Pacer Advisors Inc. Cuts Stock Position in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Pacer Advisors Inc. reduced its stake in Bristol Myers Squibb by 9.6%, selling 951,433 shares, and now holds approximately 1.3% of its investment portfolio in the company.
• Bristol Myers Squibb reported $1.80 earnings per share for the last quarter, exceeding estimates by $0.30, despite a 5.6% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.62 per share, representing an annual yield of 5.06%.

Pacer Advisors Inc. cut its stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 9.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,942,992 shares of the biopharmaceutical company's stock after selling 951,433 shares during the period. Bristol Myers Squibb accounts for approximately 1.3% of Pacer Advisors Inc.'s portfolio, making the stock its 9th largest position. Pacer Advisors Inc. owned 0.44% of Bristol Myers Squibb worth $545,433,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BMY. Pinney & Scofield Inc. purchased a new position in shares of Bristol Myers Squibb during the fourth quarter valued at approximately $25,000. Park Square Financial Group LLC purchased a new position in shares of Bristol Myers Squibb during the fourth quarter valued at approximately $26,000. Transce3nd LLC purchased a new position in shares of Bristol Myers Squibb during the fourth quarter valued at approximately $28,000. Global Wealth Strategies & Associates raised its holdings in 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 last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Bristol Myers Squibb in the 1st quarter worth approximately $31,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BMY shares. UBS Group decreased their price objective on shares of Bristol Myers Squibb from $60.00 to $54.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Morgan Stanley cut their price objective on shares of Bristol Myers Squibb from $36.00 to $34.00 and set an "underweight" rating for the company in a research report on Thursday, July 10th. William Blair reissued a "market perform" rating on shares of Bristol Myers Squibb in a research report on Friday, April 25th. Piper Sandler began coverage on shares of Bristol Myers Squibb in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price on the stock. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $55.00 target price on shares of Bristol Myers Squibb in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $58.53.

Bristol Myers Squibb Price Performance

Shares of NYSE BMY traded down $0.52 during mid-day trading on Tuesday, hitting $46.99. 3,558,794 shares of the company's stock traded hands, compared to its average volume of 13,240,469. The company has a market capitalization of $95.63 billion, a P/E ratio of 17.58, a PEG ratio of 2.53 and a beta of 0.36. Bristol Myers Squibb Company has a 1 year low of $44.00 and a 1 year high of $63.33. The company's 50-day moving average is $47.67 and its two-hundred day moving average is $52.53. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.28 and a quick ratio of 1.17.

Bristol Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be issued 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 5.28%. 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.