Conning Inc. Decreases Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Conning Inc. lowered its holdings in Bristol-Myers Squibb (NYSE:BMY) by 11.0% during the 3rd quarter, Holdings Channel reports. The firm owned 761,123 shares of the biopharmaceutical company’s stock after selling 93,912 shares during the period. Bristol-Myers Squibb makes up about 1.3% of Conning Inc.’s investment portfolio, making the stock its 21st largest holding. Conning Inc.’s holdings in Bristol-Myers Squibb were worth $39,381,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Reston Wealth Management LLC bought a new position in Bristol-Myers Squibb during the third quarter valued at about $25,000. ESL Trust Services LLC purchased a new position in Bristol-Myers Squibb in the first quarter valued at about $27,000. Valued Wealth Advisors LLC grew its position in shares of Bristol-Myers Squibb by 1,168.1% during the 3rd quarter. Valued Wealth Advisors LLC now owns 596 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 549 shares during the period. LGT Financial Advisors LLC increased its stake in shares of Bristol-Myers Squibb by 42.7% during the 2nd quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 227 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Bristol-Myers Squibb in the 3rd quarter worth approximately $34,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on BMY shares. Deutsche Bank Aktiengesellschaft reduced their price objective on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. BMO Capital Markets lifted their price objective on Bristol-Myers Squibb from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday. Sanford C. Bernstein initiated coverage on Bristol-Myers Squibb in a research note on Thursday, October 17th. They issued a “market perform” rating and a $56.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Citigroup lowered shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their price target for the company from $75.00 to $55.00 in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $53.00.

Bristol-Myers Squibb Stock Down 2.6 %

BMY opened at $54.32 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $56.20. The firm has a market capitalization of $110.13 billion, a P/E ratio of -16.66, a price-to-earnings-growth ratio of 14.62 and a beta of 0.46. The company has a fifty day moving average price of $51.26 and a 200-day moving average price of $46.57.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.31. The business had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.00 EPS. Equities research analysts expect that Bristol-Myers Squibb will post 0.72 earnings per share for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.42%. Bristol-Myers Squibb’s payout ratio is presently -73.62%.

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.