Wealth Effects LLC Buys 4,150 Shares of Bristol-Myers Squibb (NYSE:BMY)

Wealth Effects LLC grew its stake in Bristol-Myers Squibb (NYSE:BMY) by 38.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,077 shares of the biopharmaceutical company’s stock after acquiring an additional 4,150 shares during the quarter. Wealth Effects LLC’s holdings in Bristol-Myers Squibb were worth $780,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. RFG Advisory LLC raised its stake in Bristol-Myers Squibb by 23.4% during the 1st quarter. RFG Advisory LLC now owns 22,234 shares of the biopharmaceutical company’s stock worth $1,206,000 after buying an additional 4,218 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Bristol-Myers Squibb during the 1st quarter valued at about $162,000. AdvisorNet Financial Inc grew its position in shares of Bristol-Myers Squibb by 14.2% in the 1st quarter. AdvisorNet Financial Inc now owns 33,379 shares of the biopharmaceutical company’s stock valued at $1,810,000 after purchasing an additional 4,138 shares during the period. Traynor Capital Management Inc. increased its stake in Bristol-Myers Squibb by 2.8% during the 1st quarter. Traynor Capital Management Inc. now owns 7,672 shares of the biopharmaceutical company’s stock worth $416,000 after purchasing an additional 207 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in Bristol-Myers Squibb during the 1st quarter worth approximately $5,161,000. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb Stock Performance

NYSE BMY traded down $0.80 on Monday, hitting $52.42. 2,168,037 shares of the stock were exchanged, compared to its average volume of 14,689,875. The company has a market capitalization of $106.26 billion, a PE ratio of -17.17, a P/E/G ratio of 13.75 and a beta of 0.46. The business’s fifty day moving average is $50.36 and its 200 day moving average is $46.33. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $56.77. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02.

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

Bristol-Myers Squibb Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date is Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -77.42%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BMY. Jefferies Financial Group upped their price target on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Sanford C. Bernstein assumed coverage on Bristol-Myers Squibb in a report on Thursday. They set a “market perform” rating and a $56.00 target price for the company. BMO Capital Markets reissued a “market perform” rating and issued a $48.00 price target on shares of Bristol-Myers Squibb in a research note on Monday, September 23rd. TD Cowen upped their price objective on Bristol-Myers Squibb from $53.00 to $59.00 and gave the stock a “hold” rating in a research report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, fourteen have issued 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.com, Bristol-Myers Squibb presently has a consensus rating of “Hold” and an average target price of $53.20.

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.