Payden & Rygel Purchases New Position in Bristol-Myers Squibb (NYSE:BMY)

Payden & Rygel acquired a new stake in Bristol-Myers Squibb (NYSE:BMY) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 247,800 shares of the biopharmaceutical company’s stock, valued at approximately $14,016,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BMY. Wedbush Securities Inc. raised its stake in shares of Bristol-Myers Squibb by 2.9% during the 4th quarter. Wedbush Securities Inc. now owns 57,386 shares of the biopharmaceutical company’s stock valued at $3,246,000 after purchasing an additional 1,618 shares during the period. Envestnet Asset Management Inc. grew its holdings in Bristol-Myers Squibb by 21.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,531,112 shares of the biopharmaceutical company’s stock valued at $199,720,000 after buying an additional 618,047 shares in the last quarter. Perennial Investment Advisors LLC lifted its holdings in shares of Bristol-Myers Squibb by 13.2% in the fourth quarter. Perennial Investment Advisors LLC now owns 5,328 shares of the biopharmaceutical company’s stock worth $301,000 after buying an additional 620 shares in the last quarter. Aviva PLC boosted its position in shares of Bristol-Myers Squibb by 25.5% in the fourth quarter. Aviva PLC now owns 1,221,336 shares of the biopharmaceutical company’s stock valued at $69,079,000 after acquiring an additional 248,348 shares during the period. Finally, Oarsman Capital Inc. grew its stake in Bristol-Myers Squibb by 1.1% during the fourth quarter. Oarsman Capital Inc. now owns 26,157 shares of the biopharmaceutical company’s stock valued at $1,479,000 after acquiring an additional 281 shares in the last quarter. Institutional investors own 76.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BMY shares. Wells Fargo & Company lifted their price target on Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Truist Financial increased their price objective on Bristol-Myers Squibb from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Citigroup boosted their target price on Bristol-Myers Squibb from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Bank of America reissued a “neutral” rating and set a $63.00 price target on shares of Bristol-Myers Squibb in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald upped their price objective on shares of Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $57.86.

Bristol-Myers Squibb Stock Performance

Shares of BMY stock opened at $55.32 on Friday. The firm has a market capitalization of $112.56 billion, a price-to-earnings ratio of -12.52, a PEG ratio of 2.07 and a beta of 0.43. The stock has a fifty day moving average of $58.62 and a 200 day moving average of $56.58. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week 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.

Bristol-Myers Squibb (NYSE:BMY) last announced its 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 negative net margin of 18.53% and a positive return on equity of 13.93%. As a group, research analysts expect that Bristol-Myers Squibb will post 6.74 earnings per share for the current year.

Bristol-Myers Squibb Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 4th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.48 annualized dividend and a dividend yield of 4.48%. Bristol-Myers Squibb’s dividend payout ratio is presently -56.11%.

Insider Buying and Selling

In other Bristol-Myers Squibb news, EVP Samit Hirawat bought 1,823 shares of Bristol-Myers Squibb stock in a transaction dated Friday, February 14th. The shares were purchased at an average cost of $54.84 per share, with a total value of $99,973.32. Following the transaction, the executive vice president now directly owns 63,932 shares of the company’s stock, valued at $3,506,030.88. This represents a 2.94 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is owned by insiders.

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.