Convergence Investment Partners LLC Buys 6,888 Shares of Bristol-Myers Squibb (NYSE:BMY)

Convergence Investment Partners LLC lifted its stake in shares of Bristol-Myers Squibb (NYSE:BMY) by 8.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,493 shares of the biopharmaceutical company’s stock after acquiring an additional 6,888 shares during the quarter. Bristol-Myers Squibb makes up 1.1% of Convergence Investment Partners LLC’s holdings, making the stock its 16th biggest holding. Convergence Investment Partners LLC’s holdings in Bristol-Myers Squibb were worth $5,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Northcape Wealth Management LLC boosted its stake in shares of Bristol-Myers Squibb by 63.5% in the 4th quarter. Northcape Wealth Management LLC now owns 9,937 shares of the biopharmaceutical company’s stock valued at $562,000 after purchasing an additional 3,860 shares during the last quarter. Callahan Advisors LLC raised its position in shares of Bristol-Myers Squibb by 27.7% in the 4th quarter. Callahan Advisors LLC now owns 8,573 shares of the biopharmaceutical company’s stock worth $485,000 after acquiring an additional 1,859 shares in the last quarter. Davidson Investment Advisors raised its position in shares of Bristol-Myers Squibb by 1.3% in the 4th quarter. Davidson Investment Advisors now owns 291,321 shares of the biopharmaceutical company’s stock worth $16,477,000 after acquiring an additional 3,784 shares in the last quarter. Cardinal Capital Management lifted its stake in shares of Bristol-Myers Squibb by 0.4% in the 4th quarter. Cardinal Capital Management now owns 95,034 shares of the biopharmaceutical company’s stock valued at $5,375,000 after purchasing an additional 353 shares during the period. Finally, Davidson Trust Co. boosted its position in shares of Bristol-Myers Squibb by 1.8% during the 4th quarter. Davidson Trust Co. now owns 12,779 shares of the biopharmaceutical company’s stock valued at $723,000 after purchasing an additional 222 shares in the last quarter. 76.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BMY. Citigroup boosted their price target on Bristol-Myers Squibb from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Morgan Stanley boosted their target price on shares of Bristol-Myers Squibb from $36.00 to $39.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. Jefferies Financial Group upgraded shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and upped their price objective for the company from $63.00 to $70.00 in a report on Monday, December 16th. Wells Fargo & Company raised their target price on Bristol-Myers Squibb from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, Leerink Partnrs raised Bristol-Myers Squibb from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $57.86.

Bristol-Myers Squibb Price Performance

Shares of NYSE BMY opened at $54.45 on Wednesday. The stock’s 50 day moving average price is $57.04 and its 200-day moving average price is $54.23. The company has a market capitalization of $110.49 billion, a PE ratio of -12.32, a PEG ratio of 2.13 and a beta of 0.45. Bristol-Myers Squibb has a twelve month low of $39.35 and a twelve month 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) last posted its quarterly earnings results on Thursday, February 6th. The biopharmaceutical company reported $1.67 earnings per share for the quarter, beating 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%. On average, equities analysts anticipate that Bristol-Myers Squibb will post 6.75 EPS for the current year.

Bristol-Myers Squibb Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 3rd were paid a dividend of $0.62 per share. This is an increase from Bristol-Myers Squibb’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, January 3rd. This represents a $2.48 annualized dividend and a dividend yield of 4.56%. Bristol-Myers Squibb’s dividend payout ratio is presently -56.11%.

About Bristol-Myers Squibb

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.