Panagora Asset Management Inc. Boosts Holdings in Bristol Myers Squibb Company $BMY

Key Points

• Panagora Asset Management Inc. has increased its holdings in Bristol Myers Squibb by 21.5% during the first quarter, now owning approximately 2,777,790 shares worth about $169.4 million.
• Analysts have varied opinions on Bristol Myers Squibb, with one research firm lowering its rating from "strong-buy" to "buy" and Citigroup reducing its target price from $51.00 to $47.00.
• The company reported earnings of $1.46 per share for the last quarter, exceeding estimates, along with revenue of $12.27 billion, compared to expectations of $11.32 billion.

Panagora Asset Management Inc. boosted its holdings in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 21.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,777,790 shares of the biopharmaceutical company's stock after buying an additional 490,898 shares during the quarter. Bristol Myers Squibb accounts for approximately 0.8% of Panagora Asset Management Inc.'s holdings, making the stock its 21st biggest position. Panagora Asset Management Inc. owned approximately 0.14% of Bristol Myers Squibb worth $169,417,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Marcum Wealth LLC raised its position in Bristol Myers Squibb by 1.0% in the 1st quarter. Marcum Wealth LLC now owns 19,296 shares of the biopharmaceutical company's stock worth $1,177,000 after buying an additional 193 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its position 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 valued at $492,000 after purchasing an additional 212 shares during the last quarter. 1858 Wealth Management LLC increased 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 valued at $392,000 after purchasing an additional 221 shares during the last quarter. Tompkins Financial Corp increased its position in shares of Bristol Myers Squibb by 2.5% during the 1st quarter. Tompkins Financial Corp now owns 9,151 shares of the biopharmaceutical company's stock valued at $558,000 after purchasing an additional 225 shares during the last quarter. Finally, LS Investment Advisors LLC increased 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 purchasing an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 76.41% of the company's stock.

Bristol Myers Squibb Price Performance

Shares of BMY stock traded down $1.05 on Thursday, reaching $46.46. The company's stock had a trading volume of 2,770,823 shares, compared to its average volume of 13,049,724. The stock's fifty day simple moving average is $47.08 and its 200-day simple moving average is $50.61. Bristol Myers Squibb Company has a 1 year low of $42.96 and a 1 year high of $63.33. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 2.54. The company has a market capitalization of $94.56 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 2.41 and a beta of 0.35.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last posted its earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $12.27 billion during the quarter, compared to analyst estimates of $11.32 billion. During the same period last year, the firm posted $2.07 earnings per share. Bristol Myers Squibb's revenue for the quarter was up .6% compared to the same quarter last year. Bristol Myers Squibb has set its FY 2025 guidance at 6.350-6.650 EPS. Analysts forecast that Bristol Myers Squibb Company will post 6.74 earnings per share for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 3rd were issued a $0.62 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.3%. Bristol Myers Squibb's dividend payout ratio (DPR) is 100.00%.

Analyst Ratings Changes

Several equities research analysts have recently commented on BMY shares. Daiwa Capital Markets lowered shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price target for the company. in a research report on Tuesday, August 5th. Morgan Stanley reiterated a "hold" rating on shares of Bristol Myers Squibb in a research note on Thursday, July 31st. Daiwa America downgraded Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Citigroup cut their price objective on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating for the company in a research note on Friday, August 1st. Finally, Wall Street Zen downgraded Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $56.38.

Insider Buying and Selling at Bristol Myers Squibb

In other Bristol Myers Squibb news, EVP David V. Elkins sold 56,000 shares of Bristol Myers Squibb stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.33, for a total transaction of $2,650,480.00. Following the completion of the transaction, the executive vice president directly owned 167,379 shares of the company's stock, valued at $7,922,048.07. The trade was a 25.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.07% of the company's stock.

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.