Cornerstone Advisors LLC Raises Stock Position in Bristol Myers Squibb Company $BMY

Cornerstone Advisors LLC raised its stake in shares of Bristol Myers Squibb Company (NYSE:BMY) by 128.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,000 shares of the biopharmaceutical company’s stock after purchasing an additional 127,600 shares during the period. Cornerstone Advisors LLC’s holdings in Bristol Myers Squibb were worth $10,508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BMY. Citizens Financial Group Inc. RI boosted its holdings in Bristol Myers Squibb by 25.1% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 44,213 shares of the biopharmaceutical company’s stock worth $2,047,000 after buying an additional 8,876 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Bristol Myers Squibb by 5.6% in the second quarter. Ontario Teachers Pension Plan Board now owns 107,507 shares of the biopharmaceutical company’s stock valued at $4,976,000 after acquiring an additional 5,691 shares in the last quarter. Paragon Capital Management LLC boosted its stake in shares of Bristol Myers Squibb by 2.8% in the second quarter. Paragon Capital Management LLC now owns 18,497 shares of the biopharmaceutical company’s stock worth $856,000 after acquiring an additional 503 shares during the last quarter. WealthTrust Asset Management LLC raised its stake in Bristol Myers Squibb by 3.6% in the 2nd quarter. WealthTrust Asset Management LLC now owns 15,176 shares of the biopharmaceutical company’s stock valued at $702,000 after purchasing an additional 527 shares during the last quarter. Finally, OmniStar Financial Group Inc. lifted its holdings in Bristol Myers Squibb by 13.9% in the 2nd quarter. OmniStar Financial Group Inc. now owns 14,978 shares of the biopharmaceutical company’s stock valued at $693,000 after purchasing an additional 1,826 shares in the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Insider Activity at Bristol Myers Squibb

In other news, EVP David V. Elkins sold 56,000 shares of Bristol Myers Squibb stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.33, for a total value of $2,650,480.00. Following the completion of the sale, the executive vice president directly owned 167,379 shares of the company’s stock, valued at approximately $7,922,048.07. The trade was a 25.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Scotiabank started coverage on shares of Bristol Myers Squibb in a research report on Thursday. They issued a “sector perform” rating and a $45.00 target price for the company. Daiwa Capital Markets downgraded shares of Bristol Myers Squibb from an “outperform” rating to a “neutral” rating and set a $42.00 price objective for the company. in a report on Tuesday, August 5th. Wall Street Zen upgraded Bristol Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Morgan Stanley reiterated a “hold” rating on shares of Bristol Myers Squibb in a research report on Thursday, July 31st. Finally, Dbs Bank upgraded Bristol Myers Squibb to a “moderate buy” rating in a report on Thursday, October 2nd. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bristol Myers Squibb currently has an average rating of “Hold” and a consensus target price of $54.58.

Bristol Myers Squibb Stock Down 4.0%

Shares of BMY opened at $46.67 on Friday. The company’s 50-day moving average price is $45.34 and its 200 day moving average price is $46.68. Bristol Myers Squibb Company has a 12-month low of $42.52 and a 12-month high of $63.33. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 2.54. The firm has a market cap of $95.00 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 2.23 and a beta of 0.33.

Bristol Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, October 30th. The biopharmaceutical company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.11. Bristol Myers Squibb had a net margin of 10.58% and a return on equity of 80.04%. The business had revenue of $12.22 billion during the quarter, compared to analysts’ expectations of $11.75 billion. During the same period last year, the business earned $1.80 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. Bristol Myers Squibb has set its FY 2025 guidance at 6.400-6.600 EPS. On average, sell-side analysts forecast that Bristol Myers Squibb Company will post 6.74 earnings per share for the current year.

Bristol Myers Squibb Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Friday, October 3rd were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Friday, October 3rd. Bristol Myers Squibb’s dividend payout ratio is 83.78%.

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.