Polar Asset Management Partners Inc. Decreases Stock Holdings in Bristol Myers Squibb Company $BMY

Key Points

• Polar Asset Management Partners Inc. has drastically reduced its holdings in Bristol Myers Squibb by 87.4%, selling 257,312 shares and leaving them with 37,088 shares. This sale reflects a significant shift in their investment strategy.
• Research analysts have recently downgraded Bristol Myers Squibb, with Daiwa America and Citigroup adjusting their ratings to Hold and lowering price targets, indicating cautious sentiment towards the stock.
• Bristol Myers Squibb reported better-than-expected earnings of $1.46 per share with revenue of $12.27 billion, surpassing analysts’ estimates, and set FY 2025 guidance at 6.350-6.650 EPS.

Polar Asset Management Partners Inc. cut its holdings in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 87.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,088 shares of the biopharmaceutical company's stock after selling 257,312 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Bristol Myers Squibb were worth $2,262,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BMY. Wellington Management Group LLP lifted its holdings in shares of Bristol Myers Squibb by 297.0% in the first quarter. Wellington Management Group LLP now owns 23,728,443 shares of the biopharmaceutical company's stock worth $1,447,198,000 after buying an additional 17,750,938 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Bristol Myers Squibb by 22,647.6% in the first quarter. GQG Partners LLC now owns 12,023,454 shares of the biopharmaceutical company's stock worth $733,310,000 after buying an additional 11,970,598 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Bristol Myers Squibb in the first quarter worth about $624,369,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Bristol Myers Squibb by 16.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 22,271,742 shares of the biopharmaceutical company's stock worth $1,259,690,000 after buying an additional 3,196,919 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in shares of Bristol Myers Squibb in the fourth quarter worth about $180,313,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bristol Myers Squibb news, EVP David V. Elkins sold 56,000 shares of the 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 transaction, the executive vice president directly owned 167,379 shares in the company, valued at $7,922,048.07. This trade represents a 25.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.07% of the stock is owned by insiders.

Bristol Myers Squibb Price Performance

BMY traded down $0.46 on Monday, reaching $46.68. The company had a trading volume of 9,995,942 shares, compared to its average volume of 9,188,246. The business has a 50 day simple moving average of $47.10 and a 200 day simple moving average of $50.38. The company has a market cap of $95.02 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 2.41 and a beta of 0.35. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.11 and a current ratio of 1.21. Bristol Myers Squibb Company has a 52-week low of $42.96 and a 52-week high of $63.33.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last announced 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. 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 for the quarter, compared to the consensus estimate of $11.32 billion. During the same period last year, the firm posted $2.07 earnings per share. Bristol Myers Squibb's quarterly 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. As a group, sell-side analysts anticipate that Bristol Myers Squibb Company will post 6.74 EPS for the current year.

Bristol Myers Squibb Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 3rd were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Thursday, July 3rd. Bristol Myers Squibb's dividend payout ratio (DPR) is presently 100.00%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BMY. Citigroup lowered 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 report on Friday, August 1st. Daiwa Capital Markets downgraded shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price target on the stock. in a report on Tuesday, August 5th. Daiwa America downgraded shares of Bristol Myers Squibb from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 5th. Wall Street Zen downgraded shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Morgan Stanley reaffirmed a "hold" rating on shares of Bristol Myers Squibb in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $56.38.

Bristol Myers Squibb 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.