Hedges Asset Management LLC Sells 1,500 Shares of Bristol-Myers Squibb (NYSE:BMY)

Hedges Asset Management LLC trimmed its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 3.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,100 shares of the biopharmaceutical company’s stock after selling 1,500 shares during the period. Bristol-Myers Squibb makes up 1.3% of Hedges Asset Management LLC’s portfolio, making the stock its 25th biggest holding. Hedges Asset Management LLC’s holdings in Bristol-Myers Squibb were worth $1,920,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BMY. Salomon & Ludwin LLC boosted its stake in Bristol-Myers Squibb by 15.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 1,843 shares of the biopharmaceutical company’s stock valued at $95,000 after purchasing an additional 249 shares during the period. Ellis Investment Partners LLC acquired a new position in shares of Bristol-Myers Squibb during the third quarter worth approximately $224,000. Kavar Capital Partners Group LLC acquired a new stake in shares of Bristol-Myers Squibb in the third quarter worth $246,000. Clear Harbor Asset Management LLC boosted its holdings in Bristol-Myers Squibb by 69.4% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 25,686 shares of the biopharmaceutical company’s stock valued at $1,329,000 after purchasing an additional 10,520 shares during the period. Finally, Modera Wealth Management LLC raised its position in shares of Bristol-Myers Squibb by 4.7% during the third quarter. Modera Wealth Management LLC now owns 30,557 shares of the biopharmaceutical company’s stock valued at $1,581,000 after buying an additional 1,359 shares during the last quarter. 76.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Jefferies Financial Group raised their target price on Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. TD Cowen increased 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Bristol-Myers Squibb in a research note on Friday, October 18th. Sanford C. Bernstein began coverage on shares of Bristol-Myers Squibb in a research note on Thursday, October 17th. They issued a “market perform” rating and a $56.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $53.57.

Bristol-Myers Squibb Stock Performance

BMY stock opened at $51.92 on Monday. The company has a 50 day moving average price of $50.75 and a 200 day moving average price of $46.38. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $55.29. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02. The stock has a market capitalization of $105.25 billion, a PE ratio of -16.75, a price-to-earnings-growth ratio of 13.75 and a beta of 0.46.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Friday, July 26th. The biopharmaceutical company reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.43. The company had revenue of $12.20 billion during the quarter, compared to the consensus estimate of $11.54 billion. Bristol-Myers Squibb had a positive return on equity of 12.51% and a negative net margin of 14.06%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.75 earnings per share. Analysts forecast that Bristol-Myers Squibb will post 0.77 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.40 annualized dividend and a yield of 4.62%. Bristol-Myers Squibb’s dividend payout ratio is currently -77.42%.

About Bristol-Myers Squibb

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.