Pinnacle Associates Ltd. Has $13.65 Million Position in Bristol-Myers Squibb (NYSE:BMY)

Pinnacle Associates Ltd. increased its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 36.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 266,041 shares of the biopharmaceutical company’s stock after buying an additional 70,905 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bristol-Myers Squibb were worth $13,651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lincoln National Corp lifted its position in Bristol-Myers Squibb by 7.7% in the first quarter. Lincoln National Corp now owns 42,894 shares of the biopharmaceutical company’s stock worth $2,326,000 after purchasing an additional 3,052 shares during the period. Accel Wealth Management boosted its position in shares of Bristol-Myers Squibb by 19.0% during the 1st quarter. Accel Wealth Management now owns 4,934 shares of the biopharmaceutical company’s stock valued at $268,000 after acquiring an additional 788 shares in the last quarter. Xponance Inc. increased its stake in Bristol-Myers Squibb by 8.8% in the second quarter. Xponance Inc. now owns 317,381 shares of the biopharmaceutical company’s stock valued at $13,181,000 after acquiring an additional 25,543 shares during the period. Plato Investment Management Ltd raised its position in Bristol-Myers Squibb by 25.4% in the second quarter. Plato Investment Management Ltd now owns 103,954 shares of the biopharmaceutical company’s stock worth $4,317,000 after purchasing an additional 21,041 shares in the last quarter. Finally, Advisory Services Network LLC boosted its holdings in Bristol-Myers Squibb by 47.0% during the first quarter. Advisory Services Network LLC now owns 119,423 shares of the biopharmaceutical company’s stock valued at $6,476,000 after purchasing an additional 38,163 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors.

Bristol-Myers Squibb Trading Up 1.0 %

Shares of NYSE:BMY traded up $0.53 during trading on Wednesday, hitting $53.03. 2,762,891 shares of the company’s stock were exchanged, compared to its average volume of 14,438,900. The firm has a 50-day moving average price of $50.89 and a two-hundred day moving average price of $46.44. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $55.03. The firm has a market cap of $107.50 billion, a P/E ratio of -16.94, a PEG ratio of 13.75 and a beta of 0.46. The company has a current ratio of 1.16, a quick ratio of 1.02 and a debt-to-equity ratio of 2.86.

Bristol-Myers Squibb Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 4th will be given a $0.60 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.53%. Bristol-Myers Squibb’s dividend payout ratio is currently -77.42%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Sanford C. Bernstein initiated coverage on Bristol-Myers Squibb in a research report on Thursday, October 17th. They set a “market perform” rating and a $56.00 target price for the company. 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. UBS Group lifted their price target on shares of Bristol-Myers Squibb from $50.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. BMO Capital Markets reaffirmed a “market perform” rating and set a $48.00 price objective on shares of Bristol-Myers Squibb in a research note on Monday, September 23rd. Finally, Jefferies Financial Group lifted their target price on shares of Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $53.57.

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.