Steel Grove Capital Advisors LLC Reduces Holdings in Bristol-Myers Squibb (NYSE:BMY)

Steel Grove Capital Advisors LLC reduced its stake in Bristol-Myers Squibb (NYSE:BMY) by 76.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,939 shares of the biopharmaceutical company’s stock after selling 22,883 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Bristol-Myers Squibb were worth $356,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dakota Wealth Management bought a new stake in shares of Bristol-Myers Squibb in the first quarter worth about $332,000. Covestor Ltd lifted its holdings in Bristol-Myers Squibb by 111.5% in the 1st quarter. Covestor Ltd now owns 2,052 shares of the biopharmaceutical company’s stock worth $150,000 after buying an additional 1,082 shares during the period. NewEdge Advisors LLC increased its stake in shares of Bristol-Myers Squibb by 53.2% during the first quarter. NewEdge Advisors LLC now owns 165,336 shares of the biopharmaceutical company’s stock valued at $12,075,000 after buying an additional 57,444 shares during the period. Ergoteles LLC bought a new position in shares of Bristol-Myers Squibb during the first quarter valued at approximately $1,997,000. Finally, Mackenzie Financial Corp lifted its stake in Bristol-Myers Squibb by 25.1% in the first quarter. Mackenzie Financial Corp now owns 338,563 shares of the biopharmaceutical company’s stock worth $24,725,000 after acquiring an additional 68,018 shares during the period. Institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Up 2.0 %

Shares of BMY stock traded up $1.09 during mid-day trading on Thursday, hitting $54.34. The company’s stock had a trading volume of 6,885,685 shares, compared to its average volume of 16,747,086. Bristol-Myers Squibb has a 52-week low of $47.58 and a 52-week high of $71.07. The business has a 50-day moving average price of $50.73 and a 200 day moving average price of $52.43. The stock has a market cap of $110.13 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.59 and a beta of 0.38. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.31 and a current ratio of 1.43.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Friday, February 2nd. The biopharmaceutical company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.15. Bristol-Myers Squibb had a net margin of 17.83% and a return on equity of 50.95%. The firm had revenue of $11.48 billion for the quarter, compared to the consensus estimate of $11.19 billion. During the same quarter last year, the firm posted $1.82 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year. Research analysts predict that Bristol-Myers Squibb will post 6.61 EPS for the current fiscal year.

Bristol-Myers Squibb announced that its board has approved a stock buyback plan on Thursday, December 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy up to 2.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Bristol-Myers Squibb Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.42%. Bristol-Myers Squibb’s dividend payout ratio is presently 62.18%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BMY shares. Bank of America downgraded shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $60.00 in a research report on Wednesday, January 3rd. Redburn Atlantic lowered shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $77.00 to $54.00 in a report on Tuesday, February 6th. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. Wells Fargo & Company dropped their price target on Bristol-Myers Squibb from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 6th. Finally, Societe Generale downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Monday, March 11th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.12.

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.