In a surprising move, Busey Wealth Management has made a notable investment in Bristol-Myers Squibb (BMY), further solidifying its position within the biopharmaceutical sector. According to recent documents filed with the Securities and Exchange Commission (SEC), the firm increased its stake in Bristol-Myers Squibb by 3.8% during the first quarter of this year.
The report reveals that Busey Wealth Management now holds an impressive 224,858 shares of the company’s stock, having acquired an additional 8,232 shares over the course of the reporting period. This brings their total investment value to an astonishing $15,585,000 as of their latest filing with the SEC.
Such an increase in holdings demonstrates Busey Wealth Management’s confidence in Bristol-Myers Squibb and its potential for growth. The biopharmaceutical industry is known for its large-scale innovation and lucrative possibilities, making it an attractive investment option for many financial management firms.
Bristol-Myers Squibb itself has been making waves lately with its recent announcement regarding a quarterly dividend. Stockholders of record as of July 7th will receive a dividend payment of $0.57 per share on August 1st. This translates to an annualized dividend amount of $2.28 per share and presents shareholders with a commendable dividend yield of 3.64%.
It is worth noting that this dividend payout ratio represents approximately two-thirds (66.47%) of Bristol-Myers Squibb’s earnings being returned to shareholders through dividends. This highlights the company’s commitment to rewarding investors for their continued support and loyalty while still retaining significant financial resources for future operations and investments.
Amidst these positive developments, there have also been recent insider activities within Bristol-Myers Squibb that have caught the attention of market observers. In particular, Executive Vice President Rupert Vessey has sold 50,385 shares of the company’s stock in a transaction dated May 3rd. The shares were sold at an average price of $67.06, resulting in a total value of $3,378,818.10.
As per regulatory requirements, Vessey filed the details of this transaction with the SEC for transparency and accountability purposes. The document can be accessed via the provided link for those interested in further investigation.
It is noteworthy that this insider selling represents only a fraction (0.08%) of Bristol-Myers Squibb’s overall stock ownership under its insiders’ control. While insider activities are typically subject to scrutiny due to their potential implications on shareholders’ interests, it is essential to view such occurrences within the broader context of a company’s overall operations and finances.
Despite this insider activity, Busey Wealth Management’s increased investment suggests that they have weighed multiple factors and continue to see value in Bristol-Myers Squibb as a long-term investment opportunity. Their decision appears to align with their overarching strategic goals and reinforces their commitment to delivering optimal financial outcomes for their clients.
In conclusion, Busey Wealth Management’s recent expansion of its position in Bristol-Myers Squibb serves as an intriguing development within the biopharmaceutical sector. Their increased holdings exemplify their confidence in the potential growth opportunities offered by Bristol-Myers Squibb and its dedication to rewarding shareholders through dividends.
While insider selling may raise questions for some investors, it is crucial to consider such actions within the larger framework of a company’s financial landscape. Overall, Busey Wealth Management’s decision reinforces their commitment to providing exceptional wealth management services while positioning themselves favorably within a fiscally dynamic market environment.
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Bristol-Myers Squibb Sees Increase in Shareholder Base and Positive Analyst Ratings
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”BMY” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Bristol-Myers Squibb, a renowned biopharmaceutical company, has recently witnessed some significant modifications in its shareholder base. Large investors such as Bay Harbor Wealth Management LLC, Cigna Investments Inc. New, Catalyst Financial Partners LLC, Foster Group Inc., and Keystone Wealth Services LLC have all increased their stake in the company by acquiring additional shares.
Bay Harbor Wealth Management LLC now owns 1,131 shares of Bristol-Myers Squibb worth $81,000 after purchasing an additional 141 shares during the last quarter. Similarly, Cigna Investments Inc. New acquired an extra 141 shares during the same period, bringing their total ownership to 26,379 shares worth $1,898,000.
Catalyst Financial Partners LLC added 145 more shares to their portfolio during the first quarter and currently holds 6,001 shares worth $416,000. Foster Group Inc. also increased its stake by acquiring an additional 148 shares and now owns 6,941 shares worth $499,000.
Lastly, Keystone Wealth Services LLC purchased 148 additional shares during the first quarter and currently holds a total of 7,468 shares worth $518,000. These institutional investors collectively own approximately 74.57% of Bristol-Myers Squibb’s stock.
Several research analysts have provided their insight on Bristol-Myers Squibb’s performance as well. Daiwa Capital Markets initiated coverage on the company with an “outperform” rating and a price target of $70.00 per share. StockNews.com also started covering Bristol-Myers Squibb with a “strong-buy” rating.
Bank of America raised its target price from $82.00 to $85.00 and assigned a “buy” rating to the stock in April this year. However, Barclays lowered its target price from $66.00 to $65.00 in May.
According to Bloomberg, Bristol-Myers Squibb currently has a consensus rating of “Moderate Buy” from analysts, with an average price target of $77.20.
Furthermore, the company recently declared a quarterly dividend that will be paid on August 1st. Shareholders of record as of July 7th will receive a dividend of $0.57 per share. The ex-dividend date for this payout is July 6th. With an annualized basis of $2.28 per share, the dividend yield stands at 3.64%. Bristol-Myers Squibb’s dividend payout ratio (DPR) currently sits at 66.47%.
As for its stock performance, Bristol-Myers Squibb opened at $62.65 on Monday and has a market capitalization of $131.62 billion. It boasts a price-to-earnings ratio (P/E) of 18.27, indicating its value relative to its earnings. Additionally, the company’s PEG ratio stands at 1.28, signifying its potential for growth.
Bristol-Myers Squibb has encountered a trading range between its 52-week low of $62.63 and its high point of $81.43.
The company maintains healthy financials as well, with a quick ratio standing at 1.28 and a current ratio of 1.42 – both demonstrating its ability to meet short-term financial obligations efficiently. Bristol-Myers Squibb exhibits good financial management with a debt-to-equity ratio of 1.10.
In terms of recent performance, Bristol-Myers Squibb announced its quarterly earnings results in April this year, surpassing analysts’ expectations by reporting an EPS (earnings per share) figure of $2.05 instead of the anticipated $1.98 – beating estimates by $0.07.
The company’s net margin stands at an impressive 15.95%, indicating its profitability. Additionally, Bristol-Myers Squibb showcases a return on equity of 51.75%, illustrating the company’s ability to generate substantial returns for shareholders.
Despite a minor decline in revenue by 2.7% compared to the same quarter last year, Bristol-Myers Squibb reported $11.34 billion in revenue for the quarter, slightly lower than analysts’ expectations of $11.50 billion.
Analysts predict that Bristol-Myers Squibb will post an EPS figure of 8.07 for the current fiscal year.
Overall, Bristol-Myers Squibb has witnessed significant investment from institutional investors and has received positive ratings from research analysts. The company’s consistent dividend payments and strong financial performance in recent quarters further solidify its position as a reputable player in the biopharmaceutical industry.
