Partnership Wealth Management LLC Trims Holdings in Bristol-Myers Squibb (NYSE:BMY)

Partnership Wealth Management LLC reduced its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 28.6% in the third quarter, HoldingsChannel reports. The fund owned 26,209 shares of the biopharmaceutical company’s stock after selling 10,509 shares during the period. Bristol-Myers Squibb accounts for 1.0% of Partnership Wealth Management LLC’s portfolio, making the stock its 20th biggest holding. Partnership Wealth Management LLC’s holdings in Bristol-Myers Squibb were worth $1,356,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BMY. ESL Trust Services LLC purchased a new position in shares of Bristol-Myers Squibb in the 1st quarter worth about $27,000. LGT Financial Advisors LLC increased its stake in Bristol-Myers Squibb by 42.7% during the 2nd quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 227 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in Bristol-Myers Squibb in the second quarter worth about $39,000. Fairman Group LLC bought a new position in shares of Bristol-Myers Squibb in the fourth quarter worth approximately $42,000. Finally, Beach Investment Counsel Inc. PA purchased a new stake in shares of Bristol-Myers Squibb during the second quarter valued at approximately $42,000. Institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Performance

BMY opened at $52.54 on Wednesday. The company’s 50 day moving average is $49.50 and its 200 day moving average is $46.34. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86. The company has a market cap of $106.50 billion, a price-to-earnings ratio of -16.93, a PEG ratio of 12.96 and a beta of 0.46. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $57.65.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.43. The business had revenue of $12.20 billion for the quarter, compared to analysts’ expectations of $11.54 billion. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.75 EPS. On average, equities research analysts predict that Bristol-Myers Squibb will post 0.77 EPS for the current year.

Bristol-Myers Squibb Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s payout ratio is -77.42%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets restated a “market perform” rating and issued a $48.00 price objective on shares of Bristol-Myers Squibb in a report on Monday, September 23rd. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their price objective on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. TD Cowen lifted their price objective on Bristol-Myers Squibb from $53.00 to $59.00 and gave the stock a “hold” rating in a report on Monday. Finally, Jefferies Financial Group upped their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bristol-Myers Squibb currently has a consensus rating of “Hold” and a consensus price target of $53.43.

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.