Covenant Asset Management LLC Reduces Holdings in Bristol-Myers Squibb (NYSE:BMY)

Covenant Asset Management LLC trimmed its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,370 shares of the biopharmaceutical company’s stock after selling 220 shares during the period. Covenant Asset Management LLC’s holdings in Bristol-Myers Squibb were worth $1,558,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Lantz Financial LLC grew its stake in Bristol-Myers Squibb by 6.3% in the 2nd quarter. Lantz Financial LLC now owns 5,951 shares of the biopharmaceutical company’s stock worth $381,000 after acquiring an additional 352 shares during the period. Sciencast Management LP grew its stake in Bristol-Myers Squibb by 214.0% in the 2nd quarter. Sciencast Management LP now owns 18,043 shares of the biopharmaceutical company’s stock worth $1,137,000 after acquiring an additional 12,296 shares during the period. Cardinal Capital Management purchased a new stake in Bristol-Myers Squibb in the 2nd quarter worth approximately $2,206,000. FSM Wealth Advisors LLC grew its stake in Bristol-Myers Squibb by 22.1% in the 2nd quarter. FSM Wealth Advisors LLC now owns 6,592 shares of the biopharmaceutical company’s stock worth $414,000 after acquiring an additional 1,195 shares during the period. Finally, Ignite Planners LLC grew its stake in Bristol-Myers Squibb by 2.3% in the 2nd quarter. Ignite Planners LLC now owns 7,866 shares of the biopharmaceutical company’s stock worth $493,000 after acquiring an additional 180 shares during the period. 74.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on BMY. Wells Fargo & Company lowered their target price on shares of Bristol-Myers Squibb from $78.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, July 28th. BMO Capital Markets decreased their price target on shares of Bristol-Myers Squibb from $87.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, July 28th. SVB Securities began coverage on shares of Bristol-Myers Squibb in a report on Monday, July 10th. They issued a “market perform” rating and a $66.00 price target on the stock. Atlantic Securities decreased their price target on shares of Bristol-Myers Squibb from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, July 28th. Finally, SVB Leerink reiterated a “market perform” rating on shares of Bristol-Myers Squibb in a report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $70.67.

Insider Buying and Selling

In related news, EVP Robert M. Plenge sold 732 shares of Bristol-Myers Squibb stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $61.14, for a total transaction of $44,754.48. Following the sale, the executive vice president now owns 6,584 shares of the company’s stock, valued at approximately $402,545.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Robert M. Plenge sold 732 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $61.14, for a total value of $44,754.48. Following the completion of the sale, the executive vice president now owns 6,584 shares of the company’s stock, valued at approximately $402,545.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Powell sold 17,986 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $61.25, for a total transaction of $1,101,642.50. Following the completion of the sale, the executive vice president now directly owns 27,868 shares of the company’s stock, valued at approximately $1,706,915. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Bristol-Myers Squibb Stock Down 0.0 %

Shares of NYSE:BMY traded down $0.02 during midday trading on Tuesday, hitting $58.56. 1,343,926 shares of the company’s stock traded hands, compared to its average volume of 8,957,265. Bristol-Myers Squibb has a twelve month low of $58.33 and a twelve month high of $81.43. The company has a market cap of $122.34 billion, a PE ratio of 15.58, a P/E/G ratio of 1.57 and a beta of 0.42. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.28 and a current ratio of 1.39. The firm’s fifty day moving average price is $61.62 and its two-hundred day moving average price is $65.11.

Bristol-Myers Squibb (NYSE:BMY) last released its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.24). Bristol-Myers Squibb had a return on equity of 50.51% and a net margin of 17.62%. The firm had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $11.81 billion. During the same period last year, the firm earned $1.93 EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis. On average, equities research analysts anticipate that Bristol-Myers Squibb will post 7.44 EPS for the current fiscal year.

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, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; Orencia for adult patients with active RA and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.