Gabelli Funds LLC Lowers Stake in Bristol-Myers Squibb (NYSE:BMY)

Gabelli Funds LLC trimmed its holdings in Bristol-Myers Squibb (NYSE:BMY) by 1.3% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 484,060 shares of the biopharmaceutical company’s stock after selling 6,540 shares during the period. Gabelli Funds LLC’s holdings in Bristol-Myers Squibb were worth $30,956,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Abbrea Capital LLC lifted its holdings in Bristol-Myers Squibb by 1.5% in the 1st quarter. Abbrea Capital LLC now owns 10,025 shares of the biopharmaceutical company’s stock worth $695,000 after purchasing an additional 150 shares in the last quarter. Westshore Wealth LLC lifted its holdings in shares of Bristol-Myers Squibb by 4.3% in the first quarter. Westshore Wealth LLC now owns 3,658 shares of the biopharmaceutical company’s stock worth $254,000 after buying an additional 151 shares in the last quarter. Providence Wealth Advisors LLC boosted its position in shares of Bristol-Myers Squibb by 0.5% during the first quarter. Providence Wealth Advisors LLC now owns 28,179 shares of the biopharmaceutical company’s stock worth $1,952,000 after acquiring an additional 153 shares during the last quarter. Lebenthal Global Advisors LLC grew its stake in Bristol-Myers Squibb by 1.5% during the first quarter. Lebenthal Global Advisors LLC now owns 10,533 shares of the biopharmaceutical company’s stock valued at $730,000 after acquiring an additional 156 shares in the last quarter. Finally, Bouchey Financial Group Ltd increased its holdings in Bristol-Myers Squibb by 5.4% in the 1st quarter. Bouchey Financial Group Ltd now owns 3,086 shares of the biopharmaceutical company’s stock valued at $213,000 after acquiring an additional 157 shares during the last quarter. Institutional investors and hedge funds own 74.98% of the company’s stock.

Bristol-Myers Squibb Stock Performance

Shares of NYSE BMY remained flat at $50.84 during mid-day trading on Friday. 10,229,732 shares of the stock were exchanged, compared to its average volume of 9,662,347. The firm has a market cap of $103.45 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.62 and a beta of 0.38. Bristol-Myers Squibb has a 12-month low of $49.49 and a 12-month high of $81.43. The stock’s 50 day moving average price is $55.60 and its 200-day moving average price is $60.89. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.18.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.24. Bristol-Myers Squibb had a return on equity of 51.59% and a net margin of 18.44%. The firm had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.96 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. Bristol-Myers Squibb’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts forecast that Bristol-Myers Squibb will post 7.56 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Friday, October 6th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date was Thursday, October 5th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently 57.87%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BMY. Deutsche Bank Aktiengesellschaft assumed coverage on Bristol-Myers Squibb in a research report on Thursday, November 9th. They set a “hold” rating and a $55.00 price objective for the company. Atlantic Securities decreased their price objective on Bristol-Myers Squibb from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, July 28th. Wells Fargo & Company cut 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 report on Friday, July 28th. Bank of America lowered their price objective on shares of Bristol-Myers Squibb from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, July 28th. Finally, Truist Financial restated a “buy” rating and issued a $84.00 target price on shares of Bristol-Myers Squibb in a report on Friday, October 6th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $63.59.

Insiders Place Their Bets

In other news, EVP Ann Powell sold 17,986 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.25, for a total value of $1,101,642.50. Following the completion of the sale, the executive vice president now owns 27,868 shares of the company’s stock, valued at approximately $1,706,915. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by company insiders.

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.