CCM Investment Advisers LLC boosted its stake in Bristol-Myers Squibb (NYSE:BMY – Free Report) by 18.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,262 shares of the biopharmaceutical company’s stock after purchasing an additional 28,911 shares during the quarter. Bristol-Myers Squibb comprises 1.8% of CCM Investment Advisers LLC’s investment portfolio, making the stock its 24th biggest position. CCM Investment Advisers LLC’s holdings in Bristol-Myers Squibb were worth $12,633,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of BMY. Dakota Wealth Management acquired a new position in Bristol-Myers Squibb during the first quarter worth about $332,000. Covestor Ltd grew its holdings in shares of Bristol-Myers Squibb by 111.5% during the first quarter. Covestor Ltd now owns 2,052 shares of the biopharmaceutical company’s stock worth $150,000 after purchasing an additional 1,082 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Bristol-Myers Squibb by 53.2% during the first quarter. NewEdge Advisors LLC now owns 165,336 shares of the biopharmaceutical company’s stock worth $12,075,000 after purchasing an additional 57,444 shares during the last quarter. Ergoteles LLC bought a new stake in shares of Bristol-Myers Squibb during the first quarter worth about $1,997,000. Finally, Mackenzie Financial Corp grew its holdings in shares of Bristol-Myers Squibb by 25.1% during the first quarter. Mackenzie Financial Corp now owns 338,563 shares of the biopharmaceutical company’s stock worth $24,725,000 after purchasing an additional 68,018 shares during the last quarter. Institutional investors and hedge funds own 74.98% of the company’s stock.
Analyst Ratings Changes
BMY has been the topic of several research reports. StockNews.com cut Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Bank of America reduced their price target on Bristol-Myers Squibb from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, July 28th. Daiwa Capital Markets initiated coverage on Bristol-Myers Squibb in a report on Wednesday, June 28th. They issued an “outperform” rating and a $70.00 target price on the stock. Wells Fargo & Company reduced their target price on Bristol-Myers Squibb from $78.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, July 28th. Finally, Cantor Fitzgerald reduced their target price on Bristol-Myers Squibb from $88.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $71.14.
Insider Transactions at Bristol-Myers Squibb
In other news, EVP Robert M. Plenge sold 732 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $61.14, for a total transaction of $44,754.48. Following the transaction, the executive vice president now directly owns 6,584 shares of the company’s stock, valued at $402,545.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Robert M. Plenge sold 732 shares of the stock in a transaction on Thursday, August 3rd. The stock was 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 directly 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 at this link. Also, EVP Ann Powell sold 17,986 shares of the stock in a transaction 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 directly owns 27,868 shares of the company’s stock, valued at $1,706,915. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.
Bristol-Myers Squibb Price Performance
Bristol-Myers Squibb stock opened at $60.24 on Wednesday. The stock has a market capitalization of $125.85 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 1.58 and a beta of 0.42. Bristol-Myers Squibb has a 52-week low of $59.45 and a 52-week high of $81.43. The stock’s 50 day moving average price is $61.88 and its two-hundred day moving average price is $65.33. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.28 and a current ratio of 1.39.
Bristol-Myers Squibb (NYSE:BMY – Get Free Report) last issued its earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $11.81 billion. During the same period in the previous year, the company earned $1.93 earnings per share. Bristol-Myers Squibb’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, equities analysts predict that Bristol-Myers Squibb will post 7.49 earnings per share for the current year.
Bristol-Myers Squibb 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, 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.
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