Parallel Advisors LLC Sells 5,989 Shares of Bristol Myers Squibb Company $BMY

Key Points

• Parallel Advisors LLC reduced its stake in Bristol Myers Squibb Company by 17.0%, selling 5,989 shares to hold 29,333 shares worth approximately $1.36 million.
• The company recently announced a quarterly dividend of $0.62 per share, resulting in an annual yield of 5.4%, with a dividend payout ratio of 100.00%.
• Bristol Myers Squibb reported $1.46 earnings per share for its last quarter, outperforming analysts' estimates and achieving revenues of $12.27 billion.

Parallel Advisors LLC cut its stake in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 17.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,333 shares of the biopharmaceutical company's stock after selling 5,989 shares during the period. Parallel Advisors LLC's holdings in Bristol Myers Squibb were worth $1,358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BMY. Wealth Alliance Advisory Group LLC raised its position in shares of Bristol Myers Squibb by 3.9% during the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 17,239 shares of the biopharmaceutical company's stock worth $798,000 after purchasing an additional 640 shares during the last quarter. Capital Asset Advisory Services LLC boosted its holdings in Bristol Myers Squibb by 2.3% in the second quarter. Capital Asset Advisory Services LLC now owns 47,074 shares of the biopharmaceutical company's stock valued at $2,237,000 after purchasing an additional 1,069 shares during the last quarter. Dominguez Wealth Management Solutions Inc. grew its stake in Bristol Myers Squibb by 2.3% in the second quarter. Dominguez Wealth Management Solutions Inc. now owns 21,949 shares of the biopharmaceutical company's stock worth $1,016,000 after purchasing an additional 496 shares in the last quarter. Greenfield Savings Bank lifted its holdings in Bristol Myers Squibb by 6.3% in the second quarter. Greenfield Savings Bank now owns 30,454 shares of the biopharmaceutical company's stock worth $1,410,000 after acquiring an additional 1,817 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in Bristol Myers Squibb by 28.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 9,104 shares of the biopharmaceutical company's stock valued at $422,000 after purchasing an additional 2,042 shares during the period. Institutional investors and hedge funds own 76.41% of the company's stock.

Insiders Place Their Bets

In other news, EVP David V. Elkins sold 56,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.33, for a total transaction of $2,650,480.00. Following the completion of the sale, the executive vice president owned 167,379 shares in the company, valued at $7,922,048.07. This trade represents a 25.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.09% of the company's stock.

Bristol Myers Squibb Stock Performance

Bristol Myers Squibb stock traded down $0.55 during midday trading on Friday, hitting $45.05. The company's stock had a trading volume of 28,352,566 shares, compared to its average volume of 9,937,920. The company has a market cap of $91.70 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.30 and a beta of 0.35. Bristol Myers Squibb Company has a 1-year low of $42.96 and a 1-year high of $63.33. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.21 and a quick ratio of 1.11. The company has a 50-day moving average price of $46.93 and a two-hundred day moving average price of $49.66.

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 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 for the quarter, compared to analysts' expectations of $11.32 billion. During the same period in the previous year, the business posted $2.07 earnings per share. The business's quarterly revenue 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. As a group, sell-side analysts predict that Bristol Myers Squibb Company will post 6.74 earnings per share for the current year.

Bristol Myers Squibb Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 3rd will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.48 annualized dividend and a dividend yield of 5.5%. Bristol Myers Squibb's dividend payout ratio is currently 100.00%.

Analysts Set New Price Targets

Several research analysts recently weighed in on BMY shares. Wall Street Zen cut Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Morgan Stanley reiterated a "hold" rating on shares of Bristol Myers Squibb in a report on Thursday, July 31st. Citigroup decreased their price target on shares of 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. Daiwa Capital Markets downgraded 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, August 5th. Finally, Daiwa America cut shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $56.38.

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.