Truist Financial Corp Cuts Holdings in Bristol-Myers Squibb (NYSE:BMY)

Truist Financial Corp lowered its holdings in Bristol-Myers Squibb (NYSE:BMY) by 31.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,580,203 shares of the biopharmaceutical company’s stock after selling 730,782 shares during the quarter. Truist Financial Corp’s holdings in Bristol-Myers Squibb were worth $81,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BMY. OFI Invest Asset Management bought a new position in Bristol-Myers Squibb during the 3rd quarter valued at about $25,000. Milestone Investment Advisors LLC purchased a new position in shares of Bristol-Myers Squibb during the third quarter valued at approximately $27,000. Blue Bell Private Wealth Management LLC lifted its position in Bristol-Myers Squibb by 61.5% during the third quarter. Blue Bell Private Wealth Management LLC now owns 525 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 200 shares during the period. Legacy Financial Group LLC purchased a new stake in Bristol-Myers Squibb in the third quarter worth approximately $39,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Bristol-Myers Squibb in the 4th quarter worth approximately $40,000. 76.41% of the stock is owned by institutional investors.

Bristol-Myers Squibb Price Performance

Shares of BMY traded up $0.15 during trading hours on Friday, reaching $44.85. 21,281,927 shares of the stock traded hands, compared to its average volume of 12,141,314. The company has a current ratio of 1.43, a quick ratio of 1.31 and a debt-to-equity ratio of 1.24. Bristol-Myers Squibb has a 52-week low of $44.34 and a 52-week high of $69.10. The company’s 50-day moving average price is $51.03 and its two-hundred day moving average price is $51.18. The company has a market cap of $90.90 billion, a P/E ratio of -14.47, a price-to-earnings-growth ratio of 16.25 and a beta of 0.39.

Bristol-Myers Squibb (NYSE:BMY) last released its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($4.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.53) by $0.13. The company had revenue of $11.87 billion for the quarter, compared to analysts’ expectations of $11.45 billion. Bristol-Myers Squibb had a negative net margin of 13.50% and a positive return on equity of 50.04%. Bristol-Myers Squibb’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.05 EPS. On average, analysts anticipate that Bristol-Myers Squibb will post 0.55 earnings per share for the current year.

Bristol-Myers Squibb Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 5.35%. The ex-dividend date of this dividend is Thursday, April 4th. Bristol-Myers Squibb’s payout ratio is currently -77.42%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BMY shares. StockNews.com cut Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a report on Monday, April 15th. Societe Generale cut Bristol-Myers Squibb from a “buy” rating to a “hold” rating in a research report on Monday, March 11th. Bank of America lowered shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and reduced their price target for the company from $68.00 to $60.00 in a research report on Wednesday, January 3rd. Redburn Atlantic cut shares of Bristol-Myers Squibb from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $77.00 to $54.00 in a research note on Tuesday, February 6th. Finally, Wells Fargo & Company boosted their target price on shares of Bristol-Myers Squibb from $51.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average 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.