Magnetar Financial LLC Takes $636,000 Position in Bristol-Myers Squibb (NYSE:BMY)

Magnetar Financial LLC acquired a new stake in shares of Bristol-Myers Squibb (NYSE:BMY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 15,307 shares of the biopharmaceutical company’s stock, valued at approximately $636,000.

Several other hedge funds have also recently made changes to their positions in BMY. Public Sector Pension Investment Board increased its holdings in Bristol-Myers Squibb by 71.2% during the second quarter. Public Sector Pension Investment Board now owns 77,950 shares of the biopharmaceutical company’s stock valued at $3,237,000 after buying an additional 32,407 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Bristol-Myers Squibb by 14.1% during the second quarter. EverSource Wealth Advisors LLC now owns 5,695 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 703 shares during the last quarter. Fairscale Capital LLC purchased a new stake in Bristol-Myers Squibb during the second quarter valued at approximately $100,000. Itau Unibanco Holding S.A. purchased a new stake in Bristol-Myers Squibb during the second quarter valued at approximately $59,000. Finally, Independent Franchise Partners LLP increased its holdings in Bristol-Myers Squibb by 4.0% during the second quarter. Independent Franchise Partners LLP now owns 14,600,621 shares of the biopharmaceutical company’s stock valued at $606,364,000 after buying an additional 556,295 shares during the last quarter. 76.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Barclays upped 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 raised their price objective on shares of Bristol-Myers Squibb from $45.00 to $53.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Cantor Fitzgerald restated a “neutral” rating and set a $50.00 price objective on shares of Bristol-Myers Squibb in a research report on Monday, September 16th. BMO Capital Markets restated a “market perform” rating and set a $48.00 price objective on shares of Bristol-Myers Squibb in a research report on Monday. Finally, Jefferies Financial Group raised their price objective on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.00.

Bristol-Myers Squibb Stock Performance

Shares of NYSE:BMY opened at $50.95 on Wednesday. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $59.28. The stock has a market capitalization of $103.28 billion, a P/E ratio of -16.44, a PEG ratio of 12.59 and a beta of 0.46. The firm has a fifty day simple moving average of $48.07 and a two-hundred day simple moving average of $46.36. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86.

Bristol-Myers Squibb (NYSE:BMY) last issued 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 negative net margin of 14.06% and a positive return on equity of 12.51%. The business had revenue of $12.20 billion during the quarter, compared to analysts’ expectations of $11.54 billion. During the same period last year, the company posted $1.75 EPS. The business’s revenue was up 8.7% on a year-over-year basis. On average, analysts expect 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 disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be paid a $0.60 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.71%. Bristol-Myers Squibb’s payout ratio is currently -77.42%.

Bristol-Myers Squibb Company 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.