Cornerstone Wealth Group LLC Reduces Stake in Bristol-Myers Squibb (NYSE:BMY)

Cornerstone Wealth Group LLC reduced its stake in Bristol-Myers Squibb (NYSE:BMY) by 4.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,206 shares of the biopharmaceutical company’s stock after selling 680 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Bristol-Myers Squibb were worth $683,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Capital International Investors grew its holdings in Bristol-Myers Squibb by 14.1% in the 1st quarter. Capital International Investors now owns 70,203,814 shares of the biopharmaceutical company’s stock valued at $3,807,153,000 after buying an additional 8,675,322 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of Bristol-Myers Squibb by 1.0% during the 2nd quarter. Primecap Management Co. CA now owns 23,498,604 shares of the biopharmaceutical company’s stock worth $975,897,000 after purchasing an additional 225,197 shares during the period. Legal & General Group Plc grew its holdings in shares of Bristol-Myers Squibb by 3.8% during the 2nd quarter. Legal & General Group Plc now owns 20,225,040 shares of the biopharmaceutical company’s stock worth $839,946,000 after purchasing an additional 735,613 shares during the period. Independent Franchise Partners LLP grew its holdings in shares of Bristol-Myers Squibb by 4.0% during the 2nd quarter. Independent Franchise Partners LLP now owns 14,600,621 shares of the biopharmaceutical company’s stock worth $606,364,000 after purchasing an additional 556,295 shares during the period. Finally, Pzena Investment Management LLC grew its holdings in shares of Bristol-Myers Squibb by 15.0% during the 2nd quarter. Pzena Investment Management LLC now owns 14,134,337 shares of the biopharmaceutical company’s stock worth $586,999,000 after purchasing an additional 1,840,424 shares during the period. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Price Performance

BMY stock opened at $55.74 on Friday. 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 firm has a market capitalization of $113.01 billion, a P/E ratio of -17.10, a P/E/G ratio of 13.75 and a beta of 0.46. The business’s 50-day moving average is $51.14 and its two-hundred day moving average is $46.54. Bristol-Myers Squibb has a 1 year low of $39.35 and a 1 year high of $56.20.

Bristol-Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend is Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio (DPR) is presently -73.62%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BMY shares. StockNews.com upgraded Bristol-Myers Squibb from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. UBS Group increased their price target on Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Barclays increased their price target on Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Cantor Fitzgerald restated a “neutral” rating and set a $50.00 target price on shares of Bristol-Myers Squibb in a report on Friday, October 18th. Finally, Citigroup cut Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their target price for the company from $75.00 to $55.00 in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $52.38.

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.