Palisade Asset Management LLC Increases Stake in Bristol-Myers Squibb Co (NYSE:BMY)

Palisade Asset Management LLC raised its holdings in shares of Bristol-Myers Squibb Co (NYSE:BMY) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,900 shares of the biopharmaceutical company’s stock after buying an additional 480 shares during the period. Palisade Asset Management LLC’s holdings in Bristol-Myers Squibb were worth $585,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BMY. James Investment Research Inc. boosted its position in shares of Bristol-Myers Squibb by 36.5% in the first quarter. James Investment Research Inc. now owns 819 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 219 shares during the period. Lowe Brockenbrough & Co. Inc. boosted its position in shares of Bristol-Myers Squibb by 0.5% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 43,384 shares of the biopharmaceutical company’s stock worth $2,070,000 after purchasing an additional 220 shares during the period. Squar Milner Financial Services LLC boosted its position in shares of Bristol-Myers Squibb by 5.6% in the first quarter. Squar Milner Financial Services LLC now owns 4,209 shares of the biopharmaceutical company’s stock worth $200,000 after purchasing an additional 223 shares during the period. Modera Wealth Management LLC boosted its position in shares of Bristol-Myers Squibb by 4.3% in the fourth quarter. Modera Wealth Management LLC now owns 5,567 shares of the biopharmaceutical company’s stock worth $289,000 after purchasing an additional 229 shares during the period. Finally, Clear Harbor Asset Management LLC boosted its position in shares of Bristol-Myers Squibb by 2.4% in the first quarter. Clear Harbor Asset Management LLC now owns 9,637 shares of the biopharmaceutical company’s stock worth $460,000 after purchasing an additional 229 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have weighed in on BMY shares. Barclays upgraded shares of Bristol-Myers Squibb from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $53.00 to $55.00 in a research report on Friday, May 3rd. JPMorgan Chase & Co. assumed coverage on shares of Bristol-Myers Squibb in a research report on Friday, May 3rd. They issued an “overweight” rating and a $62.00 price target for the company. BMO Capital Markets upped their target price on shares of Bristol-Myers Squibb from $62.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 17th. Argus lowered shares of Bristol-Myers Squibb from a “buy” rating to a “hold” rating and set a $46.36 target price for the company. in a research report on Monday, May 20th. Finally, Goldman Sachs Group assumed coverage on shares of Bristol-Myers Squibb in a research report on Tuesday, May 28th. They set a “buy” rating and a $54.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.45.

Shares of NYSE:BMY traded down $0.72 during midday trading on Monday, reaching $45.28. 8,694,136 shares of the company were exchanged, compared to its average volume of 14,484,314. The company has a current ratio of 3.88, a quick ratio of 3.75 and a debt-to-equity ratio of 1.51. The company’s fifty day moving average is $45.66. Bristol-Myers Squibb Co has a one year low of $42.48 and a one year high of $63.69. The firm has a market capitalization of $74.57 billion, a PE ratio of 11.38, a PEG ratio of 2.28 and a beta of 0.73.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, July 25th. The biopharmaceutical company reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.12. The company had revenue of $6.27 billion for the quarter, compared to the consensus estimate of $6.10 billion. Bristol-Myers Squibb had a net margin of 26.14% and a return on equity of 47.63%. Bristol-Myers Squibb’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. As a group, sell-side analysts forecast that Bristol-Myers Squibb Co will post 4.26 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Friday, July 5th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, July 3rd. Bristol-Myers Squibb’s payout ratio is 41.21%.

In other Bristol-Myers Squibb news, Director Robert J. Bertolini purchased 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were bought at an average price of $44.72 per share, with a total value of $491,920.00. Following the completion of the purchase, the director now directly owns 11,397 shares in the company, valued at $509,673.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Theodore R. Samuels II purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were acquired at an average cost of $47.29 per share, for a total transaction of $236,450.00. Following the purchase, the director now owns 27,000 shares of the company’s stock, valued at $1,276,830. The disclosure for this purchase can be found here. 0.13% of the stock is owned by corporate insiders.

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.

Read More: What is Depreciation?

Institutional Ownership by Quarter for Bristol-Myers Squibb (NYSE:BMY)

Receive News & Ratings for Bristol-Myers Squibb Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bristol-Myers Squibb and related companies with MarketBeat.com's FREE daily email newsletter.