Kayne Anderson Rudnick Investment Management LLC Trims Holdings in Bristol-Myers Squibb (NYSE:BMY)

Kayne Anderson Rudnick Investment Management LLC cut its stake in Bristol-Myers Squibb (NYSE:BMY) by 54.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,668 shares of the biopharmaceutical company’s stock after selling 33,946 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Bristol-Myers Squibb were worth $1,191,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Global Assets Advisory LLC acquired a new position in Bristol-Myers Squibb in the 1st quarter valued at about $5,161,000. Lincoln National Corp increased its stake in Bristol-Myers Squibb by 7.7% during the first quarter. Lincoln National Corp now owns 42,894 shares of the biopharmaceutical company’s stock worth $2,326,000 after acquiring an additional 3,052 shares during the last quarter. Chapin Davis Inc. raised its position in Bristol-Myers Squibb by 22.6% in the first quarter. Chapin Davis Inc. now owns 22,544 shares of the biopharmaceutical company’s stock valued at $1,223,000 after purchasing an additional 4,159 shares during the period. Sierra Summit Advisors LLC purchased a new position in shares of Bristol-Myers Squibb during the 4th quarter worth $755,000. Finally, Scotia Capital Inc. increased its position in shares of Bristol-Myers Squibb by 48.6% during the 4th quarter. Scotia Capital Inc. now owns 236,724 shares of the biopharmaceutical company’s stock worth $12,146,000 after purchasing an additional 77,471 shares during the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Stock Performance

NYSE BMY opened at $50.02 on Tuesday. The company has a fifty day moving average of $47.88 and a two-hundred day moving average of $46.38. The company has a market capitalization of $101.39 billion, a PE ratio of -16.13, a P/E/G ratio of 12.59 and a beta of 0.46. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $59.28. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02.

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

Bristol-Myers Squibb Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 4.80%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s payout ratio is currently -77.42%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BMY. Barclays lifted their target price on shares of Bristol-Myers Squibb from $41.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, August 22nd. TD Cowen increased their target price on Bristol-Myers Squibb from $45.00 to $53.00 and gave the stock a “hold” rating in a research note on Monday, August 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 price objective on shares of Bristol-Myers Squibb in a report on Monday, September 16th. BMO Capital Markets reissued a “market perform” rating and issued a $48.00 price target on shares of Bristol-Myers Squibb in a research report on Monday. Finally, Jefferies Financial Group increased their price objective on 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 research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $55.00.

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.