Bristol Myers Squibb Company $BMY Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Bristol Myers Squibb by 74.9%, selling 5,816,959 shares, and now holds only 1,952,268 shares valued at approximately $119 million.
• Recent analyst ratings for Bristol Myers Squibb show a downgrade to a "buy" rating from a "strong-buy," with Citigroup lowering the price target from $51.00 to $47.00.
• Bristol Myers Squibb reported a quarterly earnings beat with $1.46 earnings per share on revenue of $12.27 billion, exceeding forecasts and improving slightly year-over-year.

Adage Capital Partners GP L.L.C. trimmed its holdings in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,952,268 shares of the biopharmaceutical company's stock after selling 5,816,959 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.10% of Bristol Myers Squibb worth $119,069,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BMY. Pinney & Scofield Inc. bought a new position in shares of Bristol Myers Squibb in the fourth quarter worth about $25,000. Park Square Financial Group LLC purchased a new position in shares of Bristol Myers Squibb during the fourth quarter valued at $26,000. Global Wealth Strategies & Associates increased its stake in shares of Bristol Myers Squibb by 137.5% during the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock valued at $29,000 after buying an additional 275 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Bristol Myers Squibb during the first quarter valued at $31,000. Finally, Accent Capital Management LLC purchased a new position in shares of Bristol Myers Squibb during the first quarter valued at $33,000. 76.41% of the stock is currently owned by institutional investors.

Bristol Myers Squibb Stock Up 0.8%

NYSE BMY traded up $0.39 during trading on Friday, hitting $47.08. The company's stock had a trading volume of 8,227,003 shares, compared to its average volume of 9,276,282. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.21 and a quick ratio of 1.11. The company has a market cap of $95.84 billion, a PE ratio of 18.99, a P/E/G ratio of 2.39 and a beta of 0.35. The business's 50 day simple moving average is $47.09 and its 200-day simple moving average is $50.51. Bristol Myers Squibb Company has a fifty-two week low of $42.96 and a fifty-two week high of $63.33.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.39. The business had revenue of $12.27 billion during the quarter, compared to the consensus estimate of $11.32 billion. Bristol Myers Squibb had a return on equity of 80.04% and a net margin of 10.58%.The company's quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company earned $2.07 earnings per share. Bristol Myers Squibb has set its FY 2025 guidance at 6.350-6.650 EPS. On average, equities analysts anticipate that Bristol Myers Squibb Company will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend was Thursday, July 3rd. Bristol Myers Squibb's dividend payout ratio (DPR) is currently 100.00%.

Insiders Place Their Bets

In related news, EVP David V. Elkins sold 56,000 shares of Bristol Myers Squibb stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $47.33, for a total transaction of $2,650,480.00. Following the completion of the sale, the executive vice president owned 167,379 shares of the company's stock, valued at $7,922,048.07. The trade was a 25.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BMY. Morgan Stanley reaffirmed a "hold" rating on shares of Bristol Myers Squibb in a research report on Thursday, July 31st. Citigroup dropped their price objective on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating on the stock in a research report on Friday, August 1st. Daiwa Capital Markets downgraded Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price objective on the stock. in a research report on Tuesday, August 5th. Wall Street Zen downgraded Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 6th. Finally, Daiwa America downgraded Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Bristol Myers Squibb has a consensus rating of "Hold" and a consensus price target of $56.38.

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.