Wedge Capital Management L L P NC Purchases New Stake in Bristol-Myers Squibb (NYSE:BMY)

Wedge Capital Management L L P NC bought a new stake in Bristol-Myers Squibb (NYSE:BMY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 638,322 shares of the biopharmaceutical company’s stock, valued at approximately $33,027,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BMY. ESL Trust Services LLC bought a new stake in Bristol-Myers Squibb in the 1st quarter valued at about $27,000. LGT Financial Advisors LLC lifted its stake in shares of Bristol-Myers Squibb by 42.7% during the 2nd quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 227 shares in the last quarter. ORG Wealth Partners LLC bought a new position in Bristol-Myers Squibb in the 3rd quarter worth approximately $34,000. MFA Wealth Advisors LLC purchased a new position in Bristol-Myers Squibb in the 2nd quarter valued at approximately $39,000. Finally, Fairman Group LLC bought a new stake in Bristol-Myers Squibb during the 4th quarter valued at $42,000. 76.41% of the stock is owned by institutional investors.

Bristol-Myers Squibb Stock Performance

Bristol-Myers Squibb stock traded up $0.31 during mid-day trading on Monday, reaching $52.51. 1,707,953 shares of the stock traded hands, compared to its average volume of 14,855,794. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $57.65. The stock has a market capitalization of $106.44 billion, a PE ratio of -16.84, a price-to-earnings-growth ratio of 13.75 and a beta of 0.46. 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 business’s 50-day moving average is $49.75 and its 200-day moving average is $46.34.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, beating 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 business had revenue of $12.20 billion during 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% on a year-over-year basis. As a group, sell-side analysts predict that Bristol-Myers Squibb will post 0.77 EPS for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.57%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -77.42%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BMY shares. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Jefferies Financial Group boosted their price target on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Deutsche Bank Aktiengesellschaft cut 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. Barclays raised their price target on Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 target price on shares of Bristol-Myers Squibb in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $53.00.

Bristol-Myers Squibb 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.