Bristol Myers Squibb Company $BMY Shares Sold by AIA Group Ltd

Key Points

• AIA Group reduced its Bristol Myers Squibb stake by 20.6% in the third quarter, selling 30,808 shares and retaining 118,761 shares valued at about $7.4 million.
• Bristol Myers Squibb reported quarterly EPS of $1.35, beating estimates of $1.10, while revenue rose 6.9% year over year to $13.07 billion.
• Analysts’ average rating is Hold, with an average price target of $65.46; the company also pays a quarterly dividend of $0.63 per share, a 3.9% yield at the reported price.

AIA Group Ltd cut its stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 20.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,761 shares of the biopharmaceutical company's stock after selling 30,808 shares during the period. AIA Group Ltd's holdings in Bristol Myers Squibb were worth $7,411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA acquired a new position in Bristol Myers Squibb during the second quarter worth about $1,436,115,000. Legal & General Group Plc purchased a new stake in shares of Bristol Myers Squibb in the second quarter valued at $980,862,000. BlackRock Inc. increased its stake in shares of Bristol Myers Squibb by 5.1% during the 2nd quarter. BlackRock Inc. now owns 180,384,994 shares of the biopharmaceutical company's stock valued at $10,393,783,000 after acquiring an additional 8,702,106 shares during the last quarter. State Street Corp increased its position in Bristol Myers Squibb by 7.3% during the second quarter. State Street Corp now owns 105,757,638 shares of the biopharmaceutical company's stock worth $6,093,755,000 after purchasing an additional 7,192,724 shares during the last quarter. Finally, Caisse de depot et placement du Quebec purchased a new position in Bristol Myers Squibb during the second quarter worth approximately $243,646,000. Institutional investors and hedge funds own 76.41% of the company's stock.

Bristol Myers Squibb Trading Up 4.1%

NYSE BMY opened at $64.21 on Thursday. The company has a current ratio of 1.59, a quick ratio of 1.44 and a debt-to-equity ratio of 1.79. Bristol Myers Squibb Company has a 1-year low of $45.26 and a 1-year high of $68.64. The firm's fifty day simple moving average is $62.53 and its 200-day simple moving average is $60.03. The company has a market capitalization of $131.26 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 0.32 and a beta of 0.20.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.25. Bristol Myers Squibb had a return on equity of 60.48% and a net margin of 18.47%. The firm had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.72 billion. During the same quarter last year, the firm earned $1.63 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Bristol Myers Squibb Company will post 6.45 earnings per share for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Friday, October 2nd were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Friday, October 2nd. Bristol Myers Squibb's payout ratio is currently 55.88%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Rothschild & Co Redburn boosted their price objective on shares of Bristol Myers Squibb from $51.00 to $53.00 and gave the company a "neutral" rating in a research note on Thursday, October 8th. UBS Group lowered Bristol Myers Squibb from a "buy" rating to a "neutral" rating in a research report on Wednesday, August 5th. Bank of America reaffirmed a "buy" rating on shares of Bristol Myers Squibb in a report on Friday, October 30th. Guggenheim reaffirmed a "buy" rating and set a $75.00 target price (up from $72.00) on shares of Bristol Myers Squibb in a research note on Friday, July 31st. Finally, Truist Financial set a $70.00 price objective on Bristol Myers Squibb in a research note on Friday, October 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Bristol Myers Squibb currently has an average rating of "Hold" and an average target price of $65.46.

Insider Transactions at Bristol Myers Squibb

In other Bristol Myers Squibb news, SVP Phil M. Holzer sold 500 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $67.50, for a total value of $33,750.00. Following the completion of the sale, the senior vice president directly owned 16,862 shares of the company's stock, valued at $1,138,185. The trade was a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.05% of the stock is owned by company insiders.

About Bristol Myers Squibb

Bristol Myers Squibb NYSE: BMY is a global biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases. Its research and development activities span oncology, hematology, immunology, cardiovascular disease, neuroscience and other specialty areas.

The company's portfolio includes oncology medicines such as Opdivo, Yervoy, Abraxane, Sprycel and Pomalyst, as well as Eliquis, an anticoagulant developed in partnership with Pfizer. Bristol Myers Squibb also markets immunology and neuroscience products, including Orencia and Sotyktu, and continues to invest in therapies based on biologics, cell therapy and other advanced treatment approaches.

Bristol Myers Squibb traces its roots to pharmaceutical businesses founded by Bristol-Myers in 1881 and E.R.

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