Atria Investments Inc Reduces Position in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Atria Investments Inc reduced its stake in Bristol Myers Squibb by 11.1%, now owning 162,779 shares worth approximately $9.93 million following the sale of 20,375 shares.
• Wall Street analysts have lowered target prices for Bristol Myers Squibb, with UBS Group adjusting its target from $60.00 to $54.00 and Morgan Stanley from $36.00 to $34.00, maintaining mostly neutral to underweight ratings.
• Bristol Myers Squibb recently announced a quarterly dividend of $0.62 per share, giving it an annualized yield of 5.12% and a payout ratio of 92.88%.

Atria Investments Inc trimmed its holdings in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,779 shares of the biopharmaceutical company's stock after selling 20,375 shares during the quarter. Atria Investments Inc's holdings in Bristol Myers Squibb were worth $9,928,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Polar Asset Management Partners Inc. purchased a new stake in Bristol Myers Squibb in the fourth quarter worth $16,651,000. Avaii Wealth Management LLC boosted its holdings in Bristol Myers Squibb by 590.9% in the first quarter. Avaii Wealth Management LLC now owns 78,597 shares of the biopharmaceutical company's stock worth $4,794,000 after acquiring an additional 67,221 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Bristol Myers Squibb by 1.4% in the first 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 last quarter. Shorepoint Capital Partners LLC raised its stake in shares of Bristol Myers Squibb by 2.2% in the fourth 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 last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Bristol Myers Squibb by 17.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 550,613 shares of the biopharmaceutical company's stock valued at $33,582,000 after buying an additional 80,087 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. UBS Group dropped their price target on Bristol Myers Squibb from $60.00 to $54.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Morgan Stanley decreased their price target on Bristol Myers Squibb from $36.00 to $34.00 and set an "underweight" rating on the stock in a research note on Thursday, July 10th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $55.00 price target on shares of Bristol Myers Squibb in a research note on Tuesday, April 22nd. Wall Street Zen lowered Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Piper Sandler initiated coverage on Bristol Myers Squibb in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Bristol Myers Squibb currently has a consensus rating of "Hold" and a consensus target price of $58.53.

Bristol Myers Squibb Stock Performance

Shares of NYSE BMY traded down $0.46 during trading hours on Monday, reaching $47.97. The stock had a trading volume of 2,493,305 shares, compared to its average volume of 13,274,015. The firm has a market cap of $97.61 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 2.53 and a beta of 0.36. The company has a current ratio of 1.28, a quick ratio of 1.17 and a debt-to-equity ratio of 2.65. Bristol Myers Squibb Company has a fifty-two week low of $44.00 and a fifty-two week high of $63.33. The firm has a 50-day moving average of $47.67 and a 200-day moving average of $52.59.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.30. The company had revenue of $11.20 billion during the quarter, compared to analysts' expectations of $10.77 billion. Bristol Myers Squibb had a return on equity of 87.62% and a net margin of 11.38%. The firm's revenue for the quarter was down 5.6% on a year-over-year basis. During the same period last year, the firm earned ($4.40) EPS. Equities research analysts predict that Bristol Myers Squibb Company will post 6.74 earnings per share for the current year.

Bristol Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 5.17%. The ex-dividend date is Thursday, July 3rd. Bristol Myers Squibb's payout ratio is currently 92.88%.

Bristol Myers Squibb Company 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.