Beacon Harbor Wealth Advisors Inc. Raises Stake in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Beacon Harbor Wealth Advisors Inc. significantly increased its stake in Bristol Myers Squibb, acquiring an additional 114,579 shares, leading to a total of 120,320 shares owned, which represents 1.7% of its portfolio.
• Bristol Myers Squibb reported $1.46 earnings per share for the last quarter, surpassing estimates, with revenue of $12.27 billion, also exceeding expectations.
• The company declared a quarterly dividend of $0.62 per share, resulting in an annual dividend yield of 5.5% and a payout ratio of 100%.

Beacon Harbor Wealth Advisors Inc. boosted its stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 1,995.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 120,320 shares of the biopharmaceutical company's stock after acquiring an additional 114,579 shares during the quarter. Bristol Myers Squibb accounts for about 1.7% of Beacon Harbor Wealth Advisors Inc.'s portfolio, making the stock its 21st biggest holding. Beacon Harbor Wealth Advisors Inc.'s holdings in Bristol Myers Squibb were worth $7,338,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Pinney & Scofield Inc. purchased a new stake in shares of Bristol Myers Squibb in the fourth quarter valued at about $25,000. Park Square Financial Group LLC purchased a new stake in shares of Bristol Myers Squibb in the fourth quarter valued at about $26,000. Global Wealth Strategies & Associates grew its holdings in shares of Bristol Myers Squibb by 137.5% in the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock valued at $29,000 after purchasing an additional 275 shares during the period. Transce3nd LLC purchased a new stake in shares of Bristol Myers Squibb in the fourth quarter valued at about $28,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Bristol Myers Squibb in the first quarter valued at about $31,000. Institutional investors and hedge funds own 76.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BMY. Citigroup dropped their price objective on shares of Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating for the company in a report on Friday, August 1st. Morgan Stanley reissued a "hold" rating on shares of Bristol Myers Squibb in a report on Thursday, July 31st. William Blair reaffirmed a "market perform" rating on shares of Bristol Myers Squibb in a research report on Friday, April 25th. UBS Group decreased their target price on shares of Bristol Myers Squibb from $60.00 to $54.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Jefferies Financial Group decreased their target price on shares of Bristol Myers Squibb from $70.00 to $68.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $56.38.

Bristol Myers Squibb Stock Up 1.3%

Shares of BMY stock traded up $0.60 during trading hours on Friday, reaching $45.96. 9,987,114 shares of the stock were exchanged, compared to its average volume of 13,753,402. The business's fifty day moving average is $47.32 and its two-hundred day moving average is $51.90. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.21 and a quick ratio of 1.11. Bristol Myers Squibb Company has a 12-month low of $42.96 and a 12-month high of $63.33. The firm has a market capitalization of $93.55 billion, a P/E ratio of 18.53, a P/E/G ratio of 2.32 and a beta of 0.36.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its quarterly earnings data 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 net margin of 10.58% and a return on equity of 80.04%. The company's revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.07 EPS. As a group, research analysts expect that Bristol Myers Squibb Company will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.48 annualized dividend and a yield of 5.4%. 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.