Towercrest Capital Management Buys New Stake in Bristol-Myers Squibb (NYSE:BMY)

Towercrest Capital Management bought a new stake in Bristol-Myers Squibb (NYSE:BMY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,757 shares of the biopharmaceutical company’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sound Shore Management Inc. CT acquired a new position in shares of Bristol-Myers Squibb during the fourth quarter worth approximately $77,696,000. Woodmont Investment Counsel LLC lifted its position in shares of Bristol-Myers Squibb by 3.1% during the fourth quarter. Woodmont Investment Counsel LLC now owns 13,006 shares of the biopharmaceutical company’s stock worth $736,000 after purchasing an additional 391 shares in the last quarter. Crowley Wealth Management Inc. acquired a new position in shares of Bristol-Myers Squibb during the fourth quarter worth approximately $43,000. Vanguard Group Inc. lifted its position in shares of Bristol-Myers Squibb by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 189,944,516 shares of the biopharmaceutical company’s stock worth $10,743,262,000 after purchasing an additional 1,373,209 shares in the last quarter. Finally, Paces Ferry Wealth Advisors LLC acquired a new position in Bristol-Myers Squibb in the fourth quarter valued at approximately $274,000. Institutional investors own 76.41% of the company’s stock.

Insider Activity at Bristol-Myers Squibb

In related news, EVP Samit Hirawat bought 1,823 shares of Bristol-Myers Squibb stock in a transaction that occurred on Friday, February 14th. The shares were acquired at an average cost of $54.84 per share, for a total transaction of $99,973.32. Following the completion of the acquisition, the executive vice president now directly owns 63,932 shares of the company’s stock, valued at approximately $3,506,030.88. The trade was a 2.94 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BMY has been the topic of several analyst reports. Cantor Fitzgerald increased their price objective on shares of Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Jefferies Financial Group raised shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and raised their price target for the stock from $63.00 to $70.00 in a research note on Monday, December 16th. Citigroup raised their target price on shares of Bristol-Myers Squibb from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Wells Fargo & Company raised their target price on shares of Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, Truist Financial raised their price target 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, eleven have issued a hold rating, four have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $57.86.

Bristol-Myers Squibb Stock Performance

Bristol-Myers Squibb stock opened at $61.06 on Monday. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $63.33. The company has a quick ratio of 1.15, a current ratio of 1.25 and a debt-to-equity ratio of 2.90. The business’s 50-day moving average price is $58.17 and its two-hundred day moving average price is $55.97. The stock has a market cap of $123.92 billion, a PE ratio of -13.82, a P/E/G ratio of 2.07 and a beta of 0.43.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.20. Bristol-Myers Squibb had a positive return on equity of 13.93% and a negative net margin of 18.53%. As a group, analysts expect that Bristol-Myers Squibb will post 6.74 earnings per share for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 4th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, April 4th. Bristol-Myers Squibb’s payout ratio is presently -56.11%.

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.