295,000 Shares in Bristol Myers Squibb Company $BMY Bought by Cutter Capital Management LP

Key Points

• Cutter Capital Management LP has taken a new position in Bristol Myers Squibb, acquiring 295,000 shares valued at approximately $17.99 million, which now makes up 7.8% of their portfolio.
• Bristol Myers Squibb's recent insider activity includes a significant sale by EVP David V. Elkins, who sold 56,000 shares, reducing his ownership by 25.07% and leaving him with shares valued at about $7.92 million.
• Analysts have adjusted price targets and ratings for Bristol Myers Squibb, with Citigroup reducing their target from $51 to $47 and a current average target price of $56.38 across ratings.

Cutter Capital Management LP bought a new stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 295,000 shares of the biopharmaceutical company's stock, valued at approximately $17,992,000. Bristol Myers Squibb makes up about 7.8% of Cutter Capital Management LP's holdings, making the stock its biggest holding.

Other large investors have also modified their holdings of the company. Pinney & Scofield Inc. purchased a new position in Bristol Myers Squibb in the fourth quarter valued at about $25,000. Park Square Financial Group LLC purchased a new position in Bristol Myers Squibb in the fourth 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 valued at $29,000 after purchasing an additional 275 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Bristol Myers Squibb in the first quarter valued at about $31,000. Finally, Accent Capital Management LLC purchased a new position in Bristol Myers Squibb in the first quarter valued at about $33,000. Institutional investors and hedge funds own 76.41% of the company's stock.

Bristol Myers Squibb Stock Performance

Shares of NYSE:BMY traded down $0.46 on Monday, hitting $46.68. The company's stock had a trading volume of 9,995,507 shares, compared to its average volume of 13,052,685. Bristol Myers Squibb Company has a 12 month low of $42.96 and a 12 month high of $63.33. The company has a market capitalization of $95.02 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 2.41 and a beta of 0.35. The stock's 50-day moving average is $47.09 and its two-hundred day moving average is $50.44. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.11 and a current ratio of 1.21.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.39. Bristol Myers Squibb had a return on equity of 80.04% and a net margin of 10.58%.The company had revenue of $12.27 billion during the quarter, compared to analysts' expectations of $11.32 billion. During the same quarter in the prior year, the business posted $2.07 earnings per share. The company'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. On average, equities research analysts forecast that Bristol Myers Squibb Company will post 6.74 EPS for the current year.

Bristol Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd were given a dividend of $0.62 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.48 annualized dividend and a dividend yield of 5.3%. Bristol Myers Squibb's dividend payout ratio (DPR) is 100.00%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BMY. Daiwa America downgraded Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. Wall Street Zen downgraded Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. Citigroup reduced their target price on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating on the stock in a report on Friday, August 1st. Daiwa Capital Markets downgraded Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 target price on the stock. in a report on Tuesday, August 5th. Finally, Morgan Stanley reaffirmed a "hold" rating on shares of Bristol Myers Squibb in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.38.

Insider Activity

In other news, EVP David V. Elkins sold 56,000 shares of Bristol Myers Squibb stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.33, for a total transaction of $2,650,480.00. Following the transaction, the executive vice president directly owned 167,379 shares in the company, valued at approximately $7,922,048.07. This trade represents a 25.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.