LGT Fund Management Co Ltd. Acquires New Position in Bristol-Myers Squibb (NYSE:BMY)

LGT Fund Management Co Ltd. bought a new position in shares of Bristol-Myers Squibb (NYSE:BMY) during the 2nd quarter, Holdings Channel reports. The firm bought 17,018 shares of the biopharmaceutical company’s stock, valued at approximately $707,000.

Other hedge funds also recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC increased its stake in Bristol-Myers Squibb by 23.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 5,235 shares of the biopharmaceutical company’s stock valued at $280,000 after purchasing an additional 995 shares in the last quarter. Ironwood Investment Counsel LLC purchased a new position in shares of Bristol-Myers Squibb in the fourth quarter valued at $253,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Bristol-Myers Squibb by 5.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,067,155 shares of the biopharmaceutical company’s stock worth $108,112,000 after buying an additional 100,689 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Bristol-Myers Squibb by 12.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 851,388 shares of the biopharmaceutical company’s stock worth $43,684,000 after buying an additional 96,733 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Bristol-Myers Squibb by 49.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 141,369 shares of the biopharmaceutical company’s stock valued at $7,254,000 after acquiring an additional 47,067 shares during the last quarter. 76.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BMY. Jefferies Financial Group lifted their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Deutsche Bank Aktiengesellschaft reduced their target price on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a research note on Tuesday, July 23rd. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $45.00 price objective on shares of Bristol-Myers Squibb in a research note on Monday, July 22nd. Finally, Barclays lifted their price objective on Bristol-Myers Squibb from $41.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.67.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock opened at $49.28 on Wednesday. The firm has a market capitalization of $99.91 billion, a price-to-earnings ratio of -15.90, a price-to-earnings-growth ratio of 12.62 and a beta of 0.46. The company has a 50 day moving average price of $46.27 and a 200 day moving average price of $46.51. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $61.42. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.02 and a current ratio of 1.16.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings data on Friday, July 26th. The biopharmaceutical company reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.43. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The business had revenue of $12.20 billion during the quarter, compared to the consensus estimate of $11.54 billion. During the same period in the prior year, the firm posted $1.75 EPS. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts anticipate that Bristol-Myers Squibb will post 0.77 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.87%. Bristol-Myers Squibb’s dividend payout ratio is currently -77.42%.

Bristol-Myers Squibb Profile

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.