Cornercap Investment Counsel Inc. Reduces Holdings in Bristol-Myers Squibb (NYSE:BMY)

Cornercap Investment Counsel Inc. trimmed its holdings in Bristol-Myers Squibb (NYSE:BMY) by 29.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,513 shares of the biopharmaceutical company’s stock after selling 16,951 shares during the period. Bristol-Myers Squibb comprises about 0.6% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 9th largest position. Cornercap Investment Counsel Inc.’s holdings in Bristol-Myers Squibb were worth $2,148,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BMY. Meridian Management Co. lifted its position in Bristol-Myers Squibb by 0.6% during the third quarter. Meridian Management Co. now owns 28,283 shares of the biopharmaceutical company’s stock valued at $1,463,000 after purchasing an additional 182 shares during the period. Hollencrest Capital Management raised its position in shares of Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 187 shares during the period. Mayflower Financial Advisors LLC raised its position in shares of Bristol-Myers Squibb by 2.3% in the third quarter. Mayflower Financial Advisors LLC now owns 8,466 shares of the biopharmaceutical company’s stock worth $438,000 after acquiring an additional 192 shares during the period. Patriot Financial Group Insurance Agency LLC raised its position in shares of Bristol-Myers Squibb by 3.8% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 5,595 shares of the biopharmaceutical company’s stock worth $289,000 after acquiring an additional 206 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its position in shares of Bristol-Myers Squibb by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 10,288 shares of the biopharmaceutical company’s stock worth $532,000 after acquiring an additional 215 shares during the period. 76.41% of the stock is owned by institutional investors.

Insider Activity at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, SVP Phil M. Holzer sold 700 shares of Bristol-Myers Squibb stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $55.62, for a total transaction of $38,934.00. Following the completion of the transaction, the senior vice president now owns 11,760 shares in the company, valued at approximately $654,091.20. The trade was a 5.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Samit Hirawat acquired 1,830 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was purchased at an average cost of $54.67 per share, with a total value of $100,046.10. Following the transaction, the executive vice president now owns 62,109 shares of the company’s stock, valued at approximately $3,395,499.03. The trade was a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BMY shares. Daiwa America upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. BMO Capital Markets increased their price target on shares of Bristol-Myers Squibb from $57.00 to $61.00 and gave the company a “market perform” rating in a research note on Tuesday. Wolfe Research initiated coverage on shares of Bristol-Myers Squibb in a research note on Friday. They issued a “peer perform” rating for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Bristol-Myers Squibb in a research report on Friday, October 18th. Finally, Citigroup increased their price objective on shares of Bristol-Myers Squibb from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, two have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $54.07.

Bristol-Myers Squibb Trading Up 0.1 %

Shares of Bristol-Myers Squibb stock opened at $58.49 on Friday. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $61.08. The company has a debt-to-equity ratio of 2.83, a quick ratio of 1.09 and a current ratio of 1.24. The company has a market capitalization of $118.63 billion, a P/E ratio of -16.29, a PEG ratio of 15.83 and a beta of 0.44. The company’s fifty day moving average is $52.41 and its two-hundred day moving average is $47.07.

Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.31. The business had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.00 earnings per share. Analysts forecast that Bristol-Myers Squibb will post 0.92 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is -66.85%.

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.