Summit Global Investments Lowers Stake in Bristol-Myers Squibb (NYSE:BMY)

Summit Global Investments cut its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 57.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,680 shares of the biopharmaceutical company’s stock after selling 15,685 shares during the period. Summit Global Investments’ holdings in Bristol-Myers Squibb were worth $661,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC bought a new position in Bristol-Myers Squibb during the 4th quarter worth about $360,000. Atlas Wealth LLC bought a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at approximately $221,000. MRP Capital Investments LLC increased its holdings in Bristol-Myers Squibb by 16,034.5% during the fourth quarter. MRP Capital Investments LLC now owns 9,358 shares of the biopharmaceutical company’s stock valued at $529,000 after buying an additional 9,300 shares during the period. 1620 Investment Advisors Inc. raised its stake in Bristol-Myers Squibb by 47.4% in the fourth quarter. 1620 Investment Advisors Inc. now owns 13,698 shares of the biopharmaceutical company’s stock worth $775,000 after buying an additional 4,407 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its position in Bristol-Myers Squibb by 3.0% during the 4th quarter. TD Private Client Wealth LLC now owns 84,457 shares of the biopharmaceutical company’s stock valued at $4,777,000 after acquiring an additional 2,449 shares in the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Performance

NYSE:BMY opened at $61.06 on Monday. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $63.33. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.15 and a current ratio of 1.25. The company has a 50 day moving average price of $58.17 and a 200 day moving average price of $55.97. The stock has a market capitalization of $123.92 billion, a P/E ratio of -13.82, a PEG ratio of 2.07 and a beta of 0.43.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.93% and a negative net margin of 18.53%. Equities research analysts forecast that Bristol-Myers Squibb will post 6.74 EPS for the current year.

Bristol-Myers Squibb Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 4th will be given a $0.62 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.48 annualized dividend and a yield of 4.06%. Bristol-Myers Squibb’s dividend payout ratio is presently -56.11%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Bank of America reaffirmed a “neutral” rating and issued a $63.00 price objective on shares of Bristol-Myers Squibb in a research report on Tuesday, December 10th. Wells Fargo & Company raised their price objective on shares of Bristol-Myers Squibb from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Cantor Fitzgerald raised their price target on shares of Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Citigroup boosted their price target on Bristol-Myers Squibb from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Finally, Truist Financial boosted their price target on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $57.86.

Insiders Place Their Bets

In related news, EVP Samit Hirawat bought 1,823 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was purchased at an average cost of $54.84 per share, for a total transaction of $99,973.32. Following the completion of the acquisition, the executive vice president now owns 63,932 shares in the company, valued at approximately $3,506,030.88. This trade represents a 2.94 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

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.