Exchange Capital Management Inc. Trims Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

14 Jan 2024, 19:28 by Danessa Lincoln · The Markets Daily

Exchange Capital Management Inc. trimmed its holdings in Bristol-Myers Squibb (NYSE:BMY – Free Report) by 3.7% in the third quarter, Holdings Channel reports. The institutional investor owned 36,345 shares of the biopharmaceutical company’s stock after selling 1,394 shares during the quarter. Exchange Capital Management Inc.’s holdings in Bristol-Myers Squibb were worth $2,109,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Bristol-Myers Squibb by 86,002.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 659,143,253 shares of the biopharmaceutical company’s stock valued at $42,152,211,000 after purchasing an additional 658,377,716 shares during the period. State Street Corp boosted its holdings in Bristol-Myers Squibb by 0.9% in the 2nd quarter. State Street Corp now owns 92,570,288 shares of the biopharmaceutical company’s stock valued at $5,919,870,000 after purchasing an additional 858,922 shares during the period. Capital International Investors boosted its holdings in Bristol-Myers Squibb by 12.8% in the 2nd quarter. Capital International Investors now owns 69,296,006 shares of the biopharmaceutical company’s stock valued at $4,431,517,000 after purchasing an additional 7,878,833 shares during the period. Geode Capital Management LLC boosted its holdings in Bristol-Myers Squibb by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 39,034,341 shares of the biopharmaceutical company’s stock valued at $2,489,314,000 after purchasing an additional 225,065 shares during the period. Finally, Norges Bank bought a new position in Bristol-Myers Squibb in the 4th quarter valued at $1,873,696,000. 74.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and set a $84.00 price objective on shares of Bristol-Myers Squibb in a report on Friday, October 6th. StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 27th. 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. BMO Capital Markets downgraded shares of Bristol-Myers Squibb from an “outperform” rating to a “market perform” rating and set a $60.00 price target for the company. in a research note on Friday, October 27th. Finally, The Goldman Sachs Group lowered their price target on shares of Bristol-Myers Squibb from $81.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, fourteen have issued 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.41.

Check Out Our Latest Research Report on BMY

Insider Buying and Selling

In other Bristol-Myers Squibb news, Director Theodore R. Samuels II acquired 8,500 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average price of $49.81 per share, with a total value of $423,385.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bristol-Myers Squibb news, Director Theodore R. Samuels II acquired 8,500 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average price of $49.81 per share, with a total value of $423,385.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher S. Boerner acquired 3,071 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were acquired at an average cost of $48.86 per share, for a total transaction of $150,049.06. Following the purchase, the chief executive officer now directly owns 79,384 shares of the company’s stock, valued at $3,878,702.24. The disclosure for this purchase can be found here. Insiders have acquired 13,571 shares of company stock valued at $672,994 over the last quarter. Corporate insiders own 0.09% of the company’s stock.

Bristol-Myers Squibb Price Performance

Shares of NYSE BMY opened at $50.31 on Friday. Bristol-Myers Squibb has a 1 year low of $48.25 and a 1 year high of $75.18. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.18 and a quick ratio of 1.07. The company’s 50-day moving average is $50.82 and its 200 day moving average is $56.66. The stock has a market capitalization of $102.37 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.37 and a beta of 0.35.

Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last announced its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.24. Bristol-Myers Squibb had a net margin of 18.44% and a return on equity of 51.59%. The company had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $10.96 billion. During the same quarter in the previous year, the company earned $1.99 earnings per share. Bristol-Myers Squibb’s quarterly revenue was down 2.2% on a year-over-year basis. On average, sell-side analysts expect that Bristol-Myers Squibb will post 7.53 earnings per share for the current year.

Bristol-Myers Squibb Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Friday, January 5th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, January 4th. This represents a $2.40 annualized dividend and a yield of 4.77%. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.57. Bristol-Myers Squibb’s payout ratio is presently 60.91%.

Bristol-Myers Squibb declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the biopharmaceutical company to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.

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