Pathway Financial Advisers LLC Reduces Stake in Bristol-Myers Squibb

Pathway Financial Advisers LLC has significantly decreased its ownership in Bristol-Myers Squibb (NYSE:BMY - Free Report), cutting its stake by 97.9% during the fourth quarter, as detailed in its latest filing with the SEC. Following this reduction, the firm now holds 9,034 shares of the biopharmaceutical company after offloading 422,078 shares during the quarter. The remaining shares were valued at approximately $511,000 at the close of the recent quarter.

A range of other institutional investors have also adjusted their positions regarding Bristol-Myers Squibb. For instance, Reston Wealth Management LLC took on a new investment worth about $25,000 in the third quarter. Hollencrest Capital Management raised its shares in Bristol-Myers Squibb by 61.3% in the same period, ending up with 492 shares valued at $25,000 after acquiring an additional 187 shares. Similarly, Kennebec Savings Bank entered a new position valued around $28,000 during the third quarter. Darwin Wealth Management LLC also bought into Bristol-Myers Squibb during this time, investing about $29,000. Valued Wealth Advisors LLC made the most notable increase, boosting its holdings by 1,168.1% with 596 shares valued at $31,000 after acquiring 549 additional shares. Collectively, hedge funds and other institutional investors own 76.41% of the company's stock.

Bristol-Myers Squibb Stock Overview

The stock price for BMY opened at $56.17 on Thursday. Bristol-Myers has a fifty-day moving average of $57.38 and a two-hundred-day moving average of $54.02. Key financial ratios include a quick ratio of 1.09, a current ratio of 1.24, and a debt-to-equity ratio of 2.83. The firm's market capitalization stands at $113.92 billion, while its price-to-earnings ratio is reported as -12.71 and a price-to-earnings growth ratio of 2.13, along with a beta of 0.45. Over the past year, Bristol-Myers Squibb has seen a low of $39.35 and a high of $61.10.

Company Earnings and Dividend Updates

Bristol-Myers Squibb reported its latest earnings results on Thursday, February 6, revealing earnings per share of $1.67 for the quarter, which surpassed the forecasted estimate of $1.47 by $0.20. The company recorded a negative net margin of 18.53%, but its return on equity was 13.81%. Analysts predict that Bristol-Myers Squibb will achieve an earnings per share of 6.75 for the current financial year.

Moreover, the company announced a recent quarterly dividend, which was disbursed on Monday, February 3. Shareholders who were recorded by Friday, January 3, received a dividend of $0.62. This new dividend marks an increase from the previous $0.60 quarterly dividend. Consequently, the annualized dividend now totals $2.48, yielding a dividend yield of 4.42%. Currently, Bristol-Myers Squibb boasts a payout ratio of -56.11%.

Analyst Opinions on Bristol-Myers Squibb

Several analysts have evaluated BMY shares recently. Notably, Wells Fargo & Company raised its price target from $60.00 to $62.00 while maintaining an "equal weight" rating. Morgan Stanley also adjusted its price outlook, increasing it from $36.00 to $39.00 but assigning an "underweight" rating. Analyst Sanford C. Bernstein started covering Bristol-Myers Squibb, setting a market perform rating with a target price of $56.00. BMO Capital Markets raised their target from $57.00 to $61.00 with a market perform rating. Furthermore, Bank of America retained a "neutral" rating with a target of $63.00. Overall, market analysts have given the stock a consensus rating of "Hold" with an average price target of $57.86.

About Bristol-Myers Squibb

Bristol-Myers Squibb Company is engaged in discovering, developing, licensing, manufacturing, marketing, distributing, and selling biopharmaceutical products across the globe. Its offerings span various therapeutic areas including hematology, oncology, cardiovascular, immunology, fibrotic diseases, and neuroscience. Key products include Eliquis for reducing stroke risk in non-valvular atrial fibrillation, Opdivo for several cancer types, and Pomalyst for multiple myeloma among others.

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