Westpac Banking Corp Raises Holdings in Bristol Myers Squibb Company (NYSE:BMY)

Key Points

• Westpac Banking Corp increased its stake in Bristol Myers Squibb by 267.6% in the first quarter, acquiring an additional 115,530 shares, bringing its total holdings to 158,703 shares valued at approximately $9.68 million.
• Bristol Myers Squibb reported favorable quarterly earnings, with an EPS of $1.46, surpassing analyst expectations of $1.07 and a revenue of $12.27 billion, exceeding estimates of $11.32 billion.
• Despite recent performance, several brokerages have downgraded their ratings on Bristol Myers Squibb, with one raising concerns about its weak guidance and others suggesting a cautious stance through a "hold" rating.

Westpac Banking Corp grew its holdings in shares of Bristol Myers Squibb Company (NYSE:BMY - Free Report) by 267.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,703 shares of the biopharmaceutical company's stock after acquiring an additional 115,530 shares during the period. Bristol Myers Squibb comprises approximately 0.7% of Westpac Banking Corp's holdings, making the stock its 25th largest position. Westpac Banking Corp's holdings in Bristol Myers Squibb were worth $9,679,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Rossmore Private Capital boosted its holdings in Bristol Myers Squibb by 1.7% in the 1st quarter. Rossmore Private Capital now owns 20,301 shares of the biopharmaceutical company's stock worth $1,238,000 after buying an additional 347 shares during the period. Stone House Investment Management LLC bought a new position in shares of Bristol Myers Squibb during the 1st quarter valued at about $64,000. HighTower Advisors LLC boosted its holdings in shares of Bristol Myers Squibb by 0.5% during the 1st quarter. HighTower Advisors LLC now owns 930,470 shares of the biopharmaceutical company's stock valued at $56,749,000 after purchasing an additional 5,004 shares during the last quarter. Knott David M Jr bought a new position in shares of Bristol Myers Squibb during the 1st quarter valued at about $1,159,000. Finally, Gouws Capital LLC bought a new position in shares of Bristol Myers Squibb during the 1st quarter valued at about $227,000. Institutional investors own 76.41% of the company's stock.

Analyst Ratings Changes

BMY has been the subject of several research reports. William Blair reissued a "market perform" rating on shares of Bristol Myers Squibb in a report on Friday, April 25th. Argus raised shares of Bristol Myers Squibb to a "hold" rating in a report on Friday, April 25th. Daiwa Capital Markets downgraded shares of Bristol Myers Squibb from an "outperform" rating to a "neutral" rating and set a $42.00 price objective for the company. in a report on Tuesday, August 5th. Morgan Stanley reissued a "hold" rating on shares of Bristol Myers Squibb in a report on Thursday, July 31st. Finally, Piper Sandler assumed coverage on shares of Bristol Myers Squibb in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bristol Myers Squibb currently has a consensus rating of "Hold" and an average target price of $56.38.

Bristol Myers Squibb Trading Up 1.3%

Shares of NYSE:BMY traded up $0.64 during trading on Friday, reaching $48.45. 11,206,251 shares of the company were exchanged, compared to its average volume of 13,386,423. The firm has a market capitalization of $98.62 billion, a PE ratio of 19.54, a P/E/G ratio of 2.45 and a beta of 0.36. The business's fifty day simple moving average is $47.23 and its 200-day simple moving average is $51.57. Bristol Myers Squibb Company has a 12-month low of $42.96 and a 12-month 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.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last issued its earnings results on Thursday, July 31st. The biopharmaceutical company reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.39. The business had revenue of $12.27 billion for the quarter, compared to analyst estimates 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 period last year, the company posted $2.07 earnings per share. On average, research analysts anticipate that Bristol Myers Squibb Company will post 6.74 EPS for the current year.

Bristol Myers Squibb Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.1%. Bristol Myers Squibb's dividend payout ratio (DPR) 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.