Meridian Management Co. Sells 14,208 Shares of Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Meridian Management Co. reduced its stake in Bristol Myers Squibb by 49.9%, holding 14,265 shares worth approximately $870,000 as of the latest SEC filing.
• The company reported $1.80 EPS for the quarter, beating analysts' estimates, although revenue decreased by 5.6% year-over-year.
• Bristol Myers Squibb announced a quarterly dividend of $0.62, with a current yield of 5.12% and a payout ratio of 92.88%.

Meridian Management Co. lessened its position in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 49.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,265 shares of the biopharmaceutical company's stock after selling 14,208 shares during the quarter. Meridian Management Co.'s holdings in Bristol Myers Squibb were worth $870,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Pinney & Scofield Inc. acquired a new position in Bristol Myers Squibb in the 4th quarter valued at $25,000. Park Square Financial Group LLC bought a new stake in shares of Bristol Myers Squibb during the 4th quarter valued at about $26,000. Global Wealth Strategies & Associates boosted its holdings in Bristol Myers Squibb by 137.5% in the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 275 shares in the last quarter. Transce3nd LLC purchased a new stake in shares of Bristol Myers Squibb in the fourth quarter worth approximately $28,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Bristol Myers Squibb during the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 76.41% of the company's stock.

Analyst Upgrades and Downgrades

BMY has been the topic of several analyst reports. Morgan Stanley decreased their price objective on Bristol Myers Squibb from $36.00 to $34.00 and set an "underweight" rating on the stock in a report on Thursday, July 10th. Argus raised Bristol Myers Squibb to a "hold" rating in a research note on Friday, April 25th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $55.00 target price on shares of Bristol Myers Squibb in a report on Tuesday, April 22nd. Wall Street Zen cut Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Finally, William Blair reiterated a "market perform" rating on shares of Bristol Myers Squibb in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bristol Myers Squibb presently has an average rating of "Hold" and a consensus target price of $58.53.

Bristol Myers Squibb Stock Down 1.8%

NYSE:BMY traded down $0.83 on Wednesday, hitting $46.03. The stock had a trading volume of 13,902,737 shares, compared to its average volume of 13,260,817. The company has a market cap of $93.67 billion, a PE ratio of 17.24, a P/E/G ratio of 2.50 and a beta of 0.36. Bristol Myers Squibb Company has a 52 week low of $44.00 and a 52 week high of $63.33. The business's fifty day moving average is $47.65 and its 200 day moving average is $52.49. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 2.65.

Bristol Myers Squibb Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.48 annualized dividend and a yield of 5.39%. Bristol Myers Squibb's payout ratio is 92.88%.

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.