Sound Income Strategies LLC has significantly reduced its stake in Bristol Myers Squibb Company (NYSE:BMY – Free Report) by 59.1% during the second quarter, as disclosed in its latest filing with the Securities & Exchange Commission. The firm now holds 2,599 shares of the biopharmaceutical giant after selling 3,751 shares during the quarter, with a total value of approximately $120,000.
Other institutional investors and hedge funds have also adjusted their holdings in Bristol Myers Squibb. Vanguard Group Inc. increased its position by 0.8% in the first quarter, now owning 191,403,004 shares valued at $11.67 billion after acquiring an additional 1,458,488 shares. Similarly, Charles Schwab Investment Management Inc. raised its stake by 0.5%, bringing its total to 60,606,905 shares worth $3.70 billion after purchasing 306,430 shares.
Bank of New York Mellon Corp boosted its holdings by 8.6%, now owning 26,865,073 shares valued at $1.64 billion after adding 2,131,205 shares. Northern Trust Corp also increased its position by 5.3%, owning 25,974,504 shares valued at $1.58 billion after buying 1,316,144 shares. Wellington Management Group LLP made a substantial move, growing its holdings by 297.0% to 23,728,443 shares valued at $1.45 billion after acquiring 17,750,938 shares. Overall, institutional investors and hedge funds own 76.41% of Bristol Myers Squibb’s stock.
Bristol Myers Squibb Stock Up 1.9%
On Wednesday, NYSE:BMY opened at $45.00. The stock’s fifty-day moving average is $46.52, while its two-hundred-day moving average stands at $48.86. Bristol Myers Squibb has recorded a 52-week low of $42.96 and a high of $63.33. The company maintains a debt-to-equity ratio of 2.54, a quick ratio of 1.11, and a current ratio of 1.21. With a market cap of $91.59 billion, the price-to-earnings ratio is 18.15, and the P/E/G ratio is 2.26, with a beta of 0.35.
Bristol Myers Squibb recently reported its quarterly earnings on July 31st, revealing earnings per share (EPS) of $1.46, surpassing the consensus estimate of $1.07 by $0.39. The company achieved a return on equity of 80.04% and a net margin of 10.58%. Revenue for the quarter reached $12.27 billion, exceeding the consensus estimate of $11.32 billion. Compared to the same quarter last year, revenue increased by 0.6%. The company has set its FY 2025 guidance at 6.350-6.650 EPS, with analysts predicting an average EPS of 6.74 for the current year.
Bristol Myers Squibb Dividend Announcement
The company has also announced a quarterly dividend, scheduled for payment on Monday, November 3rd. Shareholders of record on Friday, October 3rd, will receive a dividend of $0.62 per share, with an ex-dividend date of the same day. This translates to an annualized dividend of $2.48, yielding 5.5%. Notably, Bristol Myers Squibb’s dividend payout ratio is currently 100.00%.
Wall Street Analyst Weigh In
Recent evaluations from research analysts have varied for BMY shares. Wall Street Zen downgraded the stock from a “strong-buy” to a “buy” rating on June 6th. Morgan Stanley maintained a “hold” rating on July 31st, while Daiwa America also downgraded the stock to “hold” on August 5th. Citigroup reduced its price target from $51.00 to $47.00, assigning a “neutral” rating. Overall, one analyst has rated the stock as a Strong Buy, four as Buy, fifteen as Hold, and one as Sell, leading to a consensus rating of “Hold” with an average target price of $56.38.
Get Our Latest Analysis on Bristol Myers Squibb
Insider Buying and Selling at Bristol Myers Squibb
In other news, EVP David V. Elkins sold 56,000 shares on September 2nd at an average price of $47.33, totaling $2,650,480. Following this transaction, Elkins owns 167,379 shares valued at approximately $7.92 million, marking a 25.07% decrease in his position. This transaction was disclosed in a filing with the SEC, accessible through this hyperlink. Currently, company insiders hold 0.07% of the stock.
Bristol Myers Squibb Profile
Bristol-Myers Squibb Company is engaged in discovering, developing, licensing, manufacturing, marketing, distributing, and selling biopharmaceutical products globally. Its offerings target various diseases, including hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience. Key products include Eliquis for stroke risk reduction, Opdivo for multiple cancer indications, Pomalyst/Imnovid for multiple myeloma, Orencia for rheumatoid arthritis, and Sprycel for chronic myeloid leukemia.
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