Jennison Associates LLC Grows Stake in Bristol-Myers Squibb (NYSE:BMY)

Jennison Associates LLC lifted its position in Bristol-Myers Squibb (NYSE:BMY) by 22.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,835,930 shares of the biopharmaceutical company’s stock after purchasing an additional 340,428 shares during the period. Jennison Associates LLC’s holdings in Bristol-Myers Squibb were worth $122,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in BMY. Horan Securities Inc. boosted its stake in shares of Bristol-Myers Squibb by 217.3% in the 2nd quarter. Horan Securities Inc. now owns 441 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 302 shares during the last quarter. PNC Managed Account Solutions Inc. purchased a new position in shares of Bristol-Myers Squibb in the 2nd quarter worth $37,000. Regency Capital Management Inc. DE purchased a new position in Bristol-Myers Squibb during the first quarter valued at $43,000. Cypress Point Wealth Management LLC purchased a new position in Bristol-Myers Squibb during the second quarter valued at $48,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new position in Bristol-Myers Squibb during the first quarter valued at $55,000. Hedge funds and other institutional investors own 72.10% of the company’s stock.

In other Bristol-Myers Squibb news, CEO Giovanni Caforio sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, September 20th. The stock was sold at an average price of $60.64, for a total transaction of $1,516,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David V. Elkins sold 99,691 shares of the business’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $66.95, for a total value of $6,674,312.45. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their target price on Bristol-Myers Squibb from $62.00 to $71.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Truist assumed coverage on Bristol-Myers Squibb in a research report on Wednesday, July 28th. They set a “buy” rating and a $74.00 target price on the stock. Truist Securities assumed coverage on Bristol-Myers Squibb in a research report on Wednesday, July 28th. They set a “buy” rating and a $74.00 target price on the stock. TheStreet downgraded Bristol-Myers Squibb from a “b” rating to a “c+” rating in a research report on Wednesday, September 22nd. Finally, Bank of America reissued a “buy” rating on shares of Bristol-Myers Squibb in a report on Wednesday, July 28th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bristol-Myers Squibb currently has a consensus rating of “Buy” and an average target price of $73.45.

NYSE:BMY opened at $60.23 on Monday. Bristol-Myers Squibb has a 52 week low of $56.75 and a 52 week high of $69.75. The company has a quick ratio of 1.42, a current ratio of 1.54 and a debt-to-equity ratio of 1.15. The business’s 50-day simple moving average is $66.04 and its two-hundred day simple moving average is $65.37. The stock has a market cap of $133.84 billion, a PE ratio of -26.53, a P/E/G ratio of 1.20 and a beta of 0.61.

Bristol-Myers Squibb (NYSE:BMY) last issued its earnings results on Tuesday, July 27th. The biopharmaceutical company reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.04. Bristol-Myers Squibb had a positive return on equity of 37.76% and a negative net margin of 11.44%. The firm had revenue of $11.70 billion for the quarter, compared to analysts’ expectations of $11.24 billion. Sell-side analysts anticipate that Bristol-Myers Squibb will post 7.46 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 1st will be issued a $0.49 dividend. The ex-dividend date is Thursday, September 30th. This represents a $1.96 annualized dividend and a dividend yield of 3.25%. Bristol-Myers Squibb’s dividend payout ratio (DPR) is 30.43%.

Bristol-Myers Squibb Company Profile

Bristol Myers Squibb Co engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It offers chemically-synthesized drugs or small molecules and products produced from biological processes called biologics. The company was founded in August 1933 and is headquartered in New York, NY.

Further Reading: Forex

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Institutional Ownership by Quarter for Bristol-Myers Squibb (NYSE:BMY)

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