Exchange Traded Concepts LLC, a renowned financial management firm, has reduced its holdings in Bristol-Myers Squibb by 33.9% during the first quarter of this year as per its latest disclosure with the Securities and Exchange Commission (SEC). The company owned 120,987 shares of Bristol-Myers Squibb stock worth $8,386,000 after selling 62,016 shares during the period.
Bristol-Myers Squibb is a biopharmaceutical company that recently posted its quarterly earnings results on April 27th. The company reported an earnings per share (EPS) of $2.05 for the quarter, surpassing the consensus estimate of $1.98 by a margin of $0.07. While Bristol-Myers Squibb’s net margin was at 15.95%, the return on equity stood at 51.75%. However, revenue for Q1 2023 was only $11.34 billion compared to analyst estimates of $11.50 billion with a decrease of 2.7% in comparison to the same quarter last year.
The reduction in shares has come amidst an executive reshuffle within Bristol-Myers Squibb with EVP Rupert Vessey selling over fifty thousand shares in a transaction that occurred on Wednesday, May 3rd. Vessey sold these shares at an average price of $67.06 for a total transaction worth $3,378,818.10 bringing his total stake to 47,751 shares valued at approximately $3,202,182 ($67 per share).
Currently trading on New York Stock Exchange under the ticker symbol BMY , Bristol Myers-Squibb competes with other companies such as Johnson & Johnson (JNJ), Amgen Inc (AMGN), and Pfizer Inc (PFE). Investors are likely keeping an eye on how this recent news will affect their shares and whether or not there will be more news of company restructuring in the near future.
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Institutional Investors Show Interest in Bristol-Myers Squibb Despite Underperforming Stock Prices
Bristol-Myers Squibb, a biopharmaceutical company, has recently gained the interest of several institutional investors who have bought and sold shares of the stock in the past few months, according to recent reports. In particular, Dakota Wealth Management acquired a new position in Bristol-Myers Squibb during the first quarter of 2023. Additionally, Covestor Ltd raised its holdings in the company by 111.5% in the same period.
NewEdge Advisors LLC and Mackenzie Financial Corp also acquired new positions in Bristol-Myers Squibb through purchasing additional shares, resulting in an ownership percentage of 74.57% held by institutional investors and hedge funds.
Despite an increase in investments over the past few quarters, Bristol-Myers Squibb’s stock prices have not been performing as well as other pharmaceutical companies. The stock has a market cap of $137.61 billion, a P/E ratio of 19.10 and a beta of 0.44 with its 12-month high at $81.43 and low at $63.07.
On Wednesday May 3rd, executive vice president Rupert Vessey sold over 50k shares for over $3 million at an average price per share of $67.06 USD which was later reported via Security & Exchange Commission filing requirements available on their site.
The company is set to issue quarterly dividends on August 1st which will be paid out to investors holding record as of July 7th with an annualized dividend rate of $2.28 per share.
Several brokerages have issued research reports on Bristol-Myers Squibb’s stock performance with varying opinions ranging from sell ratings to buy ratings with an average rating currently being ‘Moderate Buy’ based on data from Bloomberg.com with numerous investment banks like Barclays dropping their target price while Bank Of America raised it from $82 to $85 indicating mixed market analyses.
