Fred Alger Management LLC Acquires 60,797 Shares of Bristol-Myers Squibb (NYSE:BMY)

Fred Alger Management LLC increased its holdings in shares of Bristol-Myers Squibb (NYSE:BMY) by 146.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 102,293 shares of the biopharmaceutical company’s stock after purchasing an additional 60,797 shares during the period. Fred Alger Management LLC’s holdings in Bristol-Myers Squibb were worth $5,293,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Reston Wealth Management LLC bought a new stake in shares of Bristol-Myers Squibb in the 3rd quarter valued at $25,000. Hollencrest Capital Management grew its holdings in Bristol-Myers Squibb by 61.3% in the third quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 187 shares during the period. Kennebec Savings Bank bought a new stake in Bristol-Myers Squibb in the third quarter valued at $28,000. Darwin Wealth Management LLC acquired a new position in shares of Bristol-Myers Squibb during the third quarter valued at about $29,000. Finally, Valued Wealth Advisors LLC boosted its position in shares of Bristol-Myers Squibb by 1,168.1% during the 3rd quarter. Valued Wealth Advisors LLC now owns 596 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 549 shares in the last quarter. 76.41% of the stock is currently owned by institutional investors.

Bristol-Myers Squibb Price Performance

Bristol-Myers Squibb stock opened at $59.22 on Friday. The business’s 50 day simple moving average is $54.61 and its 200 day simple moving average is $48.25. Bristol-Myers Squibb has a 12 month low of $39.35 and a 12 month high of $61.08. The company has a market cap of $120.11 billion, a price-to-earnings ratio of -16.50, a PEG ratio of 15.90 and a beta of 0.44. The company has a current ratio of 1.24, a quick ratio of 1.09 and a debt-to-equity ratio of 2.83.

Bristol-Myers Squibb (NYSE:BMY) last issued its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.31. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. The firm had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11.26 billion. During the same quarter in the prior year, the firm earned $2.00 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Bristol-Myers Squibb will post 0.93 EPS for the current year.

Bristol-Myers Squibb Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 4th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 4.05%. The ex-dividend date was Friday, October 4th. Bristol-Myers Squibb’s dividend payout ratio is presently -66.85%.

Insider Buying and Selling at Bristol-Myers Squibb

In other Bristol-Myers Squibb news, SVP Phil M. Holzer sold 700 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $55.62, for a total value of $38,934.00. Following the completion of the sale, the senior vice president now owns 11,760 shares in the company, valued at approximately $654,091.20. This trade represents a 5.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Samit Hirawat bought 1,830 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average price of $54.67 per share, with a total value of $100,046.10. Following the acquisition, the executive vice president now owns 62,109 shares of the company’s stock, valued at $3,395,499.03. This represents a 3.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Leerink Partnrs upgraded Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Leerink Partners upgraded Bristol-Myers Squibb from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $55.00 to $73.00 in a research note on Tuesday, November 12th. Morgan Stanley raised their target price on Bristol-Myers Squibb from $36.00 to $39.00 and gave the company an “underweight” rating in a report on Tuesday, November 12th. Jefferies Financial Group upped their price target on Bristol-Myers Squibb from $49.00 to $51.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Daiwa America upgraded Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.07.

Bristol-Myers Squibb 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.