Empirical Financial Services LLC d.b.a. Empirical Wealth Management Acquires 54,810 Shares of Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Empirical Financial Services LLC significantly increased its holdings in Bristol Myers Squibb Company by 273.6%, purchasing an additional 54,810 shares in the first quarter, bringing its total to 74,846 shares worth approximately $4.57 million.
• Bristol Myers Squibb reported a better-than-expected quarterly earnings of $1.46 per share, exceeding the consensus estimate and achieving a revenue of $12.27 billion, which is up 0.6% from the previous year.
• The company declared a quarterly dividend of $0.62 per share, translating to an annual yield of 5.7%, with a high dividend payout ratio of 92.88%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 273.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,846 shares of the biopharmaceutical company's stock after buying an additional 54,810 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Bristol Myers Squibb were worth $4,565,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Pinney & Scofield Inc. bought a new position in Bristol Myers Squibb during the fourth quarter valued at about $25,000. Park Square Financial Group LLC bought a new position in Bristol Myers Squibb during the fourth quarter valued at about $26,000. Transce3nd LLC bought a new position in Bristol Myers Squibb during the fourth quarter valued at about $28,000. Global Wealth Strategies & Associates grew its position in Bristol Myers Squibb by 137.5% during the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock valued at $29,000 after buying an additional 275 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Bristol Myers Squibb during the first quarter valued at about $31,000. Institutional investors and hedge funds own 76.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Argus upgraded shares of Bristol Myers Squibb to a "hold" rating in a research report on Friday, April 25th. William Blair restated a "market perform" rating on shares of Bristol Myers Squibb in a research note on Friday, April 25th. Piper Sandler assumed coverage on Bristol Myers Squibb in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $65.00 price objective on the stock. Cantor Fitzgerald restated a "neutral" rating and issued a $55.00 price objective on shares of Bristol Myers Squibb in a research note on Tuesday, April 22nd. Finally, Morgan Stanley restated a "hold" rating on shares of Bristol Myers Squibb in a research note on Thursday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bristol Myers Squibb currently has an average rating of "Hold" and a consensus target price of $57.33.

Bristol Myers Squibb Price Performance

BMY stock traded up $0.94 during mid-day trading on Friday, hitting $44.25. 18,626,740 shares of the stock were exchanged, compared to its average volume of 12,693,902. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.28 and a quick ratio of 1.17. The business has a fifty day moving average price of $47.51 and a 200 day moving average price of $52.26. Bristol Myers Squibb Company has a 12 month low of $42.96 and a 12 month high of $63.33. The stock has a market capitalization of $90.05 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 2.35 and a beta of 0.36.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.39. The firm had revenue of $12.27 billion for the quarter, compared to analysts' expectations of $11.32 billion. Bristol Myers Squibb had a return on equity of 80.60% and a net margin of 10.58%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned $2.07 earnings per share. On average, sell-side analysts anticipate that Bristol Myers Squibb Company will post 6.74 EPS for the current year.

Bristol Myers Squibb Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 3rd were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Thursday, July 3rd. Bristol Myers Squibb's dividend payout ratio (DPR) is presently 100.00%.

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.