Gilman Hill Asset Management LLC Reduces Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Gilman Hill Asset Management LLC lowered its holdings in shares of Bristol-Myers Squibb (NYSE:BMYGet Rating) by 7.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,421 shares of the biopharmaceutical company’s stock after selling 4,498 shares during the period. Gilman Hill Asset Management LLC’s holdings in Bristol-Myers Squibb were worth $4,190,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BMY. Capital International Investors acquired a new position in Bristol-Myers Squibb during the 1st quarter worth $1,672,455,000. Norges Bank acquired a new position in Bristol-Myers Squibb in the fourth quarter valued at $1,413,962,000. California Public Employees Retirement System raised its holdings in shares of Bristol-Myers Squibb by 59.0% in the 1st quarter. California Public Employees Retirement System now owns 11,771,544 shares of the biopharmaceutical company’s stock worth $859,676,000 after acquiring an additional 4,367,193 shares during the last quarter. Eaton Vance Management grew its position in Bristol-Myers Squibb by 52.8% in the 1st quarter. Eaton Vance Management now owns 7,329,809 shares of the biopharmaceutical company’s stock worth $535,296,000 after purchasing an additional 2,532,851 shares in the last quarter. Finally, Pzena Investment Management LLC grew its position in shares of Bristol-Myers Squibb by 213.7% during the 1st quarter. Pzena Investment Management LLC now owns 3,625,787 shares of the biopharmaceutical company’s stock valued at $264,791,000 after acquiring an additional 2,470,079 shares during the period. 76.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BMY has been the subject of several recent analyst reports. BMO Capital Markets lifted their target price on shares of Bristol-Myers Squibb from $92.00 to $94.00 and gave the stock an “outperform” rating in a report on Monday, September 12th. Berenberg Bank cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating and dropped their price target for the company from $82.00 to $76.00 in a research note on Wednesday, September 14th. Raymond James downgraded Bristol-Myers Squibb from an “outperform” rating to a “market perform” rating in a report on Friday, June 3rd. They noted that the move was a valuation call. Bank of America upped their target price on Bristol-Myers Squibb from $78.00 to $80.00 and gave the company a “buy” rating in a report on Monday, June 6th. Finally, Atlantic Securities raised their price objective on Bristol-Myers Squibb from $83.00 to $87.00 and gave the company an “overweight” rating in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bristol-Myers Squibb has an average rating of “Moderate Buy” and a consensus price target of $76.36.

Bristol-Myers Squibb Stock Performance

Shares of Bristol-Myers Squibb stock traded down $0.14 during trading hours on Friday, hitting $71.15. 136,500 shares of the company were exchanged, compared to its average volume of 10,752,010. The company has a current ratio of 1.44, a quick ratio of 1.34 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $151.92 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 1.47 and a beta of 0.43. Bristol-Myers Squibb has a 1 year low of $53.22 and a 1 year high of $80.59. The business has a 50-day moving average of $72.13 and a 200-day moving average of $74.01.

Bristol-Myers Squibb (NYSE:BMYGet Rating) last issued its earnings results on Wednesday, July 27th. The biopharmaceutical company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. The company had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.50 billion. Bristol-Myers Squibb had a return on equity of 49.31% and a net margin of 14.04%. The business’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. As a group, analysts expect that Bristol-Myers Squibb will post 7.5 EPS for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.16 annualized dividend and a yield of 3.04%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 71.76%.

Insider Activity

In other news, CFO David V. Elkins sold 133,951 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $71.30, for a total value of $9,550,706.30. Following the transaction, the chief financial officer now owns 100,460 shares of the company’s stock, valued at approximately $7,162,798. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bristol-Myers Squibb news, CFO David V. Elkins sold 133,951 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $71.30, for a total value of $9,550,706.30. Following the sale, the chief financial officer now owns 100,460 shares in the company, valued at $7,162,798. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Powell sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $70.75, for a total value of $1,768,750.00. Following the transaction, the executive vice president now owns 50,476 shares in the company, valued at approximately $3,571,177. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 233,951 shares of company stock worth $16,654,206. Company insiders own 0.09% of the company’s stock.

Bristol-Myers Squibb Profile

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Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis.

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

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