NewEdge Advisors LLC Increases Holdings in Bristol-Myers Squibb (NYSE:BMY)

NewEdge Advisors LLC raised its stake in shares of Bristol-Myers Squibb (NYSE:BMY) by 118.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 274,740 shares of the biopharmaceutical company’s stock after buying an additional 148,973 shares during the quarter. NewEdge Advisors LLC’s holdings in Bristol-Myers Squibb were worth $11,410,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BMY. ESL Trust Services LLC purchased a new stake in Bristol-Myers Squibb during the first quarter valued at $27,000. LGT Financial Advisors LLC increased its position in Bristol-Myers Squibb by 42.7% during the second quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 227 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in Bristol-Myers Squibb during the second quarter valued at $39,000. Fairman Group LLC purchased a new stake in Bristol-Myers Squibb during the fourth quarter valued at $42,000. Finally, Beach Investment Counsel Inc. PA purchased a new stake in Bristol-Myers Squibb during the second quarter valued at $42,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.

Bristol-Myers Squibb Trading Up 1.6 %

Shares of BMY stock opened at $51.74 on Tuesday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02. The stock’s 50 day simple moving average is $48.71 and its two-hundred day simple moving average is $46.28. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $58.06. The company has a market cap of $104.88 billion, a PE ratio of -16.69, a price-to-earnings-growth ratio of 12.96 and a beta of 0.46.

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. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The firm had revenue of $12.20 billion for the quarter, compared to the consensus estimate of $11.54 billion. During the same period in the prior year, the business posted $1.75 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Research analysts predict that Bristol-Myers Squibb will post 0.77 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.64%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently -77.42%.

Wall Street Analyst Weigh In

Several research firms have issued reports on BMY. Jefferies Financial Group boosted 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. TD Cowen boosted their price target on Bristol-Myers Squibb from $45.00 to $53.00 and gave the company a “hold” rating in a report on Monday, August 12th. BMO Capital Markets reissued a “market perform” rating and set a $48.00 price target on shares of Bristol-Myers Squibb in a report on Monday, September 23rd. Barclays boosted their price target on Bristol-Myers Squibb from $41.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, August 22nd. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price target on shares of Bristol-Myers Squibb in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.