M&T Bank Corp Cuts Position in Bristol-Myers Squibb (NYSE:BMY)

M&T Bank Corp reduced its stake in Bristol-Myers Squibb (NYSE:BMY - Free Report) by 4.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 901,347 shares of the biopharmaceutical company's stock after selling 42,123 shares during the period. M&T Bank Corp's holdings in Bristol-Myers Squibb were worth $46,636,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Meridian Management Co. grew its stake in Bristol-Myers Squibb by 0.6% in the third quarter. Meridian Management Co. now owns 28,283 shares of the biopharmaceutical company's stock worth $1,463,000 after purchasing an additional 182 shares in the last quarter. Hollencrest Capital Management grew its position in shares of Bristol-Myers Squibb by 61.3% during the 3rd quarter. Hollencrest Capital Management now owns 492 shares of the biopharmaceutical company's stock worth $25,000 after buying an additional 187 shares in the last quarter. Dunhill Financial LLC increased its stake in shares of Bristol-Myers Squibb by 39.8% during the third quarter. Dunhill Financial LLC now owns 664 shares of the biopharmaceutical company's stock valued at $34,000 after buying an additional 189 shares during the period. Mayflower Financial Advisors LLC raised its holdings in shares of Bristol-Myers Squibb by 2.3% in the third quarter. Mayflower Financial Advisors LLC now owns 8,466 shares of the biopharmaceutical company's stock valued at $438,000 after acquiring an additional 192 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its stake in Bristol-Myers Squibb by 3.8% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 5,595 shares of the biopharmaceutical company's stock worth $289,000 after acquiring an additional 206 shares during the period. 76.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Samit Hirawat bought 1,830 shares of the company's stock in a transaction that occurred on Friday, November 1st. The shares were purchased at an average cost of $54.67 per share, with a total value of $100,046.10. Following the completion of the acquisition, the executive vice president now directly owns 62,109 shares in the company, valued at approximately $3,395,499.03. The trade was a 3.04 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Phil M. Holzer sold 700 shares of the company's 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 represents a 5.62 % decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on BMY. Citigroup raised their target price on shares of Bristol-Myers Squibb from $55.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, November 12th. Daiwa America raised shares of Bristol-Myers Squibb from a "hold" rating to a "strong-buy" rating in a report on Wednesday, November 13th. Barclays upped their target price on Bristol-Myers Squibb from $42.00 to $43.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. Morgan Stanley lifted their price target on Bristol-Myers Squibb from $36.00 to $39.00 and gave the company an "underweight" rating in a report on Tuesday, November 12th. Finally, TD Cowen upped their price objective on Bristol-Myers Squibb from $53.00 to $59.00 and gave the stock a "hold" rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $55.64.

Bristol-Myers Squibb Stock Performance

Bristol-Myers Squibb stock traded up $1.03 during mid-day trading on Friday, reaching $57.33. 45,935,973 shares of the company traded hands, compared to its average volume of 14,176,141. Bristol-Myers Squibb has a fifty-two week low of $39.35 and a fifty-two week high of $61.08. The firm's fifty day moving average is $56.27 and its two-hundred day moving average is $49.83. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.24 and a quick ratio of 1.09. The company has a market capitalization of $116.28 billion, a price-to-earnings ratio of -15.97, a price-to-earnings-growth ratio of 15.20 and a beta of 0.45.

Bristol-Myers Squibb (NYSE:BMY - Get Free Report) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.49 by $0.31. The company had revenue of $11.89 billion during the quarter, compared to analyst estimates of $11.26 billion. Bristol-Myers Squibb had a positive return on equity of 11.94% and a negative net margin of 15.30%. The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $2.00 EPS. On average, equities research analysts expect that Bristol-Myers Squibb will post 0.93 earnings per share for the current fiscal year.

Bristol-Myers Squibb Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 3rd will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.33%. The ex-dividend date is Friday, January 3rd. This is an increase from Bristol-Myers Squibb's previous quarterly dividend of $0.60. Bristol-Myers Squibb's dividend payout ratio is -69.08%.

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.