Associated Banc Corp Sells 28,425 Shares of Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Associated Banc Corp has reduced its holdings in Bristol Myers Squibb by 20.8% in the first quarter, now owning 108,052 shares valued at $6.59 million.
• Research analysts have mixed opinions on Bristol Myers Squibb's stock, with 14 holding, 5 buying, and 1 selling, leading to an average rating of "Hold" and a target price of $56.38.
• Bristol Myers Squibb reported earnings of $1.46 per share for the last quarter, surpassing estimates and generating revenue of $12.27 billion, which was higher than analyst expectations.

Associated Banc Corp lessened its stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 20.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,052 shares of the biopharmaceutical company's stock after selling 28,425 shares during the quarter. Associated Banc Corp's holdings in Bristol Myers Squibb were worth $6,590,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BMY. Marcum Wealth LLC boosted its position in shares of Bristol Myers Squibb by 1.0% during the 1st quarter. Marcum Wealth LLC now owns 19,296 shares of the biopharmaceutical company's stock valued at $1,177,000 after purchasing an additional 193 shares in the last quarter. Beacon Investment Advisory Services Inc. boosted its holdings in shares of Bristol Myers Squibb by 2.7% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 8,063 shares of the biopharmaceutical company's stock worth $492,000 after buying an additional 212 shares in the last quarter. 1858 Wealth Management LLC grew its position in shares of Bristol Myers Squibb by 3.6% during the 1st quarter. 1858 Wealth Management LLC now owns 6,421 shares of the biopharmaceutical company's stock worth $392,000 after buying an additional 221 shares during the period. Tompkins Financial Corp increased its stake in shares of Bristol Myers Squibb by 2.5% in the 1st quarter. Tompkins Financial Corp now owns 9,151 shares of the biopharmaceutical company's stock valued at $558,000 after acquiring an additional 225 shares in the last quarter. Finally, LS Investment Advisors LLC lifted its position in shares of Bristol Myers Squibb by 1.3% during the 1st quarter. LS Investment Advisors LLC now owns 17,015 shares of the biopharmaceutical company's stock valued at $1,038,000 after acquiring an additional 225 shares during the period. 76.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BMY shares. UBS Group reduced their price target on shares of Bristol Myers Squibb from $60.00 to $54.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Morgan Stanley reaffirmed a "hold" rating on shares of Bristol Myers Squibb in a research report on Thursday, July 31st. Piper Sandler began coverage on Bristol Myers Squibb in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $65.00 price target on the stock. Daiwa Capital Markets cut Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price objective for the company. in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $55.00 target price on shares of Bristol Myers Squibb in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $56.38.

Bristol Myers Squibb Stock Up 1.1%

Bristol Myers Squibb stock traded up $0.50 during midday trading on Thursday, hitting $45.32. 11,839,864 shares of the stock were exchanged, compared to its average volume of 13,897,906. 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 capitalization of $92.24 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 2.29 and a beta of 0.36. Bristol Myers Squibb Company has a 52-week low of $42.96 and a 52-week high of $63.33. The business's 50-day moving average price is $47.36 and its 200-day moving average price is $51.98.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.39. The company 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%. Bristol Myers Squibb's revenue was up .6% on a year-over-year basis. During the same period last year, the business posted $2.07 earnings per share. On average, research analysts expect that Bristol Myers Squibb Company will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 3rd were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend was Thursday, July 3rd. Bristol Myers Squibb's payout ratio is 100.00%.

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.