178,284 Shares in Bristol Myers Squibb Company (NYSE:BMY) Purchased by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has acquired 178,284 shares of Bristol Myers Squibb, valued at approximately $10.87 million, during the 1st quarter of this year.
• A number of hedge funds have increased their positions in Bristol Myers Squibb, with Howland Capital Management boosting its stake by 48.3%.
• Wall Street analysts have lowered their price targets for Bristol Myers Squibb, with Jefferies Financial Group recently adjusting its price objective from $70.00 to $68.00.

Alberta Investment Management Corp bought a new stake in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 178,284 shares of the biopharmaceutical company's stock, valued at approximately $10,874,000.

Other institutional investors have also added to or reduced their stakes in the company. Polar Asset Management Partners Inc. purchased a new position in shares of Bristol Myers Squibb in the 4th quarter worth $16,651,000. Avaii Wealth Management LLC raised its holdings in Bristol Myers Squibb by 590.9% in the 1st quarter. Avaii Wealth Management LLC now owns 78,597 shares of the biopharmaceutical company's stock worth $4,794,000 after purchasing an additional 67,221 shares during the period. Assenagon Asset Management S.A. raised its holdings in Bristol Myers Squibb by 1.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 65,038 shares of the biopharmaceutical company's stock worth $3,967,000 after purchasing an additional 869 shares during the period. Shorepoint Capital Partners LLC raised its holdings in Bristol Myers Squibb by 2.2% in the 4th quarter. Shorepoint Capital Partners LLC now owns 58,426 shares of the biopharmaceutical company's stock worth $3,305,000 after purchasing an additional 1,248 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Bristol Myers Squibb by 17.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 550,613 shares of the biopharmaceutical company's stock worth $33,582,000 after purchasing an additional 80,087 shares during the period. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol Myers Squibb Stock Up 2.6%

Shares of NYSE BMY traded up $1.16 during mid-day trading on Monday, reaching $45.39. 14,656,292 shares of the company were exchanged, compared to its average volume of 13,625,376. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 2.54. The stock has a market cap of $92.39 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 2.33 and a beta of 0.36. Bristol Myers Squibb Company has a 1 year low of $42.96 and a 1 year high of $63.33. The firm has a 50-day moving average of $47.51 and a 200 day moving average of $52.23.

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

Bristol Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd were given a dividend of $0.62 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.5%. Bristol Myers Squibb's dividend payout ratio (DPR) is 100.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Argus raised Bristol Myers Squibb to a "hold" rating in a report on Friday, April 25th. Wall Street Zen cut Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $55.00 target price (down from $67.00) on shares of Bristol Myers Squibb in a report on Tuesday, April 8th. Citigroup reduced their price objective on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, Piper Sandler started coverage on Bristol Myers Squibb in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bristol Myers Squibb has an average rating of "Hold" and an average target price of $57.33.

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.