MGO One Seven LLC Boosts Stake in Bristol Myers Squibb by 48.8%

MGO One Seven LLC has significantly increased its investment in Bristol Myers Squibb Company (NYSE: BMY) by acquiring an additional 11,042 shares during the third quarter of 2023. This acquisition marks a substantial 48.8% increase in the institutional investor’s holdings, bringing its total to 33,647 shares valued at approximately $1.52 million at the end of the reporting period.

The recent filing with the Securities and Exchange Commission (SEC) highlights a trend among institutional investors, with several firms adjusting their positions in Bristol Myers Squibb. For instance, Exchange Capital Management Inc. raised its stake by 0.4% in the second quarter, now owning 54,893 shares worth $2.54 million. Similarly, Parsons Capital Management Inc. RI increased its holdings by 0.3%, accumulating 78,105 shares valued at $3.62 million.

Richwood Investment Advisors LLC also expanded its position by 1.7%, owning 13,303 shares now worth $616,000. Mccarter Private Wealth Services LLC raised its stake by 5.0% during the third quarter, owning 4,931 shares valued at $222,000. Creative Financial Designs Inc. ADV enhanced its holdings by 26.7%, now maintaining 1,123 shares worth $52,000. Overall, institutional investors hold approximately 76.41% of Bristol Myers Squibb’s stock.

Analyst Ratings and Stock Performance

Research analysts have recently issued mixed ratings for Bristol Myers Squibb. Weiss Ratings maintained a “hold (c-)” rating on October 14, 2023. Truist Financial set a price target of $65.00, while BMO Capital Markets reaffirmed a “market perform” rating on November 17, 2023. Guggenheim also restated a “buy” rating on December 23, 2023. Wells Fargo & Company raised its price target from $53.00 to $55.00 and assigned an “equal weight” rating.

According to MarketBeat, Bristol Myers Squibb has received seven “buy” ratings, thirteen “hold” ratings, and one “sell” rating, resulting in a consensus rating of “hold” with an average price target of $56.86.

Bristol Myers Squibb’s stock opened at $56.60 on the last trading day. The company reported a debt-to-equity ratio of 2.39, a quick ratio of 1.17, and a current ratio of 1.27. The stock has experienced a one-year low of $42.52 and a high of $63.33, reflecting its volatility in the market.

Recent Financial Results and Dividend Increase

On October 30, 2023, Bristol Myers Squibb announced its quarterly earnings, reporting an earnings per share (EPS) of $1.63. This performance surpassed analysts’ expectations of $1.52 by $0.11. The company generated revenue of $12.22 billion for the quarter, exceeding the consensus estimate of $11.75 billion. The firm achieved a net margin of 12.57% and a return on equity of 76.53%, marking a 2.8% increase in revenue compared to the same quarter last year. In the previous year, the EPS was reported at $1.80.

For fiscal year 2025, the company has set guidance at an EPS range of $6.40 to $6.60. Analysts project an average EPS of $6.74 for the current fiscal year.

In a related development, Bristol Myers Squibb declared a quarterly dividend of $0.63 per share, set to be paid on February 2, 2024, to investors on record as of January 2, 2024. This increase from the previous quarterly dividend of $0.62 indicates the company’s commitment to returning value to its shareholders. The annualized dividend represents $2.52, yielding approximately 4.5%, with a payout ratio of 85.14%.

Bristol Myers Squibb, headquartered in Princeton, New Jersey, is a leading global biopharmaceutical firm focused on developing and delivering innovative medicines for serious diseases. The company’s areas of expertise include oncology, hematology, immunology, and cardiovascular diseases, with a strong emphasis on advancing therapies through both small molecules and biologics.