Essex Financial Services Inc. Trims Stock Holdings in Bristol-Myers Squibb (NYSE:BMY)

Essex Financial Services Inc. lessened its stake in shares of Bristol-Myers Squibb (NYSE:BMY) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,385 shares of the biopharmaceutical company’s stock after selling 1,689 shares during the quarter. Essex Financial Services Inc.’s holdings in Bristol-Myers Squibb were worth $2,850,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BMY. Reston Wealth Management LLC purchased a new stake in Bristol-Myers Squibb in the third quarter valued at approximately $25,000. Hollencrest Capital Management grew its stake in shares of Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 187 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bristol-Myers Squibb in the 3rd quarter valued at $28,000. Darwin Wealth Management LLC acquired a new position in Bristol-Myers Squibb during the 3rd quarter worth about $29,000. Finally, Valued Wealth Advisors LLC boosted its holdings in Bristol-Myers Squibb by 1,168.1% during the 3rd quarter. Valued Wealth Advisors LLC now owns 596 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 549 shares during the period. 76.41% of the stock is owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Down 2.4 %

BMY stock opened at $55.50 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.09 and a debt-to-equity ratio of 2.83. The company’s 50-day moving average price is $57.56 and its 200 day moving average price is $53.89. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $61.10. The company has a market cap of $112.55 billion, a P/E ratio of -12.56, a P/E/G ratio of 2.13 and a beta of 0.45.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.81% and a negative net margin of 18.53%. On average, research analysts expect that Bristol-Myers Squibb will post 6.75 earnings per share for the current fiscal year.

Bristol-Myers Squibb Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 3rd were given a $0.62 dividend. The ex-dividend date was Friday, January 3rd. This is a positive change from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a dividend yield of 4.47%. Bristol-Myers Squibb’s payout ratio is currently -56.11%.

Analyst Ratings Changes

Several analysts have recently issued reports on BMY shares. Bank of America reissued a “neutral” rating and set a $63.00 price target on shares of Bristol-Myers Squibb in a research report on Tuesday, December 10th. Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 13th. Sanford C. Bernstein initiated coverage on shares of Bristol-Myers Squibb in a report on Thursday, October 17th. They issued a “market perform” rating and a $56.00 target price for the company. Truist Financial raised their price target on Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, BMO Capital Markets lifted their price objective on shares of Bristol-Myers Squibb from $57.00 to $61.00 and gave the company a “market perform” rating in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Bristol-Myers Squibb has a consensus rating of “Hold” and a consensus price target of $57.86.

Bristol-Myers Squibb Company 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.