Spinnaker Trust Decreases Stake in Bristol-Myers Squibb (NYSE:BMY)

Spinnaker Trust trimmed its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 2.0% during the third quarter, Holdings Channel reports. The institutional investor owned 14,920 shares of the biopharmaceutical company’s stock after selling 310 shares during the quarter. Spinnaker Trust’s holdings in Bristol-Myers Squibb were worth $772,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BMY. Concurrent Investment Advisors LLC increased its position in shares of Bristol-Myers Squibb by 8.7% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 28,164 shares of the biopharmaceutical company’s stock valued at $1,457,000 after purchasing an additional 2,255 shares during the last quarter. Maia Wealth LLC acquired a new position in shares of Bristol-Myers Squibb during the third quarter worth $211,000. Benchmark Financial Wealth Advisors LLC raised its stake in Bristol-Myers Squibb by 5.0% in the third quarter. Benchmark Financial Wealth Advisors LLC now owns 19,550 shares of the biopharmaceutical company’s stock valued at $1,012,000 after buying an additional 933 shares in the last quarter. Radnor Capital Management LLC purchased a new stake in Bristol-Myers Squibb during the 3rd quarter worth about $4,629,000. Finally, Callahan Advisors LLC boosted its position in shares of Bristol-Myers Squibb by 16.2% during the 3rd quarter. Callahan Advisors LLC now owns 6,714 shares of the biopharmaceutical company’s stock worth $347,000 after acquiring an additional 934 shares in the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BMY. UBS Group raised their target price on Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Barclays boosted their price objective on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Jefferies Financial Group boosted their price target on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Bristol-Myers Squibb in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $53.00.

Bristol-Myers Squibb Price Performance

Bristol-Myers Squibb stock opened at $55.28 on Thursday. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The business has a 50 day simple moving average of $51.69 and a 200-day simple moving average of $46.72. Bristol-Myers Squibb has a 12 month low of $39.35 and a 12 month high of $56.80. The stock has a market capitalization of $112.12 billion, a PE ratio of -15.40, a price-to-earnings-growth ratio of 13.14 and a beta of 0.44.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.49 by $0.31. The company had revenue of $11.89 billion during the quarter, compared to analysts’ expectations of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. The business’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $2.00 EPS. Equities analysts predict that Bristol-Myers Squibb will post 0.83 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date was Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio is presently -66.85%.

Insider Transactions at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Samit Hirawat purchased 1,830 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were purchased at an average cost of $54.67 per share, for a total transaction of $100,046.10. Following the completion of the purchase, the executive vice president now directly owns 62,109 shares in the company, valued at $3,395,499.03. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Phil M. Holzer sold 700 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $55.62, for a total value of $38,934.00. Following the completion of the sale, the senior vice president now owns 11,760 shares in the company, valued at $654,091.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Samit Hirawat bought 1,830 shares of the stock in a transaction on Friday, November 1st. The shares were bought at an average price of $54.67 per share, for a total transaction of $100,046.10. Following the completion of the transaction, the executive vice president now directly owns 62,109 shares of the company’s stock, valued at $3,395,499.03. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.09% of the company’s stock.

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.