Wealth Effects LLC Lowers Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Wealth Effects LLC cut its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 2.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,927 shares of the biopharmaceutical company’s stock after selling 259 shares during the quarter. Wealth Effects LLC’s holdings in Bristol-Myers Squibb were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Great Diamond Partners LLC boosted its holdings in Bristol-Myers Squibb by 9.2% in the fourth quarter. Great Diamond Partners LLC now owns 4,372 shares of the biopharmaceutical company’s stock valued at $224,000 after acquiring an additional 367 shares during the last quarter. Global Assets Advisory LLC acquired a new position in shares of Bristol-Myers Squibb in the 1st quarter valued at about $5,161,000. Principal Securities Inc. purchased a new stake in shares of Bristol-Myers Squibb during the 4th quarter worth about $1,139,000. Lincoln National Corp increased its position in Bristol-Myers Squibb by 7.7% during the 1st quarter. Lincoln National Corp now owns 42,894 shares of the biopharmaceutical company’s stock worth $2,326,000 after purchasing an additional 3,052 shares in the last quarter. Finally, Chapin Davis Inc. raised its holdings in Bristol-Myers Squibb by 22.6% in the first quarter. Chapin Davis Inc. now owns 22,544 shares of the biopharmaceutical company’s stock valued at $1,223,000 after buying an additional 4,159 shares during the period. 76.41% of the stock is owned by institutional investors and hedge funds.

Bristol-Myers Squibb Stock Down 0.8 %

NYSE:BMY traded down $0.41 during mid-day trading on Wednesday, reaching $50.11. The stock had a trading volume of 918,996 shares, compared to its average volume of 15,326,506. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02. The company has a market capitalization of $101.58 billion, a price-to-earnings ratio of -16.30, a price-to-earnings-growth ratio of 12.92 and a beta of 0.44. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $62.00. The stock’s 50 day simple moving average is $45.49 and its two-hundred day simple moving average is $46.56.

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

Bristol-Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Friday, July 5th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.79%. The ex-dividend date was Friday, July 5th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is -77.42%.

Wall Street Analyst Weigh In

BMY has been the topic of several recent research reports. TD Cowen lifted their target price on shares of Bristol-Myers Squibb from $45.00 to $53.00 and gave the company a “hold” rating in a report on Monday, August 12th. Barclays raised their target price on Bristol-Myers Squibb from $41.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, August 22nd. Jefferies Financial Group boosted their price target on Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.67.

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.