Federated Hermes Inc. Sells 1,101,066 Shares of Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Federated Hermes Inc. has sold 1,101,066 shares of Bristol Myers Squibb, reducing its stake by 12.3% to hold a total of 7,832,778 shares, which represents 1.0% of its overall holdings.
• Bristol Myers Squibb recently declared a quarterly dividend of $0.62 per share, with the ex-dividend date set for July 3rd, 2023.
• As of now, institutional investors own 76.41% of Bristol Myers Squibb's stock, reflecting significant interest from the investment community.

Federated Hermes Inc. reduced its position in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,832,778 shares of the biopharmaceutical company's stock after selling 1,101,066 shares during the period. Bristol Myers Squibb accounts for about 1.0% of Federated Hermes Inc.'s holdings, making the stock its 12th biggest holding. Federated Hermes Inc. owned approximately 0.38% of Bristol Myers Squibb worth $477,721,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BMY. Polar Asset Management Partners Inc. purchased a new position in Bristol Myers Squibb during the fourth quarter worth approximately $16,651,000. Avaii Wealth Management LLC boosted its position in shares of Bristol Myers Squibb by 590.9% during the 1st quarter. Avaii Wealth Management LLC now owns 78,597 shares of the biopharmaceutical company's stock valued at $4,794,000 after purchasing an additional 67,221 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Bristol Myers Squibb by 1.4% in the first quarter. Assenagon Asset Management S.A. now owns 65,038 shares of the biopharmaceutical company's stock worth $3,967,000 after buying an additional 869 shares during the period. Shorepoint Capital Partners LLC raised its holdings in shares of Bristol Myers Squibb by 2.2% during the fourth quarter. Shorepoint Capital Partners LLC now owns 58,426 shares of the biopharmaceutical company's stock worth $3,305,000 after acquiring an additional 1,248 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Bristol Myers Squibb by 17.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 550,613 shares of the biopharmaceutical company's stock worth $33,582,000 after buying an additional 80,087 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BMY shares. William Blair restated a "market perform" rating on shares of Bristol Myers Squibb in a research note on Friday, April 25th. Wall Street Zen cut Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. Piper Sandler started coverage on shares of Bristol Myers Squibb in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 price objective on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $55.00 price objective (down previously from $67.00) on shares of Bristol Myers Squibb in a research note on Tuesday, April 8th. Finally, Argus raised shares of Bristol Myers Squibb to a "hold" rating in a research note on Friday, April 25th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $58.53.

Bristol Myers Squibb Stock Down 1.4%

Shares of Bristol Myers Squibb stock traded down $0.66 during trading on Tuesday, reaching $46.85. The company had a trading volume of 11,261,704 shares, compared to its average volume of 11,210,511. The company has a debt-to-equity ratio of 2.65, a quick ratio of 1.17 and a current ratio of 1.28. Bristol Myers Squibb Company has a fifty-two week low of $44.00 and a fifty-two week high of $63.33. The firm's fifty day moving average is $47.65 and its 200-day moving average is $52.49. The company has a market cap of $95.35 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 2.50 and a beta of 0.36.

Bristol Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 3rd will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date of this dividend is Thursday, July 3rd. Bristol Myers Squibb's dividend payout ratio (DPR) is currently 92.88%.

About Bristol Myers Squibb

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.