Douglas Lane & Associates LLC Lowers Position in Bristol-Myers Squibb (NYSE:BMY)

Douglas Lane & Associates LLC lowered its position in Bristol-Myers Squibb (NYSE:BMY) by 0.7% in the 3rd quarter, Holdings Channel reports. The fund owned 1,799,093 shares of the biopharmaceutical company’s stock after selling 13,085 shares during the quarter. Bristol-Myers Squibb accounts for 1.3% of Douglas Lane & Associates LLC’s holdings, making the stock its 22nd biggest holding. Douglas Lane & Associates LLC’s holdings in Bristol-Myers Squibb were worth $93,085,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BMY. Traynor Capital Management Inc. grew its holdings in shares of Bristol-Myers Squibb by 2.8% in the first quarter. Traynor Capital Management Inc. now owns 7,672 shares of the biopharmaceutical company’s stock valued at $416,000 after purchasing an additional 207 shares during the period. Paragon Capital Management LLC lifted its position in Bristol-Myers Squibb by 1.1% in the first quarter. Paragon Capital Management LLC now owns 20,500 shares of the biopharmaceutical company’s stock valued at $1,112,000 after buying an additional 222 shares during the last quarter. OmniStar Financial Group Inc. lifted its position in Bristol-Myers Squibb by 1.7% in the second quarter. OmniStar Financial Group Inc. now owns 13,316 shares of the biopharmaceutical company’s stock valued at $553,000 after buying an additional 224 shares during the last quarter. LGT Financial Advisors LLC lifted its position in Bristol-Myers Squibb by 42.7% in the second quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 227 shares during the last quarter. Finally, Bell Investment Advisors Inc lifted its position in Bristol-Myers Squibb by 18.1% in the first quarter. Bell Investment Advisors Inc now owns 1,537 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 236 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. BMO Capital Markets reissued a “market perform” rating and set a $48.00 price target on shares of Bristol-Myers Squibb in a research report on Monday, September 23rd. Barclays raised their target price on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 target price on shares of Bristol-Myers Squibb in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Finally, StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $53.00.

Bristol-Myers Squibb Stock Performance

Shares of NYSE BMY traded down $0.20 during mid-day trading on Friday, hitting $52.20. 6,041,711 shares of the company were exchanged, compared to its average volume of 14,922,521. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $57.65. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86. The stock has a 50 day simple moving average of $49.75 and a 200-day simple moving average of $46.39. The firm has a market cap of $105.81 billion, a price-to-earnings ratio of -16.84, a price-to-earnings-growth ratio of 13.75 and a beta of 0.46.

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

Bristol-Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -77.42%.

About Bristol-Myers Squibb

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.