Bank of Nova Scotia Reduces Position in Bristol-Myers Squibb (NYSE:BMY)

Financial News Live · Aug 13, 2022 01:01

Bank of Nova Scotia lessened its stake in shares of Bristol-Myers Squibb (NYSE:BMY – Get Rating) by 81.2% during the 1st quarter, Holdings Channel reports. The firm owned 316,586 shares of the biopharmaceutical company's stock after selling 1,363,989 shares during the quarter. Bank of Nova Scotia's holdings in Bristol-Myers Squibb were worth $23,120,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Cahaba Wealth Management Inc. boosted its holdings in shares of Bristol-Myers Squibb by 2.5% in the 1st quarter. Cahaba Wealth Management Inc. now owns 5,391 shares of the biopharmaceutical company's stock valued at $405,000 after acquiring an additional 132 shares during the last quarter. MV Capital Management Inc. boosted its holdings in shares of Bristol-Myers Squibb by 10.7% in the 1st quarter. MV Capital Management Inc. now owns 1,391 shares of the biopharmaceutical company's stock valued at $102,000 after acquiring an additional 135 shares during the last quarter. Sanders Morris Harris LLC boosted its holdings in shares of Bristol-Myers Squibb by 0.3% in the 1st quarter. Sanders Morris Harris LLC now owns 40,501 shares of the biopharmaceutical company's stock valued at $2,958,000 after acquiring an additional 137 shares during the last quarter. Bernardo Wealth Planning LLC boosted its holdings in shares of Bristol-Myers Squibb by 4.3% in the 1st quarter. Bernardo Wealth Planning LLC now owns 3,389 shares of the biopharmaceutical company's stock valued at $247,000 after acquiring an additional 139 shares during the last quarter. Finally, Stiles Financial Services Inc boosted its holdings in shares of Bristol-Myers Squibb by 2.3% in the 1st quarter. Stiles Financial Services Inc now owns 6,368 shares of the biopharmaceutical company's stock valued at $465,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 73.07% of the company's stock.

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Analyst Upgrades and Downgrades

BMY has been the subject of several analyst reports. Barclays boosted their target price on shares of Bristol-Myers Squibb from $66.00 to $68.00 in a research note on Monday, May 2nd. Wells Fargo & Company upped their price objective on shares of Bristol-Myers Squibb from $65.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 17th. Truist Financial upped their target price on shares of Bristol-Myers Squibb from $76.00 to $81.00 in a report on Monday, May 2nd. Bank of America upped their target price on shares of Bristol-Myers Squibb from $78.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 6th. Finally, BMO Capital Markets upped their target price on shares of Bristol-Myers Squibb from $87.00 to $92.00 in a report on Monday, May 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $75.57.

Insiders Place Their Bets

In other Bristol-Myers Squibb news, CEO Giovanni Caforio sold 30,000 shares of the stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $74.04, for a total transaction of $2,221,200.00. Following the completion of the transaction, the chief executive officer now owns 551,104 shares of the company's stock, valued at $40,803,740.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Giovanni Caforio sold 30,000 shares of the stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $74.04, for a total transaction of $2,221,200.00. Following the sale, the chief executive officer now owns 551,104 shares of the company's stock, valued at $40,803,740.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sandra Leung sold 65,000 shares of the stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $74.89, for a total transaction of $4,867,850.00. Following the sale, the executive vice president now directly owns 308,627 shares in the company, valued at approximately $23,113,076.03. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Bristol-Myers Squibb Trading Down 0.5 %

Shares of BMY stock opened at $74.46 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.44 and a quick ratio of 1.34. The firm has a market cap of $158.99 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 1.59 and a beta of 0.40. The company has a 50-day moving average of $74.94 and a two-hundred day moving average of $73.00. Bristol-Myers Squibb has a 1-year low of $53.22 and a 1-year high of $80.59.

Bristol-Myers Squibb (NYSE:BMY – Get Rating) last announced its earnings results on Wednesday, July 27th. The biopharmaceutical company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.14. The company had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.50 billion. Bristol-Myers Squibb had a net margin of 14.04% and a return on equity of 49.31%. Bristol-Myers Squibb's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. On average, analysts predict that Bristol-Myers Squibb will post 7.53 EPS for the current year.

Bristol-Myers Squibb Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 1st were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, June 30th. Bristol-Myers Squibb's dividend payout ratio (DPR) is presently 71.76%.

Bristol-Myers Squibb Profile

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Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis.