Mechanics Bank Trust Department Sells 4,887 Shares of Bristol-Myers Squibb (NYSE:BMY)

Mechanics Bank Trust Department cut its position in Bristol-Myers Squibb (NYSE:BMY) by 7.0% in the second quarter, HoldingsChannel.com reports. The firm owned 64,844 shares of the biopharmaceutical company’s stock after selling 4,887 shares during the period. Mechanics Bank Trust Department’s holdings in Bristol-Myers Squibb were worth $2,693,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Northwest Financial Advisors acquired a new stake in shares of Bristol-Myers Squibb in the 4th quarter worth $27,000. ESL Trust Services LLC purchased a new stake in Bristol-Myers Squibb in the first quarter valued at about $27,000. Accordant Advisory Group Inc acquired a new stake in Bristol-Myers Squibb in the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth about $34,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Bristol-Myers Squibb during the fourth quarter worth about $40,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on BMY. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Wells Fargo & Company lifted their price objective on shares of Bristol-Myers Squibb from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. Barclays lowered Bristol-Myers Squibb from an “overweight” rating to an “equal weight” rating and set a $41.00 target price on the stock. in a research report on Monday, July 29th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $45.00 target price on shares of Bristol-Myers Squibb in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average target price of $55.79.

Bristol-Myers Squibb Price Performance

Shares of NYSE:BMY traded down $0.13 during midday trading on Friday, reaching $46.72. 14,083,504 shares of the company’s stock traded hands, compared to its average volume of 15,967,806. The company has a market cap of $94.71 billion, a P/E ratio of -15.07, a PEG ratio of 12.51 and a beta of 0.44. The company has a fifty day simple moving average of $43.02 and a two-hundred day simple moving average of $46.60. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.99 and a current ratio of 1.16. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $63.41.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.43. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. The business had revenue of $12.20 billion for the quarter, compared to analyst estimates of $11.54 billion. During the same quarter last year, the business earned $1.75 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts predict that Bristol-Myers Squibb will post 0.77 EPS for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Friday, July 5th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date of this dividend was Friday, July 5th. 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.