Allstate Corp Reduces Stake in Bristol-Myers Squibb (NYSE:BMY)

Allstate Corp decreased its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 17.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,460 shares of the biopharmaceutical company’s stock after selling 1,117 shares during the quarter. Allstate Corp’s holdings in Bristol-Myers Squibb were worth $280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Bristol-Myers Squibb in the 4th quarter valued at $1,560,524,000. Northern Trust Corp grew its position in Bristol-Myers Squibb by 5.8% during the 3rd quarter. Northern Trust Corp now owns 25,292,711 shares of the biopharmaceutical company’s stock worth $1,467,989,000 after purchasing an additional 1,394,158 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Bristol-Myers Squibb by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 16,959,807 shares of the biopharmaceutical company’s stock valued at $870,198,000 after buying an additional 1,246,066 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Bristol-Myers Squibb by 8.6% during the third quarter. Invesco Ltd. now owns 15,606,587 shares of the biopharmaceutical company’s stock worth $905,806,000 after buying an additional 1,240,902 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Bristol-Myers Squibb by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,361,717 shares of the biopharmaceutical company’s stock valued at $582,970,000 after acquiring an additional 134,815 shares during the period. 76.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BMY has been the topic of several analyst reports. BMO Capital Markets lowered their target price on Bristol-Myers Squibb from $55.00 to $48.00 and set a “market perform” rating on the stock in a research note on Friday, April 26th. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Thursday. Societe Generale downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. William Blair reaffirmed a “market perform” rating on shares of Bristol-Myers Squibb in a report on Monday, April 1st. Finally, Redburn Atlantic downgraded Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $77.00 to $54.00 in a report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $60.00.

Bristol-Myers Squibb Price Performance

Shares of NYSE:BMY traded down $0.18 during midday trading on Friday, hitting $41.36. 6,161,908 shares of the stock were exchanged, compared to its average volume of 15,403,700. The stock has a market cap of $83.84 billion, a P/E ratio of -13.30, a PEG ratio of 14.33 and a beta of 0.45. The company has a current ratio of 1.11, a quick ratio of 0.99 and a debt-to-equity ratio of 2.99. Bristol-Myers Squibb has a twelve month low of $41.07 and a twelve month high of $66.46. The company has a 50 day moving average price of $48.02 and a 200-day moving average price of $49.74.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($4.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.53) by $0.13. The business had revenue of $11.87 billion during the quarter, compared to the consensus estimate of $11.45 billion. Bristol-Myers Squibb had a positive return on equity of 8.83% and a negative net margin of 13.50%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.05 EPS. On average, research analysts forecast that Bristol-Myers Squibb will post 0.59 earnings per share for the current year.

Bristol-Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 5th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date was Thursday, April 4th. Bristol-Myers Squibb’s dividend payout ratio is presently -77.42%.

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.