Griffin Asset Management Inc. Sells 7,441 Shares of Bristol-Myers Squibb (NYSE:BMY)

Griffin Asset Management Inc. lessened its holdings in Bristol-Myers Squibb (NYSE:BMY) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,173 shares of the biopharmaceutical company’s stock after selling 7,441 shares during the quarter. Griffin Asset Management Inc.’s holdings in Bristol-Myers Squibb were worth $4,402,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Truist Financial Corp boosted its stake in shares of Bristol-Myers Squibb by 3.9% in the 4th quarter. Truist Financial Corp now owns 1,597,150 shares of the biopharmaceutical company’s stock valued at $90,335,000 after purchasing an additional 60,365 shares during the last quarter. Advyzon Investment Management LLC bought a new position in Bristol-Myers Squibb during the 4th quarter worth approximately $458,000. Covenant Asset Management LLC bought a new position in Bristol-Myers Squibb during the 4th quarter worth approximately $279,000. Polar Asset Management Partners Inc. bought a new position in Bristol-Myers Squibb during the 4th quarter worth approximately $16,651,000. Finally, Strategic Financial Concepts LLC bought a new position in Bristol-Myers Squibb during the 4th quarter worth approximately $4,377,000. Institutional investors own 76.41% of the company’s stock.

Analysts Set New Price Targets

BMY has been the topic of several recent analyst reports. UBS Group reduced their price objective on shares of Bristol-Myers Squibb from $60.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Wall Street Zen lowered shares of Bristol-Myers Squibb from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 6th. Argus raised shares of Bristol-Myers Squibb to a “hold” rating in a research note on Friday, April 25th. William Blair reissued a “market perform” rating on shares of Bristol-Myers Squibb in a research note on Friday, April 25th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $55.00 price target (down previously from $67.00) on shares of Bristol-Myers Squibb in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average target price of $58.00.

Insider Buying and Selling

In other news, EVP Samit Hirawat bought 4,250 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average cost of $47.58 per share, for a total transaction of $202,215.00. Following the completion of the acquisition, the executive vice president now owns 83,513 shares in the company, valued at approximately $3,973,548.54. This represents a 5.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.09% of the stock is owned by corporate insiders.

Bristol-Myers Squibb Price Performance

NYSE BMY opened at $49.71 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.25 and a debt-to-equity ratio of 2.90. Bristol-Myers Squibb has a 12-month low of $39.35 and a 12-month high of $63.33. The company has a market capitalization of $101.15 billion, a PE ratio of -11.25, a price-to-earnings-growth ratio of 2.07 and a beta of 0.38. The firm’s 50 day moving average is $48.71 and its 200-day moving average is $54.77.

Bristol-Myers Squibb (NYSE:BMY) last posted its quarterly earnings data on Thursday, April 24th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.30. Bristol-Myers Squibb had a negative net margin of 18.53% and a positive return on equity of 13.93%. The company had revenue of $11.20 billion for the quarter, compared to the consensus estimate of $10.77 billion. During the same period last year, the company earned ($4.40) earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. Equities research analysts anticipate that Bristol-Myers Squibb will post 6.74 earnings per share for the current fiscal year.

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.