Cornerstone Wealth Group LLC Boosts Stock Position in Bristol-Myers Squibb (NYSE:BMY)

Cornerstone Wealth Group LLC boosted its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 198.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 12,915 shares of the biopharmaceutical company’s stock after purchasing an additional 8,582 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Bristol-Myers Squibb were worth $700,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Bristol-Myers Squibb in the 4th quarter valued at approximately $1,560,524,000. Van ECK Associates Corp increased its holdings in shares of Bristol-Myers Squibb by 792.6% in the 4th quarter. Van ECK Associates Corp now owns 4,030,939 shares of the biopharmaceutical company’s stock valued at $206,828,000 after acquiring an additional 3,579,324 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of Bristol-Myers Squibb by 14.6% in the 4th quarter. Primecap Management Co. CA now owns 23,534,378 shares of the biopharmaceutical company’s stock valued at $1,207,549,000 after acquiring an additional 2,998,228 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Bristol-Myers Squibb by 48.0% in the 4th quarter. Pacer Advisors Inc. now owns 7,830,948 shares of the biopharmaceutical company’s stock valued at $401,806,000 after acquiring an additional 2,540,360 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Bristol-Myers Squibb by 36.7% in the 4th quarter. Franklin Resources Inc. now owns 9,357,199 shares of the biopharmaceutical company’s stock valued at $480,118,000 after acquiring an additional 2,510,134 shares during the last quarter. 76.41% of the stock is currently owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Performance

BMY opened at $41.53 on Monday. The company has a market cap of $84.19 billion, a PE ratio of -13.40, a price-to-earnings-growth ratio of 14.21 and a beta of 0.43. The stock has a 50-day moving average of $42.97 and a 200-day moving average of $48.11. Bristol-Myers Squibb has a 52-week low of $39.63 and a 52-week high of $65.38. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.99 and a current ratio of 1.11.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($4.40) earnings per share for the quarter, beating the consensus estimate of ($4.53) by $0.13. Bristol-Myers Squibb had a positive return on equity of 8.83% and a negative net margin of 13.50%. The firm had revenue of $11.87 billion during the quarter, compared to the consensus estimate of $11.45 billion. During the same quarter in the prior year, the company earned $2.05 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities research analysts forecast that Bristol-Myers Squibb will post 0.58 earnings per share for the current fiscal year.

Bristol-Myers Squibb Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, July 5th will be issued a $0.60 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.78%. Bristol-Myers Squibb’s payout ratio is presently -77.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BMY. BMO Capital Markets lowered their price target on Bristol-Myers Squibb from $55.00 to $48.00 and set a “market perform” rating for the company in a report on Friday, April 26th. Wells Fargo & Company upped their price objective on Bristol-Myers Squibb from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Barclays lowered their price objective on Bristol-Myers Squibb from $51.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. StockNews.com downgraded Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, Societe Generale downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.00.

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.