Bristol-Myers Squibb (NYSE:BMY) Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC trimmed its position in Bristol-Myers Squibb (NYSE:BMY) by 19.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 659,202 shares of the biopharmaceutical company’s stock after selling 157,502 shares during the period. Bristol-Myers Squibb accounts for approximately 2.0% of RNC Capital Management LLC’s holdings, making the stock its 25th largest position. RNC Capital Management LLC’s holdings in Bristol-Myers Squibb were worth $33,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BMY. Dakota Wealth Management acquired a new stake in shares of Bristol-Myers Squibb in the 1st quarter valued at $332,000. Covestor Ltd raised its holdings in shares of Bristol-Myers Squibb by 111.5% in the 1st quarter. Covestor Ltd now owns 2,052 shares of the biopharmaceutical company’s stock valued at $150,000 after purchasing an additional 1,082 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Bristol-Myers Squibb by 53.2% in the 1st quarter. NewEdge Advisors LLC now owns 165,336 shares of the biopharmaceutical company’s stock valued at $12,075,000 after purchasing an additional 57,444 shares in the last quarter. Ergoteles LLC acquired a new stake in shares of Bristol-Myers Squibb in the 1st quarter valued at $1,997,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Bristol-Myers Squibb by 25.1% in the 1st quarter. Mackenzie Financial Corp now owns 338,563 shares of the biopharmaceutical company’s stock valued at $24,725,000 after purchasing an additional 68,018 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on BMY. Bank of America downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and dropped their target price for the company from $68.00 to $60.00 in a research report on Wednesday, January 3rd. Wells Fargo & Company dropped their target price on shares of Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 6th. Societe Generale downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Redburn Atlantic downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and dropped their target price for the company from $77.00 to $54.00 in a research report on Tuesday, February 6th. Finally, StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $61.12.

Bristol-Myers Squibb Stock Up 1.3 %

Shares of NYSE:BMY opened at $53.25 on Thursday. The company has a market cap of $107.92 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.58 and a beta of 0.38. The firm’s 50-day simple moving average is $50.73 and its 200-day simple moving average is $52.43. The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 1.24. Bristol-Myers Squibb has a fifty-two week low of $47.58 and a fifty-two week high of $71.07.

Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.15. The company had revenue of $11.48 billion for the quarter, compared to analyst estimates of $11.19 billion. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 earnings per share. As a group, equities research analysts predict that Bristol-Myers Squibb will post 6.61 earnings per share for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.51%. The ex-dividend date is Thursday, April 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 62.18%.

Bristol-Myers Squibb announced that its Board of Directors has approved a stock buyback program on Thursday, December 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the biopharmaceutical company to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Bristol-Myers Squibb Company Profile

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.