Harvest Portfolios Group Inc. Purchases 53,005 Shares of Bristol Myers Squibb Company $BMY

Key Points

• Harvest Portfolios Group Inc. increased its stake in Bristol Myers Squibb Company by 5.7%, now owning approximately $60.12 million worth of shares.
• Bristol Myers Squibb's earnings exceeded expectations with reported $1.46 EPS for the quarter, significantly above the consensus estimate of $1.07.
• The company recently announced a quarterly dividend of $0.62, representing a 5.3% dividend yield despite a payout ratio of 100%.

Harvest Portfolios Group Inc. increased its stake in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 5.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 985,650 shares of the biopharmaceutical company's stock after buying an additional 53,005 shares during the period. Bristol Myers Squibb comprises about 1.8% of Harvest Portfolios Group Inc.'s investment portfolio, making the stock its 10th largest position. Harvest Portfolios Group Inc.'s holdings in Bristol Myers Squibb were worth $60,115,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in BMY. Brighton Jones LLC increased its stake in shares of Bristol Myers Squibb by 33.4% in the fourth quarter. Brighton Jones LLC now owns 19,728 shares of the biopharmaceutical company's stock worth $1,116,000 after buying an additional 4,935 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Bristol Myers Squibb during the fourth quarter valued at $13,094,000. Nebula Research & Development LLC bought a new stake in Bristol Myers Squibb during the fourth quarter valued at $709,000. Coldstream Capital Management Inc. increased its stake in Bristol Myers Squibb by 24.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 36,287 shares of the biopharmaceutical company's stock valued at $2,052,000 after purchasing an additional 7,154 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in Bristol Myers Squibb during the fourth quarter valued at $1,495,000. Institutional investors own 76.41% of the company's stock.

Wall Street Analysts Forecast Growth

BMY has been the subject of several recent research reports. Daiwa America lowered shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Daiwa Capital Markets lowered shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price target for the company. in a research report on Tuesday, August 5th. Morgan Stanley restated a "hold" rating on shares of Bristol Myers Squibb in a research report on Thursday, July 31st. Citigroup lowered their price target on shares of Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating for the company in a research report on Friday, August 1st. Finally, Wall Street Zen lowered shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 6th. One 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 MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $56.38.

Bristol Myers Squibb Stock Up 0.6%

Shares of BMY traded up $0.29 during trading hours on Friday, reaching $47.17. The company's stock had a trading volume of 10,685,502 shares, compared to its average volume of 10,735,505. The firm has a market cap of $96.01 billion, a price-to-earnings ratio of 19.02, a P/E/G ratio of 2.41 and a beta of 0.36. Bristol Myers Squibb Company has a 1-year low of $42.96 and a 1-year high of $63.33. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 2.54. The company has a 50 day moving average of $47.05 and a two-hundred day moving average of $50.74.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $0.39. The company had revenue of $12.27 billion for the quarter, compared to the consensus estimate of $11.32 billion. Bristol Myers Squibb had a return on equity of 80.04% and a net margin of 10.58%.The firm's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.07 EPS. Bristol Myers Squibb has set its FY 2025 guidance at 6.350-6.650 EPS. As a group, research analysts predict that Bristol Myers Squibb Company will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd were issued a $0.62 dividend. The ex-dividend date was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.3%. Bristol Myers Squibb's dividend payout ratio is currently 100.00%.

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.