Covenant Asset Management LLC Acquires New Stake in Bristol-Myers Squibb (NYSE:BMY)

Covenant Asset Management LLC purchased a new stake in shares of Bristol-Myers Squibb (NYSE:BMY - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,924 shares of the biopharmaceutical company's stock, valued at approximately $279,000.

Other large investors have also recently made changes to their positions in the company. FMR LLC boosted its holdings in Bristol-Myers Squibb by 10.5% during the 3rd quarter. FMR LLC now owns 44,940,609 shares of the biopharmaceutical company's stock valued at $2,325,227,000 after acquiring an additional 4,275,787 shares during the period. Jennison Associates LLC lifted its position in Bristol-Myers Squibb by 420.1% in the third quarter. Jennison Associates LLC now owns 4,241,255 shares of the biopharmaceutical company's stock valued at $219,443,000 after purchasing an additional 3,425,789 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Bristol-Myers Squibb by 695.1% during the third quarter. Janus Henderson Group PLC now owns 3,554,758 shares of the biopharmaceutical company's stock valued at $183,971,000 after purchasing an additional 3,107,672 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bristol-Myers Squibb by 18.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 19,074,823 shares of the biopharmaceutical company's stock worth $986,931,000 after purchasing an additional 3,002,418 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bristol-Myers Squibb by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 61,030,403 shares of the biopharmaceutical company's stock worth $3,157,713,000 after buying an additional 1,968,729 shares during the period. 76.41% of the stock is owned by hedge funds and other institutional investors.

Bristol-Myers Squibb Stock Up 1.0 %

Shares of NYSE:BMY traded up $0.55 on Tuesday, hitting $54.45. 10,914,961 shares of the company traded hands, compared to its average volume of 10,945,018. The company has a market cap of $110.49 billion, a PE ratio of -12.32, a PEG ratio of 2.13 and a beta of 0.45. The stock has a 50 day simple moving average of $57.11 and a 200-day simple moving average of $54.19. Bristol-Myers Squibb has a 52 week low of $39.35 and a 52 week high of $61.10. The company has a quick ratio of 1.09, a current ratio of 1.24 and a debt-to-equity ratio of 2.83.

Bristol-Myers Squibb (NYSE:BMY - Get Free Report) last issued its earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.20. Bristol-Myers Squibb had a negative net margin of 18.53% and a positive return on equity of 13.81%. As a group, research analysts expect that Bristol-Myers Squibb will post 6.75 earnings per share for the current year.

Bristol-Myers Squibb Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 3rd were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.56%. This is an increase from Bristol-Myers Squibb's previous quarterly dividend of $0.60. The ex-dividend date was Friday, January 3rd. Bristol-Myers Squibb's dividend payout ratio (DPR) is presently -56.11%.

Analyst Ratings Changes

Several brokerages have weighed in on BMY. Wolfe Research began coverage on shares of Bristol-Myers Squibb in a research report on Friday, November 15th. They set a "peer perform" rating for the company. Daiwa America raised shares of Bristol-Myers Squibb from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, November 13th. Morgan Stanley raised their target price on Bristol-Myers Squibb from $36.00 to $39.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 12th. Wells Fargo & Company upped their price target on Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Finally, Leerink Partners upgraded Bristol-Myers Squibb from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $55.00 to $73.00 in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $57.86.

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.