4,924 Shares in Bristol-Myers Squibb (NYSE:BMY) Bought by Covenant Asset Management LLC

Covenant Asset Management LLC bought a new position in shares of Bristol-Myers Squibb (NYSE:BMY) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 4,924 shares of the biopharmaceutical company’s stock, valued at approximately $279,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BMY. AMF Tjanstepension AB boosted its stake in shares of Bristol-Myers Squibb by 6.9% in the third quarter. AMF Tjanstepension AB now owns 610,181 shares of the biopharmaceutical company’s stock worth $31,618,000 after buying an additional 39,419 shares during the last quarter. Swedbank AB raised its holdings in Bristol-Myers Squibb by 0.9% in the 3rd quarter. Swedbank AB now owns 3,139,552 shares of the biopharmaceutical company’s stock worth $162,440,000 after purchasing an additional 28,427 shares during the period. Fulton Breakefield Broenniman LLC acquired a new position in Bristol-Myers Squibb in the 3rd quarter worth about $231,000. Cornerstone Wealth Management LLC raised its holdings in Bristol-Myers Squibb by 25.1% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 21,378 shares of the biopharmaceutical company’s stock worth $1,106,000 after purchasing an additional 4,285 shares during the period. Finally, Good Life Advisors LLC raised its holdings in Bristol-Myers Squibb by 107.2% in the 3rd quarter. Good Life Advisors LLC now owns 32,262 shares of the biopharmaceutical company’s stock worth $1,669,000 after purchasing an additional 16,689 shares during the period. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Down 3.8 %

Bristol-Myers Squibb stock opened at $53.85 on Friday. Bristol-Myers Squibb has a 1-year low of $39.35 and a 1-year high of $61.10. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The stock has a market cap of $109.22 billion, a PE ratio of -12.18, a P/E/G ratio of 2.13 and a beta of 0.45. The stock’s fifty day moving average is $57.32 and its two-hundred day moving average is $54.03.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts expect that Bristol-Myers Squibb will post 6.75 EPS for the current fiscal year.

Bristol-Myers Squibb Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 3rd were given a dividend of $0.62 per share. The ex-dividend date was Friday, January 3rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.61%. This is a boost from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. Bristol-Myers Squibb’s payout ratio is -56.11%.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMY. Daiwa Capital Markets raised Bristol-Myers Squibb from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 13th. Bank of America reissued a “neutral” rating and set a $63.00 target price on shares of Bristol-Myers Squibb in a report on Tuesday, December 10th. Daiwa America raised Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 13th. Leerink Partners raised Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and increased their target price for the company from $55.00 to $73.00 in a report on Tuesday, November 12th. Finally, Truist Financial increased their target price on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Two equities 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, the stock presently has an average rating of “Hold” and an average price target of $57.86.

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.