Bank of Nova Scotia Has $21.28 Million Stock Position in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Bank of Nova Scotia has reduced its stake in Bristol Myers Squibb by 40.0%, holding 348,894 shares valued at approximately $21.3 million after selling 232,856 shares.
• Several institutional investors, including Ameriprise Financial Inc. and Capital International Investors, have increased their holdings in Bristol Myers Squibb, demonstrating strong institutional interest in the stock.
• Bristol Myers Squibb recently reported earnings of $1.46 EPS, exceeding analyst estimates, with revenue growth of 0.6% year-over-year and a declared quarterly dividend yielding 5.6%.

Bank of Nova Scotia cut its position in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 40.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 348,894 shares of the biopharmaceutical company's stock after selling 232,856 shares during the quarter. Bank of Nova Scotia's holdings in Bristol Myers Squibb were worth $21,279,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BMY. Pinney & Scofield Inc. bought a new position in Bristol Myers Squibb during the 4th quarter valued at $25,000. Park Square Financial Group LLC acquired a new stake in shares of Bristol Myers Squibb during the fourth quarter worth $26,000. Transce3nd LLC acquired a new stake in shares of Bristol Myers Squibb during the fourth quarter worth $28,000. Global Wealth Strategies & Associates increased its holdings in shares of Bristol Myers Squibb by 137.5% in the 1st quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 275 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Bristol Myers Squibb in the 1st quarter worth about $31,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMY. Daiwa America cut shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a report on Tuesday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $55.00 price objective (down previously from $67.00) on shares of Bristol Myers Squibb in a report on Tuesday, April 8th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $55.00 price objective on shares of Bristol Myers Squibb in a report on Tuesday, April 22nd. Wall Street Zen cut shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. Finally, William Blair reiterated a "market perform" rating on shares of Bristol Myers Squibb in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bristol Myers Squibb presently has a consensus rating of "Hold" and a consensus target price of $56.38.

Bristol Myers Squibb Price Performance

Shares of NYSE:BMY traded down $1.03 during trading hours on Wednesday, hitting $44.82. 11,314,459 shares of the company's stock traded hands, compared to its average volume of 13,929,144. Bristol Myers Squibb Company has a 52 week low of $42.96 and a 52 week high of $63.33. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.11 and a current ratio of 1.21. The company's fifty day simple moving average is $47.46 and its two-hundred day simple moving average is $52.11. The company has a market cap of $91.24 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.35 and a beta of 0.36.

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

Bristol Myers Squibb Announces Dividend

The company also recently announced 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 dividend yield of 5.5%. The ex-dividend date was Thursday, July 3rd. Bristol Myers Squibb's dividend payout ratio (DPR) is presently 100.00%.

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.