Vestcor Inc Trims Stock Position in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Vestcor Inc reduced its stock holdings in Bristol Myers Squibb by 18.5%, owning 39,126 shares worth approximately $2.39 million after selling 8,858 shares.
• Several hedge funds increased their positions in Bristol Myers Squibb, with Capital International Investors' stake rising by 7.5% and Ameriprise Financial increasing theirs by 59.9% during the fourth quarter.
• Bristol Myers Squibb's latest quarterly earnings report exceeded estimates, delivering $1.46 EPS and $12.27 billion in revenue, both surpassing analyst expectations.

Vestcor Inc lessened its holdings in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 18.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,126 shares of the biopharmaceutical company's stock after selling 8,858 shares during the period. Vestcor Inc's holdings in Bristol Myers Squibb were worth $2,386,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BMY. Pinney & Scofield Inc. bought a new stake in shares of Bristol Myers Squibb during the fourth quarter valued at approximately $25,000. Park Square Financial Group LLC bought a new stake in shares of Bristol Myers Squibb during the fourth quarter valued at approximately $26,000. Transce3nd LLC bought a new position in Bristol Myers Squibb in the fourth quarter worth approximately $28,000. Global Wealth Strategies & Associates raised its stake in Bristol Myers Squibb by 137.5% in the first quarter. Global Wealth Strategies & Associates now owns 475 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 275 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Bristol Myers Squibb in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 76.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BMY. UBS Group cut their price target on shares of Bristol Myers Squibb from $60.00 to $54.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $55.00 price target (down from $67.00) on shares of Bristol Myers Squibb in a report on Tuesday, April 8th. William Blair reaffirmed a "market perform" rating on shares of Bristol Myers Squibb in a report on Friday, April 25th. Wall Street Zen lowered shares of Bristol Myers Squibb from a "strong-buy" rating to a "buy" rating in a report on Friday, June 6th. Finally, Piper Sandler started coverage on shares of Bristol Myers Squibb in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.38.

Bristol Myers Squibb Trading Up 0.5%

Shares of NYSE:BMY traded up $0.24 during mid-day trading on Tuesday, reaching $45.64. 6,169,117 shares of the company were exchanged, compared to its average volume of 13,511,545. 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 market cap of $92.87 billion, a price-to-earnings ratio of 18.41, a P/E/G ratio of 2.33 and a beta of 0.36. The firm's 50-day simple moving average is $47.48 and its 200 day simple moving average is $52.15. Bristol Myers Squibb Company has a 1 year low of $42.96 and a 1 year high of $63.33.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $12.27 billion during the quarter, compared to analysts' expectations of $11.32 billion. During the same quarter last year, the company posted $2.07 EPS. The firm's revenue was up .6% compared to the same quarter last year. Equities research analysts forecast that Bristol Myers Squibb Company will post 6.74 EPS for the current year.

Bristol Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Thursday, July 3rd. Bristol Myers Squibb's payout ratio is 100.00%.

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.