Bristol-Myers Squibb (NYSE:BMY) Stock Position Boosted by Meritage Portfolio Management

Meritage Portfolio Management raised its position in shares of Bristol-Myers Squibb (NYSE:BMYGet Rating) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,082 shares of the biopharmaceutical company’s stock after buying an additional 1,022 shares during the quarter. Meritage Portfolio Management’s holdings in Bristol-Myers Squibb were worth $5,848,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Eastover Investment Advisors LLC grew its stake in shares of Bristol-Myers Squibb by 13.0% in the first quarter. Eastover Investment Advisors LLC now owns 73,168 shares of the biopharmaceutical company’s stock worth $5,343,000 after acquiring an additional 8,414 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management increased its position in Bristol-Myers Squibb by 59.8% in the first quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 9,234 shares of the biopharmaceutical company’s stock worth $674,000 after purchasing an additional 3,454 shares during the period. Welch & Forbes LLC increased its position in Bristol-Myers Squibb by 3.8% in the first quarter. Welch & Forbes LLC now owns 174,249 shares of the biopharmaceutical company’s stock worth $12,726,000 after purchasing an additional 6,405 shares during the period. Castle Rock Wealth Management LLC grew its position in shares of Bristol-Myers Squibb by 6.2% during the 1st quarter. Castle Rock Wealth Management LLC now owns 4,982 shares of the biopharmaceutical company’s stock worth $381,000 after buying an additional 292 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Bristol-Myers Squibb by 97.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 45,713 shares of the biopharmaceutical company’s stock valued at $3,338,000 after purchasing an additional 22,509 shares in the last quarter. 73.07% of the stock is owned by institutional investors.

Bristol-Myers Squibb stock opened at $75.96 on Wednesday. The firm has a 50 day simple moving average of $76.13 and a 200-day simple moving average of $71.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.32 and a quick ratio of 1.23. Bristol-Myers Squibb has a 1-year low of $53.22 and a 1-year high of $80.59. The stock has a market cap of $161.72 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 1.63 and a beta of 0.45.

Bristol-Myers Squibb (NYSE:BMYGet Rating) last announced its quarterly earnings data on Friday, April 29th. The biopharmaceutical company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.04. The business had revenue of $11.65 billion for the quarter, compared to analyst estimates of $11.34 billion. Bristol-Myers Squibb had a net margin of 13.31% and a return on equity of 48.37%. The company’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.74 EPS. Equities analysts expect that Bristol-Myers Squibb will post 7.58 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 1st will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Thursday, June 30th. Bristol-Myers Squibb’s payout ratio is 76.60%.

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets upped their price objective on Bristol-Myers Squibb from $87.00 to $92.00 in a research note on Monday, May 2nd. Truist Financial increased their target price on Bristol-Myers Squibb from $76.00 to $81.00 in a research report on Monday, May 2nd. Citigroup reaffirmed a “buy” rating and set a $90.00 target price on shares of Bristol-Myers Squibb in a research note on Friday, June 3rd. Guggenheim raised their target price on Bristol-Myers Squibb from $72.00 to $80.00 in a report on Monday, May 2nd. Finally, Bank of America raised their target price on Bristol-Myers Squibb from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, June 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.27.

In related news, CEO Giovanni Caforio sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $74.04, for a total transaction of $2,221,200.00. Following the completion of the transaction, the chief executive officer now owns 551,104 shares of the company’s stock, valued at $40,803,740.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sandra Leung sold 65,000 shares of the stock in a transaction on Monday, June 6th. The stock was sold at an average price of $74.89, for a total transaction of $4,867,850.00. Following the completion of the sale, the executive vice president now directly owns 308,627 shares of the company’s stock, valued at approximately $23,113,076.03. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

About Bristol-Myers Squibb (Get Rating)

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis.

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Institutional Ownership by Quarter for Bristol-Myers Squibb (NYSE:BMY)

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