Pinnacle Associates Ltd. Has $13.65 Million Position in Bristol-Myers Squibb (NYSE:BMY)

Pinnacle Associates Ltd. lifted its position in shares of Bristol-Myers Squibb (NYSE:BMY) by 36.3% during the third quarter, HoldingsChannel reports. The firm owned 266,041 shares of the biopharmaceutical company’s stock after buying an additional 70,905 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bristol-Myers Squibb were worth $13,651,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lincoln National Corp lifted its holdings in Bristol-Myers Squibb by 7.7% during the first quarter. Lincoln National Corp now owns 42,894 shares of the biopharmaceutical company’s stock worth $2,326,000 after acquiring an additional 3,052 shares in the last quarter. Accel Wealth Management lifted its holdings in shares of Bristol-Myers Squibb by 19.0% during the 1st quarter. Accel Wealth Management now owns 4,934 shares of the biopharmaceutical company’s stock valued at $268,000 after purchasing an additional 788 shares in the last quarter. Xponance Inc. grew its position in shares of Bristol-Myers Squibb by 8.8% in the 2nd quarter. Xponance Inc. now owns 317,381 shares of the biopharmaceutical company’s stock valued at $13,181,000 after purchasing an additional 25,543 shares during the period. Plato Investment Management Ltd increased its stake in Bristol-Myers Squibb by 25.4% during the 2nd quarter. Plato Investment Management Ltd now owns 103,954 shares of the biopharmaceutical company’s stock worth $4,317,000 after purchasing an additional 21,041 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Bristol-Myers Squibb by 47.0% during the 1st quarter. Advisory Services Network LLC now owns 119,423 shares of the biopharmaceutical company’s stock worth $6,476,000 after buying an additional 38,163 shares during the period. Institutional investors and hedge funds own 76.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BMY. BMO Capital Markets reissued a “market perform” rating and set a $48.00 price objective on shares of Bristol-Myers Squibb in a research report on Monday, September 23rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Bristol-Myers Squibb in a research note on Friday, October 18th. UBS Group upped their price objective on Bristol-Myers Squibb from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. TD Cowen boosted their target price on Bristol-Myers Squibb from $53.00 to $59.00 and gave the company a “hold” rating in a research note on Monday, October 7th. Finally, Barclays raised their price target on shares of Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $53.57.

Bristol-Myers Squibb Stock Performance

Shares of NYSE BMY traded up $0.53 during midday trading on Wednesday, hitting $53.03. 2,762,891 shares of the company’s stock were exchanged, compared to its average volume of 14,438,900. The company has a quick ratio of 1.02, a current ratio of 1.16 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $107.50 billion, a PE ratio of -16.94, a price-to-earnings-growth ratio of 13.75 and a beta of 0.46. Bristol-Myers Squibb has a 12 month low of $39.35 and a 12 month high of $55.03. The company’s 50 day moving average price is $50.89 and its 200 day moving average price is $46.44.

Bristol-Myers Squibb Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 4th will be issued a $0.60 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.53%. Bristol-Myers Squibb’s dividend payout ratio is currently -77.42%.

About Bristol-Myers Squibb

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.