The Manufacturers Life Insurance Company Cuts Holdings in Bristol-Myers Squibb (NYSE:BMY)

The Manufacturers Life Insurance Company lowered its holdings in Bristol-Myers Squibb (NYSE:BMY) by 5.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,623,370 shares of the biopharmaceutical company’s stock after selling 87,704 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Bristol-Myers Squibb worth $91,818,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fairway Wealth LLC bought a new position in shares of Bristol-Myers Squibb during the 4th quarter valued at $28,000. Transce3nd LLC bought a new position in Bristol-Myers Squibb in the fourth quarter valued at about $28,000. Comprehensive Financial Planning Inc. PA purchased a new position in Bristol-Myers Squibb in the fourth quarter worth about $34,000. Westend Capital Management LLC bought a new stake in shares of Bristol-Myers Squibb during the 4th quarter valued at about $38,000. Finally, Tacita Capital Inc bought a new stake in shares of Bristol-Myers Squibb during the 4th quarter valued at about $39,000. 76.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BMY. Cantor Fitzgerald restated a “neutral” rating and set a $55.00 target price on shares of Bristol-Myers Squibb in a research report on Tuesday, April 22nd. Piper Sandler began coverage on shares of Bristol-Myers Squibb in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $65.00 price objective for the company. William Blair reaffirmed a “market perform” rating on shares of Bristol-Myers Squibb in a report on Friday, April 25th. The Goldman Sachs Group reissued a “neutral” rating and set a $55.00 price target (down previously from $67.00) on shares of Bristol-Myers Squibb in a report on Tuesday, April 8th. Finally, Truist Financial lifted their price objective on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $58.00.

Insider Activity

In related news, EVP Samit Hirawat acquired 1,823 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was bought at an average price of $54.84 per share, for a total transaction of $99,973.32. Following the acquisition, the executive vice president now directly owns 63,932 shares of the company’s stock, valued at $3,506,030.88. This represents a 2.94 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.09% of the company’s stock.

Bristol-Myers Squibb Stock Performance

NYSE BMY opened at $49.21 on Wednesday. The company has a market cap of $100.13 billion, a P/E ratio of -11.13, a P/E/G ratio of 2.07 and a beta of 0.41. The business’s 50 day moving average price is $56.11 and its 200-day moving average price is $56.45. 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.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, April 24th. The biopharmaceutical company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.30. The firm had revenue of $11.20 billion during the quarter, compared to analysts’ expectations of $10.77 billion. Bristol-Myers Squibb had a negative net margin of 18.53% and a positive return on equity of 13.93%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($4.40) EPS. Sell-side analysts predict that Bristol-Myers Squibb will post 6.74 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 4th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, April 4th. This represents a $2.48 annualized dividend and a dividend yield of 5.04%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 92.88%.

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.