inc. trimmed its stake in Bristol-Myers Squibb Co (NYSE:BMY) by 14.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,337 shares of the biopharmaceutical company’s stock after selling 894 shares during the quarter. Bedel Financial Consulting Inc.’s holdings in Bristol-Myers Squibb were worth $271,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Bristol-Myers Squibb by 313.9% in the first quarter. FMR LLC now owns 40,851,887 shares of the biopharmaceutical company’s stock valued at $1,949,043,000 after purchasing an additional 30,981,844 shares during the period. Nuveen Asset Management LLC grew its position in shares of Bristol-Myers Squibb by 14,860.1% in the second quarter. Nuveen Asset Management LLC now owns 9,395,120 shares of the biopharmaceutical company’s stock valued at $426,069,000 after purchasing an additional 9,332,319 shares during the period. Baupost Group LLC MA grew its position in shares of Bristol-Myers Squibb by 225.0% in the second quarter. Baupost Group LLC MA now owns 13,000,000 shares of the biopharmaceutical company’s stock valued at $589,550,000 after purchasing an additional 9,000,000 shares during the period. Renaissance Technologies LLC grew its position in shares of Bristol-Myers Squibb by 67.6% in the second quarter. Renaissance Technologies LLC now owns 20,698,607 shares of the biopharmaceutical company’s stock valued at $938,682,000 after purchasing an additional 8,347,432 shares during the period. Finally, BlackRock Inc. grew its position in shares of Bristol-Myers Squibb by 6.7% in the second quarter. BlackRock Inc. now owns 114,798,394 shares of the biopharmaceutical company’s stock valued at $5,206,108,000 after purchasing an additional 7,178,698 shares during the period. 80.17% of the stock is owned by institutional investors.
In other news, Director Robert J. Bertolini purchased 11,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was purchased at an average price of $44.72 per share, with a total value of $491,920.00. Following the completion of the transaction, the director now owns 11,397 shares in the company, valued at $509,673.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by insiders.
Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, July 25th. The biopharmaceutical company reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.12. Bristol-Myers Squibb had a return on equity of 47.63% and a net margin of 26.14%. The firm had revenue of $6.27 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, equities research analysts predict that Bristol-Myers Squibb Co will post 4.29 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Thursday, October 3rd. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently 41.21%.
BMY has been the subject of a number of recent analyst reports. Atlantic Securities raised Bristol-Myers Squibb from a “neutral” rating to an “overweight” rating and set a $63.00 price objective for the company in a research report on Wednesday, August 14th. JPMorgan Chase & Co. set a $62.00 price objective on Bristol-Myers Squibb and gave the company a “buy” rating in a research report on Friday, September 13th. UBS Group lowered their price objective on Bristol-Myers Squibb from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, June 13th. Bank of America lifted their price objective on Bristol-Myers Squibb from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd. Finally, ValuEngine raised Bristol-Myers Squibb from a “sell” rating to a “hold” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $55.74.
Bristol-Myers Squibb Profile
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers drugs in oncology, immunoscience, cardiovascular, and fibrotic diseases. The company's products include Opdivo, a biological product for anti-cancer indications; Eliquis, an oral inhibitor targeted at stroke prevention in adult patients with non-valvular atrial fibrillation, and the prevention and treatment of venous thromboembolic disorders; and Orencia, a biological product for adult patients with moderately to severely active RA and prostate-specific antigen, as well as reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular juvenile idiopathic arthritis.
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