Thornburg Investment Management Inc. Makes New $2.87 Million Investment in Bristol-Myers Squibb (NYSE:BMY)

Thornburg Investment Management Inc. bought a new stake in Bristol-Myers Squibb (NYSE:BMY) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 69,190 shares of the biopharmaceutical company’s stock, valued at approximately $2,873,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ESL Trust Services LLC acquired a new position in Bristol-Myers Squibb during the first quarter valued at approximately $27,000. LGT Financial Advisors LLC increased its stake in shares of Bristol-Myers Squibb by 42.7% in the 2nd quarter. LGT Financial Advisors LLC now owns 759 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 227 shares during the last quarter. MFA Wealth Advisors LLC acquired a new position in shares of Bristol-Myers Squibb during the 2nd quarter worth $39,000. Fairman Group LLC bought a new stake in shares of Bristol-Myers Squibb during the 4th quarter worth $42,000. Finally, Beach Investment Counsel Inc. PA acquired a new stake in Bristol-Myers Squibb in the second quarter valued at about $42,000. Institutional investors own 76.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BMY. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Bristol-Myers Squibb from $53.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. Barclays raised their target price on shares of Bristol-Myers Squibb from $41.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, August 22nd. TD Cowen increased their price target on Bristol-Myers Squibb from $45.00 to $53.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Cantor Fitzgerald restated a “neutral” rating and set a $45.00 price objective on shares of Bristol-Myers Squibb in a research report on Monday, July 22nd. Finally, Jefferies Financial Group increased their target price on Bristol-Myers Squibb from $49.00 to $51.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $54.67.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock opened at $48.25 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.16 and a quick ratio of 1.02. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $60.58. The business’s 50 day simple moving average is $46.60 and its 200 day simple moving average is $46.54. The stock has a market capitalization of $97.80 billion, a PE ratio of -15.56, a PEG ratio of 12.62 and a beta of 0.46.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings data on Friday, July 26th. The biopharmaceutical company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.43. The company had revenue of $12.20 billion during the quarter, compared to analysts’ expectations of $11.54 billion. Bristol-Myers Squibb had a negative net margin of 14.06% and a positive return on equity of 12.51%. Bristol-Myers Squibb’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.75 earnings per share. As a group, research analysts forecast that Bristol-Myers Squibb will post 0.77 earnings per share for the current year.

Bristol-Myers Squibb Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.97%. Bristol-Myers Squibb’s payout ratio is -77.42%.

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 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.