Summit Securities Group LLC Boosts Stake in Bristol-Myers Squibb (NYSE:BMY)

Summit Securities Group LLC increased its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 1,968.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 51,700 shares of the biopharmaceutical company’s stock after buying an additional 49,200 shares during the quarter. Bristol-Myers Squibb accounts for about 0.6% of Summit Securities Group LLC’s holdings, making the stock its 23rd biggest position. Summit Securities Group LLC’s holdings in Bristol-Myers Squibb were worth $2,924,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. United Bank increased its holdings in shares of Bristol-Myers Squibb by 2.7% in the 3rd quarter. United Bank now owns 17,322 shares of the biopharmaceutical company’s stock valued at $896,000 after purchasing an additional 456 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Bristol-Myers Squibb by 13.3% in the third quarter. Public Sector Pension Investment Board now owns 88,350 shares of the biopharmaceutical company’s stock valued at $4,571,000 after buying an additional 10,400 shares in the last quarter. Northwest & Ethical Investments L.P. lifted its position in shares of Bristol-Myers Squibb by 21.1% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 16,168 shares of the biopharmaceutical company’s stock valued at $837,000 after acquiring an additional 2,820 shares during the period. Captrust Financial Advisors boosted its stake in shares of Bristol-Myers Squibb by 13.4% during the 3rd quarter. Captrust Financial Advisors now owns 468,106 shares of the biopharmaceutical company’s stock worth $24,220,000 after acquiring an additional 55,134 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in Bristol-Myers Squibb by 146.5% in the 3rd quarter. Fred Alger Management LLC now owns 102,293 shares of the biopharmaceutical company’s stock valued at $5,293,000 after purchasing an additional 60,797 shares in the last quarter. Institutional investors and hedge funds own 76.41% of the company’s stock.

Wall Street Analysts Forecast Growth

BMY has been the topic of several recent research reports. Jefferies Financial Group upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $63.00 to $70.00 in a research report on Monday, December 16th. Wells Fargo & Company lifted their price objective on Bristol-Myers Squibb from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Bank of America restated a “neutral” rating and issued a $63.00 target price on shares of Bristol-Myers Squibb in a report on Tuesday, December 10th. Cantor Fitzgerald boosted 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 report on Tuesday, February 4th. Finally, Citigroup raised their target price on shares of Bristol-Myers Squibb from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $57.86.

Bristol-Myers Squibb Trading Up 2.0 %

NYSE BMY opened at $60.10 on Friday. The company’s 50 day moving average price is $58.55 and its 200 day moving average price is $56.30. Bristol-Myers Squibb has a one year low of $39.35 and a one year high of $63.33. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.15 and a current ratio of 1.25. The firm has a market capitalization of $121.96 billion, a price-to-earnings ratio of -13.60, a PEG ratio of 2.07 and a beta of 0.43.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings data 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 negative net margin of 18.53% and a positive return on equity of 13.93%. On average, sell-side analysts predict that Bristol-Myers Squibb will post 6.74 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 4th will be issued 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 yield of 4.13%. Bristol-Myers Squibb’s dividend payout ratio is presently -56.11%.

Insider Buying and Selling

In other news, EVP Samit Hirawat bought 1,823 shares of Bristol-Myers Squibb stock in a transaction on Friday, February 14th. The shares were bought at an average price of $54.84 per share, with a total value of $99,973.32. Following the acquisition, the executive vice president now directly owns 63,932 shares in the company, valued at approximately $3,506,030.88. This represents a 2.94 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.

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.