Mitsubishi UFJ Asset Management Co. Ltd. Buys 449,946 Shares of Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bristol Myers Squibb by 13.0%, holding approximately 3.92 million shares valued at about $238.86 million after the purchase.
• Bristol Myers Squibb reported earnings of $1.46 per share for the last quarter, exceeding estimates by $0.39, and revenue of $12.27 billion, surpassing expectations.
• The company has announced a quarterly dividend of $0.62, translating to an annual yield of 5.5% with a payout ratio of 100%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 13.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,916,440 shares of the biopharmaceutical company's stock after acquiring an additional 449,946 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of Bristol Myers Squibb worth $238,864,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in shares of Bristol Myers Squibb by 1.1% in the first quarter. Commonwealth Equity Services LLC now owns 1,288,407 shares of the biopharmaceutical company's stock valued at $78,580,000 after acquiring an additional 13,959 shares during the last quarter. Polar Asset Management Partners Inc. bought a new position in Bristol Myers Squibb in the 4th quarter worth approximately $16,651,000. Avaii Wealth Management LLC raised its position in Bristol Myers Squibb by 590.9% in the 1st quarter. Avaii Wealth Management LLC now owns 78,597 shares of the biopharmaceutical company's stock worth $4,794,000 after purchasing an additional 67,221 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Bristol Myers Squibb by 1.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 65,038 shares of the biopharmaceutical company's stock worth $3,967,000 after purchasing an additional 869 shares during the last quarter. Finally, Shorepoint Capital Partners LLC raised its position in Bristol Myers Squibb by 2.2% in the 4th quarter. Shorepoint Capital Partners LLC now owns 58,426 shares of the biopharmaceutical company's stock worth $3,305,000 after purchasing an additional 1,248 shares during the last quarter. Institutional investors own 76.41% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on BMY shares. Daiwa Capital Markets cut shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price objective for the company. in a research report on Tuesday. UBS Group dropped 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 research report on Friday, April 11th. Daiwa America cut shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Piper Sandler began coverage on shares of Bristol Myers Squibb in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price for the company. Finally, Citigroup reduced their price target on Bristol Myers Squibb from $51.00 to $47.00 and set a "neutral" rating on the stock in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Bristol Myers Squibb presently has an average rating of "Hold" and a consensus target price of $56.38.

Bristol Myers Squibb Trading Up 1.3%

Shares of BMY traded up $0.60 during trading hours on Friday, reaching $45.96. The stock had a trading volume of 9,987,114 shares, compared to its average volume of 13,753,402. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 2.54. Bristol Myers Squibb Company has a 52 week low of $42.96 and a 52 week high of $63.33. The firm has a 50-day moving average of $47.32 and a 200 day moving average of $51.90. The company has a market cap of $93.55 billion, a P/E ratio of 18.53, a P/E/G ratio of 2.32 and a beta of 0.36.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The biopharmaceutical company reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.39. Bristol Myers Squibb had a net margin of 10.58% and a return on equity of 80.04%. The business 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 company earned $2.07 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that Bristol Myers Squibb Company will post 6.74 earnings per share for the current fiscal year.

Bristol Myers Squibb Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 3rd were paid a $0.62 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a yield of 5.4%. Bristol Myers Squibb's dividend payout ratio is presently 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.