RNC Capital Management LLC Has $33.82 Million Stake in Bristol-Myers Squibb (NYSE:BMY)

RNC Capital Management LLC trimmed its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 19.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 659,202 shares of the biopharmaceutical company’s stock after selling 157,502 shares during the quarter. Bristol-Myers Squibb makes up about 2.0% of RNC Capital Management LLC’s investment portfolio, making the stock its 25th largest holding. RNC Capital Management LLC’s holdings in Bristol-Myers Squibb were worth $33,824,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brown Shipley& Co Ltd increased its position in shares of Bristol-Myers Squibb by 1.8% during the second quarter. Brown Shipley& Co Ltd now owns 9,161 shares of the biopharmaceutical company’s stock valued at $38,000 after acquiring an additional 164 shares during the last quarter. Riversedge Advisors LLC increased its position in shares of Bristol-Myers Squibb by 3.2% during the third quarter. Riversedge Advisors LLC now owns 5,691 shares of the biopharmaceutical company’s stock valued at $330,000 after acquiring an additional 178 shares during the last quarter. Vicus Capital increased its position in shares of Bristol-Myers Squibb by 3.9% during the third quarter. Vicus Capital now owns 4,824 shares of the biopharmaceutical company’s stock valued at $280,000 after acquiring an additional 179 shares during the last quarter. Front Row Advisors LLC increased its position in shares of Bristol-Myers Squibb by 17.5% during the fourth quarter. Front Row Advisors LLC now owns 1,222 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 182 shares during the last quarter. Finally, Cassia Capital Partners LLC increased its position in shares of Bristol-Myers Squibb by 2.3% during the third quarter. Cassia Capital Partners LLC now owns 7,931 shares of the biopharmaceutical company’s stock valued at $460,000 after acquiring an additional 182 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb Stock Up 1.3 %

BMY opened at $53.25 on Thursday. The firm has a 50-day simple moving average of $50.73 and a two-hundred day simple moving average of $52.43. Bristol-Myers Squibb has a 52 week low of $47.58 and a 52 week high of $71.07. The company has a market capitalization of $107.92 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.58 and a beta of 0.38. The company has a quick ratio of 1.31, a current ratio of 1.43 and a debt-to-equity ratio of 1.24.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Friday, February 2nd. The biopharmaceutical company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.55 by $0.15. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. The business had revenue of $11.48 billion during the quarter, compared to the consensus estimate of $11.19 billion. During the same quarter in the prior year, the firm earned $1.82 EPS. The business’s revenue was up .6% on a year-over-year basis. Analysts forecast that Bristol-Myers Squibb will post 6.61 earnings per share for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 5th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.51%. The ex-dividend date of this dividend is Thursday, April 4th. Bristol-Myers Squibb’s dividend payout ratio is 62.18%.

Bristol-Myers Squibb announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the biopharmaceutical company to repurchase up to 2.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Friday, March 1st. Redburn Atlantic lowered Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $77.00 to $54.00 in a report on Tuesday, February 6th. Societe Generale lowered Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. Wells Fargo & Company reduced their price objective on Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating for the company in a report on Tuesday, February 6th. Finally, Bank of America lowered Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and cut their price target for the stock from $68.00 to $60.00 in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $61.12.

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.