Cornerstone Wealth Group LLC Lowers Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Cornerstone Wealth Group LLC cut its holdings in Bristol-Myers Squibb (NYSE:BMY) by 4.9% during the third quarter, Holdings Channel reports. The institutional investor owned 13,206 shares of the biopharmaceutical company’s stock after selling 680 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Bristol-Myers Squibb were worth $683,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Oak Harvest Investment Services purchased a new stake in shares of Bristol-Myers Squibb in the third quarter valued at approximately $5,421,000. Diversify Wealth Management LLC boosted its stake in shares of Bristol-Myers Squibb by 9.6% in the third quarter. Diversify Wealth Management LLC now owns 12,837 shares of the biopharmaceutical company’s stock valued at $681,000 after buying an additional 1,122 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Bristol-Myers Squibb by 36.3% in the third quarter. Pinnacle Associates Ltd. now owns 266,041 shares of the biopharmaceutical company’s stock valued at $13,651,000 after buying an additional 70,905 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of Bristol-Myers Squibb by 54.8% in the third quarter. First Trust Direct Indexing L.P. now owns 33,428 shares of the biopharmaceutical company’s stock valued at $1,730,000 after buying an additional 11,831 shares in the last quarter. Finally, Gimbal Financial acquired a new position in Bristol-Myers Squibb during the third quarter worth $208,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Performance

Bristol-Myers Squibb stock opened at $55.74 on Friday. The firm has a market capitalization of $113.01 billion, a P/E ratio of -17.10, a PEG ratio of 13.75 and a beta of 0.46. The stock has a fifty day moving average price of $51.14 and a 200 day moving average price of $46.54. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $56.20. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86.

Bristol-Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -73.62%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BMY shares. 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. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They set a “market perform” rating and a $56.00 price objective for the company. UBS Group lifted their price objective on Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. Finally, Citigroup cut Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $75.00 to $55.00 in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bristol-Myers Squibb has a consensus rating of “Hold” and an average target price of $52.38.

Bristol-Myers Squibb 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.