Corrado Advisors LLC Reduces Stake in Bristol-Myers Squibb

Corrado Advisors LLC has reduced its holdings in Bristol-Myers Squibb (NYSE:BMY - Free Report) by 14.8% during the fourth quarter, as stated in its latest 13F filing with the Securities and Exchange Commission (SEC). After selling 4,838 shares, the firm now owns a total of 27,887 shares of the biopharmaceutical company. At the end of this quarter, Corrado Advisors' investment in Bristol-Myers Squibb was valued at approximately $1,577,000.

Several other institutional investors have also made adjustments to their portfolios regarding Bristol-Myers Squibb. For example, FMR LLC increased its stake by 10.5% in the third quarter, owning 44,940,609 shares worth about $2.3 billion after buying an additional 4,275,787 shares. Similarly, Jennison Associates LLC raised its holdings significantly by 420.1%, bringing their total to 4,241,255 shares valued at roughly $219 million after acquiring 3,425,789 shares.

Janus Henderson Group PLC also enhanced its position by 695.1%, accumulating 3,554,758 shares valued at $183.97 million after purchasing an additional 3,107,672 shares. Meanwhile, UBS AM a distinct business unit of UBS Asset Management Americas LLC increased its stake by 18.7%, ultimately owning 19,074,823 shares worth about $986.93 million after acquiring 3,002,418 shares. Charles Schwab Investment Management Inc. also raised its holdings by 3.3%, resulting in a total of 61,030,403 shares valued at $3.16 billion after adding 1,968,729 shares. In total, hedge funds and institutional investors own approximately 76.41% of Bristol-Myers Squibb's stock.

Insider Transactions at Bristol-Myers Squibb

In related news, Samit Hirawat, the executive vice president, acquired 1,823 shares of Bristol-Myers Squibb stock on February 14, buying them at an average price of $54.84 per share for a total of about $99,973.32. Following this transaction, Hirawat's total shares owned increased to 63,932, valued at approximately $3.51 million. This purchase was disclosed through a filing with the SEC. Insiders own a minimal fraction of the company's stock, specifically 0.09%.

Analytical Ratings and Market Responses

Bristol-Myers Squibb has drawn attention from various research analysts. Citigroup raised its price target on the stock from $60.00 to $65.00 while maintaining a "neutral" rating. Jefferies Financial Group upgraded Bristol-Myers Squibb from "hold" to "buy" and increased their price target from $63.00 to $70.00. Similarly, Leerink Partners moved their rating from "market perform" to "outperform" and upped their target price from $55.00 to $73.00. Morgan Stanley raised its price target from $36.00 to $39.00, holding an "underweight" stance. Finally, Daiwa America upgraded the stock from "hold" to "strong buy." Overall, the company has received a mix of ratings, with two analysts recommending a sell, twelve a hold, four a buy, and three a strong buy. The consensus rating is currently "Hold" with an average price target of $57.86.

Bristol-Myers Squibb Stock Performance

On Thursday, Bristol-Myers Squibb's stock opened at $57.34. The company has experienced a one-year low of $39.35 and a high of $61.10. Currently, its market capitalization stands at $116.35 billion, and it has a price-to-earnings ratio of -12.97. The stock's fifty-day moving average is $57.06, and its 200-day moving average is $54.58. Financial indicators such as the debt-to-equity ratio at 2.90, quick ratio of 1.15, and current ratio of 1.25 provide additional insights into the company's financial health.

Dividend Announcement

Bristol-Myers Squibb also announced a quarterly dividend, which was distributed on February 3, 2020. Shareholders of record on January 3 were paid a dividend of $0.62 per share, marking an increase from the previous quarter's dividend of $0.60. This results in an annualized dividend of $2.48 with a yield of 4.33%. The company’s dividend payout ratio (DPR) is currently reported at -56.11%.

About Bristol-Myers Squibb

Bristol-Myers Squibb engages in discovering, developing, licensing, manufacturing, marketing, distributing, and selling biopharmaceutical products worldwide. Its products address conditions in hematology, oncology, cardiovascular health, immunology, fibrotic diseases, and neuroscience. The company offers medications like Eliquis, Opdivo, Pomalyst/Imnovid, Orencia, and Sprycel, targeting several serious health conditions.

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