Sunbelt Securities Inc. increased its stake in Bristol-Myers Squibb Co (NYSE:BMY) by 4.4% during the second quarter, HoldingsChannel.com reports. The fund owned 5,830 shares of the biopharmaceutical company’s stock after buying an additional 246 shares during the period. Sunbelt Securities Inc.’s holdings in Bristol-Myers Squibb were worth $264,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of BMY. Financial Gravity Wealth Inc. acquired a new stake in shares of Bristol-Myers Squibb in the first quarter worth $26,000. Private Ocean LLC acquired a new stake in shares of Bristol-Myers Squibb in the first quarter worth $28,000. Trust Department MB Financial Bank N A acquired a new stake in shares of Bristol-Myers Squibb in the first quarter worth $32,000. James Investment Research Inc. boosted its position in shares of Bristol-Myers Squibb by 36.5% in the first quarter. James Investment Research Inc. now owns 819 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 219 shares during the period. Finally, Endurance Wealth Management Inc. boosted its position in shares of Bristol-Myers Squibb by 119.6% in the second quarter. Endurance Wealth Management Inc. now owns 918 shares of the biopharmaceutical company’s stock worth $42,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 77.37% of the company’s stock.
BMY has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Bristol-Myers Squibb in a research report on Friday, May 3rd. They issued an “overweight” rating and a $62.00 target price for the company. Zacks Investment Research upgraded Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Tuesday, May 7th. Argus lowered Bristol-Myers Squibb from a “buy” rating to a “hold” rating and set a $46.36 price objective on the stock. in a research note on Monday, May 20th. BMO Capital Markets lifted their price objective on Bristol-Myers Squibb from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Finally, UBS Group lowered their price target on Bristol-Myers Squibb from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, June 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Bristol-Myers Squibb currently has an average rating of “Hold” and a consensus target price of $55.88.
Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, July 25th. The biopharmaceutical company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. The company had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.10 billion. Bristol-Myers Squibb had a net margin of 26.14% and a return on equity of 47.63%. Bristol-Myers Squibb’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 earnings per share. Sell-side analysts predict that Bristol-Myers Squibb Co will post 4.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Friday, July 5th were issued a $0.41 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $1.64 annualized dividend and a yield of 3.57%. Bristol-Myers Squibb’s payout ratio is 41.21%.
In other news, Director Robert J. Bertolini bought 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were acquired at an average price of $44.72 per share, for a total transaction of $491,920.00. Following the completion of the acquisition, the director now directly owns 11,397 shares in the company, valued at $509,673.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.13% of the stock is owned by insiders.
Bristol-Myers Squibb Company 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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