Short Interest in Bristol-Myers Squibb Co (BMY) Drops By 11.2%

Bristol-Myers Squibb Co (NYSE:BMY) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 65,779,147 shares, a decline of 11.2% from the February 28th total of 74,111,887 shares. Based on an average daily volume of 21,684,195 shares, the short-interest ratio is presently 3.0 days. Approximately 4.0% of the company’s shares are short sold.

BMY has been the topic of several research reports. Bank of America dropped their price objective on shares of Bristol-Myers Squibb from $53.00 to $51.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 19th. BMO Capital Markets boosted their price objective on shares of Bristol-Myers Squibb to $62.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Zacks Investment Research cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. Credit Suisse Group reaffirmed a “hold” rating and set a $59.00 target price on shares of Bristol-Myers Squibb in a report on Friday, February 15th. Finally, Edward Jones cut shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a report on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $58.50.

A number of hedge funds have recently added to or reduced their stakes in BMY. Bank of New York Mellon Corp raised its stake in shares of Bristol-Myers Squibb by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 17,123,173 shares of the biopharmaceutical company’s stock valued at $1,063,006,000 after acquiring an additional 277,927 shares during the period. Martingale Asset Management L P increased its position in Bristol-Myers Squibb by 12.7% during the 3rd quarter. Martingale Asset Management L P now owns 556,353 shares of the biopharmaceutical company’s stock valued at $34,540,000 after purchasing an additional 62,836 shares during the period. Rafferty Asset Management LLC purchased a new position in Bristol-Myers Squibb during the 3rd quarter valued at about $207,000. Standard Life Aberdeen plc increased its position in Bristol-Myers Squibb by 9.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 533,866 shares of the biopharmaceutical company’s stock valued at $33,143,000 after purchasing an additional 48,146 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Bristol-Myers Squibb by 32.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 237,744 shares of the biopharmaceutical company’s stock valued at $14,751,000 after purchasing an additional 58,445 shares during the period. Institutional investors and hedge funds own 74.28% of the company’s stock.

Shares of NYSE:BMY traded down $0.70 during midday trading on Wednesday, reaching $44.62. 14,548,332 shares of the company were exchanged, compared to its average volume of 19,853,625. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.50 and a current ratio of 1.61. Bristol-Myers Squibb has a one year low of $44.30 and a one year high of $63.69. The firm has a market cap of $74.38 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 2.34 and a beta of 0.79.

Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Thursday, January 24th. The biopharmaceutical company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.09. Bristol-Myers Squibb had a net margin of 21.95% and a return on equity of 48.99%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.95 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. Bristol-Myers Squibb’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts predict that Bristol-Myers Squibb will post 4.16 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be given a dividend of $0.41 per share. The ex-dividend date is Thursday, April 4th. This represents a $1.64 annualized dividend and a yield of 3.68%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is currently 41.21%.

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Bristol-Myers Squibb Company Profile

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers drugs in oncology, immunoscience, cardiovascular, and fibrotic diseases. The company's products include Opdivo, a biological product for anti-cancer indications; Eliquis, an oral inhibitor targeted at stroke prevention in adult patients with non-valvular atrial fibrillation, and the prevention and treatment of venous thromboembolic disorders; and Orencia, a biological product for adult patients with moderately to severely active RA and prostate-specific antigen, as well as reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular juvenile idiopathic arthritis.

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