Avidity Partners Management LP Cuts Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Avidity Partners Management LP lessened its holdings in shares of Bristol-Myers Squibb (NYSE:BMY - Free Report) by 18.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 215,000 shares of the biopharmaceutical company's stock after selling 48,000 shares during the quarter. Avidity Partners Management LP's holdings in Bristol-Myers Squibb were worth $12,160,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BMY. Transce3nd LLC purchased a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at approximately $28,000. Fairway Wealth LLC purchased a new position in Bristol-Myers Squibb during the fourth quarter valued at $28,000. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Bristol-Myers Squibb in the fourth quarter worth $34,000. Westend Capital Management LLC bought a new position in shares of Bristol-Myers Squibb during the fourth quarter valued at $38,000. Finally, Tacita Capital Inc purchased a new position in shares of Bristol-Myers Squibb in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 76.41% of the company's stock.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock traded up $0.06 during mid-day trading on Wednesday, reaching $47.63. 15,857,611 shares of the company's stock traded hands, compared to its average volume of 13,025,287. Bristol-Myers Squibb has a 12 month low of $39.35 and a 12 month high of $63.33. The firm has a 50 day moving average price of $55.31 and a two-hundred day moving average price of $56.33. The firm has a market capitalization of $96.94 billion, a PE ratio of -10.78, a price-to-earnings-growth ratio of 2.07 and a beta of 0.39. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.15 and a current ratio of 1.25.

Bristol-Myers Squibb (NYSE:BMY - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The biopharmaceutical company reported $1.80 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. Bristol-Myers Squibb had a positive return on equity of 13.93% and a negative net margin of 18.53%. The business had revenue of $11.20 billion during the quarter, compared to analysts' expectations of $10.77 billion. During the same quarter in the prior year, the business posted ($4.40) earnings per share. The business's quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts forecast that Bristol-Myers Squibb will post 6.74 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 4th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, April 4th. This represents a $2.48 annualized dividend and a dividend yield of 5.21%. Bristol-Myers Squibb's payout ratio is 92.88%.

Insider Activity at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Samit Hirawat acquired 1,823 shares of the stock in a transaction dated Friday, February 14th. The shares were acquired at an average cost of $54.84 per share, for a total transaction of $99,973.32. Following the completion of the transaction, the executive vice president now directly owns 63,932 shares of the company's stock, valued at approximately $3,506,030.88. The trade was a 2.94 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.09% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BMY has been the subject of a number of analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $55.00 price objective on shares of Bristol-Myers Squibb in a research note on Tuesday, April 22nd. Piper Sandler initiated coverage on Bristol-Myers Squibb in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $65.00 target price for the company. UBS Group lowered their price target on Bristol-Myers Squibb from $60.00 to $54.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. William Blair reiterated a "market perform" rating on shares of Bristol-Myers Squibb in a report on Friday, April 25th. Finally, Wells Fargo & Company upped their target price on shares of Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bristol-Myers Squibb presently has a consensus rating of "Hold" and an average target price of $58.00.

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.