Carnegie Investment Counsel Reduces Position in Bristol-Myers Squibb (NYSE:BMY)

Carnegie Investment Counsel lessened its stake in shares of Bristol-Myers Squibb (NYSE:BMY) by 36.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,539 shares of the biopharmaceutical company’s stock after selling 18,907 shares during the quarter. Carnegie Investment Counsel’s holdings in Bristol-Myers Squibb were worth $1,393,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BMY. Wetzel Investment Advisors Inc. bought a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at approximately $40,000. J.W. Cole Advisors Inc. raised its holdings in shares of Bristol-Myers Squibb by 9.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 31,831 shares of the biopharmaceutical company’s stock valued at $1,633,000 after acquiring an additional 2,773 shares in the last quarter. Lindbrook Capital LLC raised its holdings in shares of Bristol-Myers Squibb by 17.1% during the fourth quarter. Lindbrook Capital LLC now owns 9,436 shares of the biopharmaceutical company’s stock valued at $484,000 after acquiring an additional 1,376 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in Bristol-Myers Squibb by 3.5% in the fourth quarter. Verdence Capital Advisors LLC now owns 42,673 shares of the biopharmaceutical company’s stock worth $2,190,000 after purchasing an additional 1,433 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in Bristol-Myers Squibb in the fourth quarter worth $1,616,000. Institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Performance

Shares of Bristol-Myers Squibb stock traded down $0.11 during trading on Wednesday, hitting $48.87. 941,687 shares of the company’s stock traded hands, compared to its average volume of 15,724,434. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 0.99. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $63.41. The stock has a market capitalization of $99.06 billion, a P/E ratio of -15.78, a PEG ratio of 12.51 and a beta of 0.44. The business has a 50-day simple moving average of $43.99 and a 200-day simple moving average of $46.57.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, beating the consensus estimate of $1.64 by $0.43. The company had revenue of $12.20 billion for the quarter, compared to analysts’ expectations of $11.54 billion. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. Bristol-Myers Squibb’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $1.75 earnings per share. As a group, analysts forecast that Bristol-Myers Squibb will post 0.77 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Friday, July 5th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.91%. The ex-dividend date of this dividend was Friday, July 5th. Bristol-Myers Squibb’s dividend payout ratio is presently -77.42%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BMY shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $45.00 price objective on shares of Bristol-Myers Squibb in a report on Monday, July 22nd. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. Barclays downgraded Bristol-Myers Squibb from an “overweight” rating to an “equal weight” rating and set a $41.00 price objective for the company. in a report on Monday, July 29th. TD Cowen increased their price objective on Bristol-Myers Squibb from $45.00 to $53.00 and gave the stock a “hold” rating in a report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $54.86.

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.