Bristol-Myers Squibb Company (BMY) Stake Lowered by Cadence Capital Management LLC
Cadence Capital Management LLC reduced its holdings in shares of Bristol-Myers Squibb Company (NYSE:BMY) by 3.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 194,432 shares of the biopharmaceutical company’s stock after selling 7,182 shares during the period. Cadence Capital Management LLC’s holdings in Bristol-Myers Squibb were worth $10,834,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp increased its stake in Bristol-Myers Squibb by 1.8% during the 1st quarter. State Street Corp now owns 68,893,779 shares of the biopharmaceutical company’s stock worth $3,746,446,000 after buying an additional 1,223,457 shares during the period. Jennison Associates LLC grew its position in shares of Bristol-Myers Squibb by 5.4% in the 2nd quarter. Jennison Associates LLC now owns 23,118,789 shares of the biopharmaceutical company’s stock valued at $1,288,179,000 after buying an additional 1,184,652 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Bristol-Myers Squibb by 18.7% in the 1st quarter. Ameriprise Financial Inc. now owns 15,547,051 shares of the biopharmaceutical company’s stock valued at $845,504,000 after buying an additional 2,451,390 shares during the last quarter. Legal & General Group Plc grew its position in shares of Bristol-Myers Squibb by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 8,431,348 shares of the biopharmaceutical company’s stock valued at $469,802,000 after buying an additional 217,920 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Bristol-Myers Squibb by 27.2% in the 1st quarter. Swiss National Bank now owns 5,921,670 shares of the biopharmaceutical company’s stock valued at $322,020,000 after buying an additional 1,267,900 shares during the last quarter. 68.93% of the stock is currently owned by hedge funds and other institutional investors.
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A number of analysts recently weighed in on the stock. UBS Group AG (USA) reiterated a “buy” rating and set a $72.00 price target (up previously from $62.00) on shares of Bristol-Myers Squibb in a research note on Friday, October 6th. Vetr upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $67.92 price target for the company in a research note on Monday, October 9th. BMO Capital Markets restated a “sell” rating and issued a $49.00 target price on shares of Bristol-Myers Squibb in a research note on Monday, September 4th. Citigroup Inc raised their price objective on shares of Bristol-Myers Squibb to $72.00 and gave the company a “buy” rating in a research note on Wednesday, October 18th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $66.00 price objective (up previously from $63.00) on shares of Bristol-Myers Squibb in a research note on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $64.93.
In other Bristol-Myers Squibb news, SVP Joseph C. Caldarella sold 9,340 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $60.00, for a total transaction of $560,400.00. Following the sale, the senior vice president now owns 46,297 shares in the company, valued at approximately $2,777,820. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.
Shares of Bristol-Myers Squibb Company (NYSE BMY) opened at $62.22 on Friday. The firm has a market capitalization of $101.85 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.46 and a beta of 1.18. The company has a current ratio of 1.59, a quick ratio of 1.46 and a debt-to-equity ratio of 0.47.
Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.02). Bristol-Myers Squibb had a net margin of 20.56% and a return on equity of 32.41%. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same period in the previous year, the company posted $0.77 earnings per share. Bristol-Myers Squibb’s revenue was up 6.7% compared to the same quarter last year. research analysts predict that Bristol-Myers Squibb Company will post 2.99 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 6th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, October 5th. This represents a $1.56 annualized dividend and a yield of 2.51%. Bristol-Myers Squibb’s payout ratio is presently 61.42%.
Bristol-Myers Squibb Profile
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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