1834 Investment Advisors Co. Reduces Stake in Bristol-Myers Squibb

1834 Investment Advisors Co. has reduced its holdings in Bristol-Myers Squibb (NYSE:BMY) by 6.0% during the fourth quarter, according to a recent Form 13F filing with the Securities and Exchange Commission. After selling 10,518 shares in the quarter, the institutional investor now owns 163,393 shares of the biopharmaceutical company. This stock represents 1.2% of 1834 Investment Advisors Co.'s overall portfolio, making it the 18th largest investment in their holdings. The total value of 1834 Investment Advisors Co.'s stake in Bristol-Myers Squibb is approximately $9.24 million as of the latest reporting period.

Several other hedge funds have also adjusted their positions in Bristol-Myers Squibb recently. For example, State Street Corp increased its stake by 1.6% during the third quarter, owning a total of 92,896,580 shares valued at about $4.8 billion after acquiring an additional 1,451,214 shares in the last quarter. Similarly, Charles Schwab Investment Management raised its holdings by 3.3%, resulting in 61,030,403 shares worth around $3.16 billion after purchasing 1,968,729 additional shares. FMR LLC also increased its investment by 10.5%, bringing its total to 44,940,609 shares valued at $2.33 billion after acquiring 4,275,787 shares in the third quarter.

Geode Capital Management raised its stake by 2.5%, owning 43,204,016 shares valued at approximately $2.23 billion following a purchase of 1,036,495 shares. Additionally, UBS Asset Management Americas grew its holdings by an impressive 18.7% during the third quarter, ending with 19,074,823 shares worth $986.93 million after acquiring 3,002,418 shares. Institutional and hedge fund investors collectively own approximately 76.41% of Bristol-Myers Squibb's stock.

Recent Insider Transactions at Bristol-Myers Squibb

More activity is evident among Bristol-Myers Squibb insiders as well. On November 1st, Samit Hirawat, an executive vice president, acquired 1,830 shares at an average price of $54.67 each, totaling $100,046.10 for the transaction. This purchase increased his total ownership to 62,109 shares, valued at roughly $3.40 million, reflecting a 3.04% increase in stock ownership. In contrast, senior vice president Phil M. Holzer sold 700 shares on November 4th for an average price of $55.62, resulting in a total sale of $38,934. Following this transaction, Holzer now owns 11,760 shares valued at approximately $654,091, representing a 5.62% reduction in his ownership. Overall, insiders hold only 0.09% of the stock.

Analysts Provide Varied Ratings

Analysts have shared their outlook on Bristol-Myers Squibb, with Wolfe Research initiating coverage and assigning a "peer perform" rating as of November 15th. Bank of America reaffirmed a "neutral" rating while setting a price target of $63.00 for the stock in a report released on December 10th. Citigroup raised its price objective from $55.00 to $60.00 while also maintaining a "neutral" rating in a report from November 12th. On the other hand, Daiwa America upgraded Bristol-Myers from a "hold" to a "strong-buy" rating on November 13th. Jefferies Financial Group also raised their assessment from "hold" to "buy" and increased their target price for the stock from $63.00 to $70.00 as of December 16th. Current ratings show two analysts with sell ratings, thirteen with hold ratings, four with buy ratings, and three with strong buy ratings, with an average rating of "Hold" and a price target of $56.27 according to MarketBeat.

Bristol-Myers Squibb Stock Performance

As of the last trading session, Bristol-Myers Squibb stock opened at $59.68. The company demonstrates solid liquidity with a current ratio of 1.24 and a quick ratio of 1.09. The debt-to-equity ratio stands at 2.83. The stock has experienced a one-year low of $39.35 and a high of $61.08, with its 50-day moving average at $57.47 and the two-hundred day moving average at $52.54.

Bristol-Myers Squibb recently announced its quarterly earnings, revealing an earning per share (EPS) of $1.80, which surpassed analysts' expectations by $0.31, as the consensus estimate was $1.49. The company posted revenues of $11.89 billion, outperforming the expected $11.26 billion. Despite experiencing a negative net margin of 15.30%, the company achieved a positive return on equity of 11.94%, indicating overall revenue growth of 8.4% compared to the same quarter from the previous year. Analysts estimate the company will report an EPS of 0.92 for the current year.

Dividend Increase Announced

In financial news, Bristol-Myers Squibb has also announced a quarterly dividend that will be distributed on February 3rd. Shareholders on record by January 3rd will receive a dividend of $0.62 per share, up from the previous $0.60 per share. This translates to an annual dividend of $2.48 and a yield of 4.16%. Currently, the company's dividend payout ratio is reported at -69.08%.

About Bristol-Myers Squibb

Bristol-Myers Squibb Company is a global biopharmaceutical leader that discovers, develops, licenses, manufactures, markets, and sells its products. The company specializes in various therapeutic areas including oncology, hematology, cardiovascular, immunology, fibrotic diseases, and neuroscience. Notable products include Eliquis, used for preventing stroke and treating conditions such as DVT/PE; Opdivo, which targets various cancers; and Pomalyst for treating multiple myeloma, among others.

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