Patten & Patten Inc. TN Has $1.95 Million Holdings in Bristol Myers Squibb Company $BMY

Key Points

• Patten & Patten Inc. TN reduced its stake in Bristol Myers Squibb by 38.2%, now holding 42,208 shares worth approximately $1.95 million.
• New hedge fund activity includes Castle Rock Wealth Management's 458.2% increase in shares, indicating a trend of increased institutional interest.
• Bristol Myers Squibb's quarterly earnings report showed a net margin of 10.58% and earnings per share of $1.46, which surpassed market expectations.

Patten & Patten Inc. TN cut its stake in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 38.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,208 shares of the biopharmaceutical company's stock after selling 26,111 shares during the period. Patten & Patten Inc. TN's holdings in Bristol Myers Squibb were worth $1,954,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. New England Asset Management Inc. lifted its position in Bristol Myers Squibb by 0.8% during the first quarter. New England Asset Management Inc. now owns 39,476 shares of the biopharmaceutical company's stock worth $2,408,000 after acquiring an additional 305 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Bristol Myers Squibb by 1.1% during the first quarter. Commonwealth Equity Services LLC now owns 1,288,407 shares of the biopharmaceutical company's stock worth $78,580,000 after acquiring an additional 13,959 shares during the last quarter. Sage Capital Advisors llc lifted its position in Bristol Myers Squibb by 60.7% during the second quarter. Sage Capital Advisors llc now owns 85,234 shares of the biopharmaceutical company's stock worth $3,946,000 after acquiring an additional 32,181 shares during the last quarter. Ransom Advisory Ltd acquired a new stake in Bristol Myers Squibb during the first quarter worth approximately $843,000. Finally, Castle Rock Wealth Management LLC raised its position in shares of Bristol Myers Squibb by 458.2% in the second quarter. Castle Rock Wealth Management LLC now owns 44,559 shares of the biopharmaceutical company's stock valued at $2,088,000 after buying an additional 36,576 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Daiwa America downgraded shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Bristol Myers Squibb in a research report on Tuesday. Citigroup reiterated a "neutral" rating on shares of Bristol Myers Squibb in a research report on Monday. Daiwa Capital Markets downgraded 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. Finally, Dbs Bank upgraded shares of Bristol Myers Squibb to a "moderate buy" rating in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and fifteen have given a Hold rating to the company's stock. According to data from MarketBeat, Bristol Myers Squibb has a consensus rating of "Hold" and an average price target of $57.14.

Insider Buying and Selling at Bristol Myers Squibb

In other Bristol Myers Squibb news, EVP David V. Elkins sold 56,000 shares of the business's stock in a transaction 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 sale, the executive vice president owned 167,379 shares of the company's stock, valued at approximately $7,922,048.07. The trade was a 25.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.09% of the company's stock.

Bristol Myers Squibb Stock Down 0.4%

Shares of BMY opened at $43.63 on Thursday. Bristol Myers Squibb Company has a one year low of $42.96 and a one year high of $63.33. The company has a market cap of $88.81 billion, a P/E ratio of 17.59, a P/E/G ratio of 2.26 and a beta of 0.33. 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 firm has a 50 day simple moving average of $46.16 and a two-hundred day simple moving average of $47.79.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biopharmaceutical company reported $1.46 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $11.32 billion. During the same period in the previous year, the business earned $2.07 earnings per share. The company's revenue was up .6% on a year-over-year basis. Bristol Myers Squibb has set its FY 2025 guidance at 6.350-6.650 EPS. Research analysts forecast that Bristol Myers Squibb Company will post 6.74 EPS for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 3rd will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 5.7%. The ex-dividend date is Friday, October 3rd. Bristol Myers Squibb's payout ratio is currently 100.00%.

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.

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