Hartford Financial Management Inc. Reduces Stock Position in Bristol-Myers Squibb (NYSE:BMY)

Hartford Financial Management Inc. lowered its stake in Bristol-Myers Squibb (NYSE:BMY) by 4.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,268 shares of the biopharmaceutical company’s stock after selling 953 shares during the quarter. Hartford Financial Management Inc.’s holdings in Bristol-Myers Squibb were worth $1,100,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in shares of Bristol-Myers Squibb by 14.1% during the 1st quarter. Capital International Investors now owns 70,203,814 shares of the biopharmaceutical company’s stock valued at $3,807,153,000 after buying an additional 8,675,322 shares during the period. M&G Plc bought a new position in shares of Bristol-Myers Squibb during the 1st quarter valued at $392,608,000. Pzena Investment Management LLC lifted its holdings in shares of Bristol-Myers Squibb by 119.8% during the 1st quarter. Pzena Investment Management LLC now owns 12,293,913 shares of the biopharmaceutical company’s stock valued at $666,699,000 after buying an additional 6,701,097 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bristol-Myers Squibb by 77.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,547,823 shares of the biopharmaceutical company’s stock valued at $680,469,000 after buying an additional 5,461,767 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Bristol-Myers Squibb by 86.3% during the 2nd quarter. Federated Hermes Inc. now owns 7,546,311 shares of the biopharmaceutical company’s stock valued at $313,398,000 after buying an additional 3,495,704 shares during the period. Institutional investors own 76.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on BMY shares. Citigroup cut Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $75.00 to $55.00 in a report on Friday, October 25th. StockNews.com raised Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. TD Cowen raised their target price on Bristol-Myers Squibb from $53.00 to $59.00 and gave the stock a “hold” rating in a report on Monday, October 7th. Sanford C. Bernstein started coverage on Bristol-Myers Squibb in a report on Thursday, October 17th. They issued a “market perform” rating and a $56.00 target price on the stock. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $48.00 target price on shares of Bristol-Myers Squibb in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $52.38.

Bristol-Myers Squibb Price Performance

Shares of BMY stock opened at $55.74 on Friday. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $56.20. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86. The stock’s 50-day moving average price is $51.14 and its 200-day moving average price is $46.54.

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

Bristol-Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be issued a $0.60 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.31%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is -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.