Sompo Asset Management Co. Ltd. Lowers Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Sompo Asset Management Co. Ltd. cut its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,640 shares of the biopharmaceutical company’s stock after selling 2,900 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Bristol-Myers Squibb were worth $1,439,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. ESL Trust Services LLC purchased a new position in Bristol-Myers Squibb in the 1st quarter valued at approximately $27,000. LGT Financial Advisors LLC raised its position in Bristol-Myers Squibb by 42.7% in 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 acquired a new position in shares of Bristol-Myers Squibb during the second quarter worth about $39,000. Fairman Group LLC acquired a new stake in Bristol-Myers Squibb in the fourth quarter valued at approximately $42,000. Finally, Beach Investment Counsel Inc. PA purchased a new position in Bristol-Myers Squibb in the second quarter worth approximately $42,000. Institutional investors and hedge funds own 76.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BMY shares. StockNews.com raised shares of Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Bristol-Myers Squibb in a research report on Monday, September 16th. Jefferies Financial Group upped their price target on Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, Barclays raised their price objective on shares of Bristol-Myers Squibb from $41.00 to $42.00 and gave the stock an “underweight” rating in a report on Thursday, August 22nd. Two investment 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $55.00.

Bristol-Myers Squibb Trading Up 0.7 %

Shares of BMY opened at $49.38 on Friday. The firm’s 50-day moving average is $47.68 and its two-hundred day moving average is $46.49. The firm has a market capitalization of $100.10 billion, a P/E ratio of -15.93, a PEG ratio of 12.59 and a beta of 0.46. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86. Bristol-Myers Squibb has a twelve month low of $39.35 and a twelve month high of $59.46.

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

Bristol-Myers Squibb Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.86%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently -77.42%.

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.