Bristol-Myers Squibb (NYSE:BMY) Shares Sold by Penn Davis Mcfarland Inc.

29 Dec 2023, 16:20 by Renee Jackson · The Cerbat Gem

Penn Davis Mcfarland Inc. cut its position in shares of Bristol-Myers Squibb (NYSE:BMY – Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 370,659 shares of the biopharmaceutical company’s stock after selling 6,782 shares during the quarter. Bristol-Myers Squibb accounts for 3.8% of Penn Davis Mcfarland Inc.’s investment portfolio, making the stock its 12th biggest holding. Penn Davis Mcfarland Inc.’s holdings in Bristol-Myers Squibb were worth $21,513,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Bristol-Myers Squibb by 86,002.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 659,143,253 shares of the biopharmaceutical company’s stock worth $42,152,211,000 after buying an additional 658,377,716 shares during the last quarter. Norges Bank acquired a new position in Bristol-Myers Squibb during the fourth quarter worth about $1,873,696,000. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bristol-Myers Squibb by 114,228.7% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 21,469,785 shares of the biopharmaceutical company’s stock valued at $1,544,751,000 after purchasing an additional 21,451,006 shares in the last quarter. Capital International Investors increased its stake in shares of Bristol-Myers Squibb by 12.8% during the 2nd quarter. Capital International Investors now owns 69,296,006 shares of the biopharmaceutical company’s stock worth $4,431,517,000 after purchasing an additional 7,878,833 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Bristol-Myers Squibb during the 2nd quarter worth approximately $208,647,000. 74.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bristol-Myers Squibb

In related news, Director Theodore R. Samuels II acquired 8,500 shares of the business’s stock in a transaction on Monday, November 20th. The shares were bought at an average cost of $49.81 per share, with a total value of $423,385.00. Following the completion of the transaction, the director now directly owns 35,500 shares of the company’s stock, valued at approximately $1,768,255. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Christopher S. Boerner bought 2,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was acquired at an average cost of $49.78 per share, for a total transaction of $99,560.00. Following the completion of the purchase, the chief executive officer now owns 82,672 shares of the company’s stock, valued at $4,115,412.16. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Theodore R. Samuels II purchased 8,500 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were purchased at an average cost of $49.81 per share, for a total transaction of $423,385.00. Following the purchase, the director now directly owns 35,500 shares in the company, valued at $1,768,255. The disclosure for this purchase can be found here. Insiders acquired 13,571 shares of company stock valued at $672,994 over the last 90 days. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BMY. Barclays lowered their target price on Bristol-Myers Squibb from $60.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 27th. Deutsche Bank Aktiengesellschaft initiated coverage on Bristol-Myers Squibb in a research note on Thursday, November 9th. They set a “hold” rating and a $55.00 price objective on the stock. Truist Financial restated a “buy” rating and issued a $84.00 target price on shares of Bristol-Myers Squibb in a report on Friday, October 6th. Bank of America lowered their price target on shares of Bristol-Myers Squibb from $72.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday. Finally, William Blair downgraded shares of Bristol-Myers Squibb from an “outperform” rating to a “market perform” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bristol-Myers Squibb has a consensus rating of “Hold” and an average target price of $62.88.

Read Our Latest Stock Report on BMY

Bristol-Myers Squibb Stock Up 0.0 %

Shares of NYSE BMY opened at $51.22 on Friday. The stock has a market capitalization of $104.22 billion, a PE ratio of 13.00, a P/E/G ratio of 2.17 and a beta of 0.34. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 1.11. The firm has a fifty day moving average of $51.24 and a 200-day moving average of $57.76. Bristol-Myers Squibb has a 52-week low of $48.25 and a 52-week high of $75.18.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last released its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.24. Bristol-Myers Squibb had a return on equity of 51.59% and a net margin of 18.44%. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.96 billion. During the same period last year, the business posted $1.99 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts anticipate that Bristol-Myers Squibb will post 7.53 EPS for the current year.

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

Bristol-Myers Squibb Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Friday, January 5th will be paid a dividend of $0.60 per share. This is an increase from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. This represents a $2.40 annualized dividend and a yield of 4.69%. The ex-dividend date is Thursday, January 4th. Bristol-Myers Squibb’s payout ratio is currently 57.87%.

About Bristol-Myers Squibb

(Free Report)

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, 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; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.