Norges Bank Acquires New Shares in Bristol-Myers Squibb (NYSE:BMY)

Norges Bank purchased a new position in shares of Bristol-Myers Squibb (NYSE:BMY) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 35,175,478 shares of the biopharmaceutical company’s stock, valued at approximately $1,989,525,000. Norges Bank owned approximately 1.73% of Bristol-Myers Squibb at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Truist Financial Corp lifted its holdings in shares of Bristol-Myers Squibb by 3.9% during the fourth quarter. Truist Financial Corp now owns 1,597,150 shares of the biopharmaceutical company’s stock worth $90,335,000 after buying an additional 60,365 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in Bristol-Myers Squibb during the fourth quarter worth about $488,000. Inspire Trust Co. N.A. increased its stake in Bristol-Myers Squibb by 39.0% during the third quarter. Inspire Trust Co. N.A. now owns 103,500 shares of the biopharmaceutical company’s stock valued at $5,355,000 after acquiring an additional 29,044 shares during the period. iA Global Asset Management Inc. lifted its position in shares of Bristol-Myers Squibb by 81.3% in the 3rd quarter. iA Global Asset Management Inc. now owns 76,775 shares of the biopharmaceutical company’s stock worth $3,972,000 after acquiring an additional 34,418 shares during the period. Finally, Bellevue Group AG acquired a new position in shares of Bristol-Myers Squibb in the third quarter valued at $1,905,000. 76.41% of the stock is currently owned by institutional investors and hedge funds.

Bristol-Myers Squibb Trading Down 0.0 %

Bristol-Myers Squibb stock opened at $59.18 on Thursday. The stock has a market cap of $120.08 billion, a P/E ratio of -13.39, a PEG ratio of 2.07 and a beta of 0.43. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $63.33. The firm’s fifty day moving average price is $58.42 and its 200-day moving average price is $56.15. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.15 and a current ratio of 1.25.

Bristol-Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Equities research analysts forecast that Bristol-Myers Squibb will post 6.74 earnings per share for the current fiscal year.

Bristol-Myers Squibb Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 4th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, April 4th. This represents a $2.48 annualized dividend and a yield of 4.19%. Bristol-Myers Squibb’s payout ratio is currently -56.11%.

Analysts Set New Price Targets

A number of brokerages have commented on BMY. Citigroup raised their price target on shares of Bristol-Myers Squibb from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Wells Fargo & Company boosted their price target on Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Jefferies Financial Group raised shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and upped their target price for the stock from $63.00 to $70.00 in a report on Monday, December 16th. Cantor Fitzgerald lifted their price target on shares of Bristol-Myers Squibb from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Truist Financial upped their price objective on shares of Bristol-Myers Squibb from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $57.86.

Insider Buying and Selling at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, EVP Samit Hirawat purchased 1,823 shares of Bristol-Myers Squibb stock in a transaction that occurred on Friday, February 14th. The shares were bought at an average price of $54.84 per share, for a total transaction 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 trade represents a 2.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.