Hennessy Advisors Inc., a prominent investment firm, has reduced its stake in Bristol-Myers Squibb (NYSE:BMY) by 5.3% during the second quarter of this year, as reported in its recent filing with the Securities and Exchange Commission. The firm’s ownership of the biopharmaceutical company’s stock dropped by 4,300 shares during the same period, leaving them with 77,100 shares. At the end of the second quarter, Hennessy Advisors Inc.’s holdings in Bristol-Myers Squibb were valued at $4,931,000.
In addition to its recent sell-off of Bristol-Myers Squibb shares, Hennessy Advisors Inc. has also declared a quarterly dividend for its shareholders. This dividend is set to be paid on Wednesday, November 1st. Shareholders of record as of Friday, October 6th will be eligible to receive a dividend of $0.57 per share. To put it into perspective for investors considering this opportunity, this represents an annualized dividend rate of $2.28 per share and a yield of 3.85%.
For those interested in investing in Bristol-Myers Squibb or exploring the potential benefits of its dividend program, it is important to note that the ex-dividend date for this announced payout is Thursday, October 5th.
Bristol-Myers Squibb’s current dividend payout ratio stands at a strong figure of 60.64%. This means that around 61% of their net income is being distributed back to shareholders in the form of dividends.
As always when making investment decisions based on stock information and news like this article provides—whether it be regarding changes in ownership stakes or updates about dividends—it is crucial for investors to conduct thorough research and consult with financial advisors before making any investment moves.
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Hedge Funds and Research Firms Show Mixed Sentiment Towards Bristol-Myers Squibb as Investors Await Future Updates
In recent months, several hedge funds have made significant changes to their holdings of Bristol-Myers Squibb (BMY), a renowned biopharmaceutical company. True Wealth Design LLC, for example, purchased a new stake in BMY shares during the fourth quarter of last year, amounting to approximately $26,000. Similarly, GoalVest Advisory LLC and Coppell Advisory Solutions Corp. both bought new positions in the company’s stock, valued at around $29,000 and $31,000 respectively.
Live Oak Investment Partners also joined the growing list of investors acquiring shares in Bristol-Myers Squibb. Their purchase during the fourth quarter totaled roughly $33,000. First Personal Financial Services took a different approach by increasing its stake in the company by 67.8% during the first quarter of this year. This move resulted in First Personal Financial Services now owning 495 shares of BMY stock worth approximately $34,000.
It is worth noting that institutional investors currently own a substantial majority (74.98%) of Bristol-Myers Squibb’s outstanding shares.
Research firms have recently chimed in with their evaluations of BMY as well. Atlantic Securities lowered their price target from $90.00 to $85.00 and reiterated an “overweight” rating for the company back in July 2023. Truist Financial also expressed confidence in Bristol-Myers Squibb with a “buy” rating and a price target of $84.00 just last month.
However, not all research firms held such optimistic views on BMY’s prospects. Barclays reduced their price target from $64.00 to $62.00 and assigned an “equal weight” rating for the company earlier this year.
SVB Securities initiated coverage on BMY and gave it a “market perform” rating with a corresponding price target of $66.00 per share back in July. Lastly, StockNews.com downgraded Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating at the beginning of September.
Overall, analysts have mixed sentiments toward BMY. Bloomberg data indicates that the consensus rating for the company is currently “Hold,” with an average target price of $70.67.
On Tuesday, September 26, 2023, Bristol-Myers Squibb opened at $59.17 on the New York Stock Exchange (NYSE). The company’s stock has experienced significant fluctuations over the past year, reaching a high of $81.43 and a low of $58.33.
As per financial indicators, Bristol-Myers Squibb carries a debt-to-equity ratio of 1.08 and possesses a quick ratio of 1.28 with a current ratio of 1.39.
With a market capitalization worth approximately $123.61 billion, Bristol-Myers Squibb operates with a price-to-earnings (P/E) ratio of 15.74 and a P/E-to-growth (PEG) ratio of 1.57, indicating its relatively low valuation compared to expected growth prospects.
Additionally, the company has achieved an impressive return on equity (ROE) of 50.51% and maintains a net margin of 17.62%.
The most recent quarterly earnings report released by Bristol-Myers Squibb was for the period ending July 27th, 2023. During this quarter, the biopharmaceutical firm reported earnings per share (EPS) amounting to $1.75 – falling short of analysts’ consensus estimate by ($0.24). Despite missing expectations in this area, Bristol-Myers Squibb managed to generate revenue totaling $11.23 billion during Q2, albeit down by approximately 5.6% compared to the same period last year.
Moving forward, equities research analysts anticipate that Bristol-Myers Squibb will achieve an EPS of 7.43 for the remainder of the current fiscal year.
These recent developments and financial figures mark a period of mixed sentiment and performance for Bristol-Myers Squibb. As the company navigates these fluctuations, investors eagerly await further updates and announcements to gauge its future trajectory.
