Congress Asset Management Co. MA cut its stake in Bristol-Myers Squibb Company (NYSE:BMY) by 98.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,435 shares of the biopharmaceutical company’s stock after selling 531,765 shares during the period. Congress Asset Management Co. MA’s holdings in Bristol-Myers Squibb were worth $513,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp boosted its stake in Bristol-Myers Squibb by 10.8% in the first quarter. Peapack Gladstone Financial Corp now owns 271,973 shares of the biopharmaceutical company’s stock valued at $14,790,000 after buying an additional 26,503 shares in the last quarter. Arthur M. Cohen & Associates LLC boosted its stake in Bristol-Myers Squibb by 51.4% in the first quarter. Arthur M. Cohen & Associates LLC now owns 83,634 shares of the biopharmaceutical company’s stock valued at $3,070,000 after buying an additional 28,380 shares in the last quarter. Private Advisor Group LLC boosted its stake in Bristol-Myers Squibb by 41.8% in the first quarter. Private Advisor Group LLC now owns 285,394 shares of the biopharmaceutical company’s stock valued at $11,957,000 after buying an additional 84,167 shares in the last quarter. Tobam boosted its stake in Bristol-Myers Squibb by 124.5% in the first quarter. Tobam now owns 793,714 shares of the biopharmaceutical company’s stock valued at $43,163,000 after buying an additional 440,170 shares in the last quarter. Finally, Hamel Associates Inc. boosted its stake in Bristol-Myers Squibb by 1.0% in the first quarter. Hamel Associates Inc. now owns 55,042 shares of the biopharmaceutical company’s stock valued at $2,993,000 after buying an additional 525 shares in the last quarter. 69.79% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.01. Bristol-Myers Squibb had a return on equity of 32.33% and a net margin of 22.66%. The company had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $5.09 billion. During the same quarter last year, the business earned $0.69 earnings per share. Bristol-Myers Squibb’s revenue was up 5.6% on a year-over-year basis.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 7th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Wednesday, July 5th. Bristol-Myers Squibb’s payout ratio is currently 56.73%.

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BMY has been the subject of several research reports. BMO Capital Markets cut shares of Bristol-Myers Squibb from a “market perform” rating to an “underperform” rating and set a $47.00 price target for the company. in a report on Wednesday, May 3rd. Robert W. Baird began coverage on shares of Bristol-Myers Squibb in a research note on Tuesday, April 25th. They issued an “outperform” rating for the company. Jefferies Group LLC reiterated a “buy” rating and issued a $64.00 target price on shares of Bristol-Myers Squibb in a research note on Monday, June 5th. Vetr upgraded shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating and set a $58.88 target price for the company in a research note on Monday, June 5th. Finally, BidaskClub cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research note on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $63.33.

In related news, Director Theodore R. Samuels II purchased 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were bought at an average price of $55.94 per share, for a total transaction of $335,640.00. Following the completion of the transaction, the director now owns 18,000 shares of the company’s stock, valued at $1,006,920. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

About Bristol-Myers Squibb

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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Institutional Ownership by Quarter for Bristol-Myers Squibb (NYSE:BMY)

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