RNC Capital Management LLC Boosts Stock Position in Bristol Myers Squibb Company $BMY

Key Points

• RNC Capital Management LLC increased its stake in Bristol Myers Squibb Company by 3.5%, now owning 713,954 shares valued at approximately $43.54 million.
• Wellington Management Group reported a significant increase in its holdings by 297%, owning over 23 million shares with a valuation exceeding $1.44 billion.
• Bristol Myers Squibb's stock has a current average consensus rating of "Hold" with a target price of $56.38 according to multiple analysts.

RNC Capital Management LLC raised its position in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 3.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 713,954 shares of the biopharmaceutical company's stock after buying an additional 24,119 shares during the quarter. Bristol Myers Squibb comprises 2.2% of RNC Capital Management LLC's portfolio, making the stock its 18th largest position. RNC Capital Management LLC's holdings in Bristol Myers Squibb were worth $43,544,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BMY. Wellington Management Group LLP raised its stake in Bristol Myers Squibb by 297.0% during the first quarter. Wellington Management Group LLP now owns 23,728,443 shares of the biopharmaceutical company's stock valued at $1,447,198,000 after buying an additional 17,750,938 shares in the last quarter. GQG Partners LLC raised its stake in Bristol Myers Squibb by 22,647.6% during the first quarter. GQG Partners LLC now owns 12,023,454 shares of the biopharmaceutical company's stock valued at $733,310,000 after buying an additional 11,970,598 shares in the last quarter. Nuveen LLC acquired a new stake in Bristol Myers Squibb during the first quarter valued at approximately $624,369,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Bristol Myers Squibb by 16.8% during 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 valued at $1,259,690,000 after buying an additional 3,196,919 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Bristol Myers Squibb by 7,142.8% during the first quarter. GAMMA Investing LLC now owns 2,420,388 shares of the biopharmaceutical company's stock valued at $147,619,000 after buying an additional 2,386,970 shares in the last quarter. Institutional investors and hedge funds own 76.41% of the company's stock.

Insiders Place Their Bets

In related news, EVP David V. Elkins sold 56,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $47.33, for a total transaction of $2,650,480.00. Following the completion of the transaction, the executive vice president owned 167,379 shares of the company's stock, 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 filing with the SEC, which is available through the SEC website. 0.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BMY. Wall Street Zen lowered shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 6th. Daiwa Capital Markets lowered shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price objective on the stock. in a research note on Tuesday, August 5th. Citigroup reduced their price objective on 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. 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. Finally, Morgan Stanley reiterated a "hold" rating on shares of Bristol Myers Squibb in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $56.38.

Bristol Myers Squibb Stock Performance

BMY stock opened at $47.08 on Monday. The company has a market capitalization of $95.84 billion, a P/E ratio of 18.99, a PEG ratio of 2.41 and a beta of 0.35. The company has a 50-day simple moving average of $47.09 and a 200 day simple moving average of $50.44. Bristol Myers Squibb Company has a fifty-two week low of $42.96 and a fifty-two week 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.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $12.27 billion during the quarter, compared to the consensus estimate of $11.32 billion. Bristol Myers Squibb had a net margin of 10.58% and a return on equity of 80.04%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.07 earnings per share. Bristol Myers Squibb has set its FY 2025 guidance at 6.350-6.650 EPS. Sell-side analysts predict that Bristol Myers Squibb Company will post 6.74 earnings per share for the current fiscal year.

Bristol Myers Squibb Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 3rd were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.48 annualized dividend and a yield of 5.3%. Bristol Myers Squibb's dividend payout ratio (DPR) 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.

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