Summit Global Investments Sells 35,829 Shares of Bristol-Myers Squibb (NYSE:BMY)

Summit Global Investments cut its holdings in Bristol-Myers Squibb (NYSE:BMY) by 56.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,365 shares of the biopharmaceutical company’s stock after selling 35,829 shares during the quarter. Summit Global Investments’ holdings in Bristol-Myers Squibb were worth $1,416,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BMY. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of Bristol-Myers Squibb by 4.7% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,492 shares of the biopharmaceutical company’s stock valued at $786,000 after purchasing an additional 654 shares in the last quarter. TCI Wealth Advisors Inc. grew its holdings in shares of Bristol-Myers Squibb by 6.2% in the first quarter. TCI Wealth Advisors Inc. now owns 6,882 shares of the biopharmaceutical company’s stock valued at $373,000 after purchasing an additional 402 shares in the last quarter. Montag A & Associates Inc. boosted its stake in Bristol-Myers Squibb by 9.1% during the first quarter. Montag A & Associates Inc. now owns 20,999 shares of the biopharmaceutical company’s stock worth $1,139,000 after buying an additional 1,758 shares during the period. Keudell Morrison Wealth Management boosted its stake in Bristol-Myers Squibb by 50.4% during the first quarter. Keudell Morrison Wealth Management now owns 16,452 shares of the biopharmaceutical company’s stock worth $892,000 after buying an additional 5,511 shares during the period. Finally, Atomi Financial Group Inc. purchased a new position in Bristol-Myers Squibb during the first quarter worth $231,000. 76.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Samit Hirawat bought 1,830 shares of Bristol-Myers Squibb stock in a transaction on Friday, November 1st. The stock was acquired at an average cost of $54.67 per share, for a total transaction of $100,046.10. Following the completion of the acquisition, the executive vice president now owns 62,109 shares of the company’s stock, valued at $3,395,499.03. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bristol-Myers Squibb news, EVP Samit Hirawat purchased 1,830 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $54.67 per share, for a total transaction of $100,046.10. Following the completion of the purchase, the executive vice president now owns 62,109 shares of the company’s stock, valued at approximately $3,395,499.03. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Phil M. Holzer sold 700 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $55.62, for a total value of $38,934.00. Following the sale, the senior vice president now owns 11,760 shares in the company, valued at $654,091.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BMY has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Bristol-Myers Squibb in a research note on Friday, October 18th. Sanford C. Bernstein initiated coverage on shares of Bristol-Myers Squibb in a research note on Thursday, October 17th. They set a “market perform” rating and a $56.00 price objective for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. TD Cowen boosted their target price on shares of Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research note on Monday, October 7th. Finally, Citigroup lowered shares of 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 research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $53.00.

Bristol-Myers Squibb Stock Performance

BMY stock opened at $54.16 on Friday. The company has a market capitalization of $109.85 billion, a P/E ratio of -15.09, a PEG ratio of 12.39 and a beta of 0.44. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The business has a 50-day moving average price of $51.87 and a 200 day moving average price of $46.81. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $56.80.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.31. The business had revenue of $11.89 billion during the quarter, compared to the consensus estimate of $11.26 billion. Bristol-Myers Squibb had a negative net margin of 15.30% and a positive return on equity of 11.94%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.00 earnings per share. As a group, equities research analysts forecast that Bristol-Myers Squibb will post 0.9 EPS for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.40 dividend on an annualized basis and a yield of 4.43%. Bristol-Myers Squibb’s dividend payout ratio is presently -66.85%.

Bristol-Myers Squibb Company Profile

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.