5 Best Low Risk Stocks to Buy Now

4. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 73

Bristol-Myers Squibb Company (NYSE:BMY) makes and sells biopharmaceutical products. It operates from New York. The company recently posted earnings for the third quarter, reporting earnings per share of $2, beating market estimates by $0.08. The revenue over the period was $11.6 billion, up 10% year-on-year and beating market predictions by $100 million. The firm also raised guidance numbers for the fiscal year in the earnings report. 

Citi analyst Andrew Baum has a Buy rating on Bristol-Myers Squibb Company (NYSE:BMY) stock with a price target of $73. In an investor note, Baum has said that reports that the firm is looking to acquire Aurinia Pharmaceuticals make “sense” in terms of commercial synergies. 

At the end of the second quarter of 2021, 73 hedge funds in the database of Insider Monkey held stakes worth $4.5 billion in Bristol-Myers Squibb Company (NYSE:BMY), down from 81 in the preceding quarter worth $5.7 billion. 

In its Q4 2020 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and Bristol-Myers Squibb Company (NYSE:BMY) was one of them. Here is what the fund said:

“Bristol-Myers Squibb recently reported accelerating sales as much of the medical services industry returned to work. The Company continues to expect double-digit earnings growth over the next few years, driven by existing drugs, in addition to a broad pipeline of new drugs and indications. While the market remains fixated on a couple of patent expirations that could occur over the next several years, we think this is well-known at this point, yet the market still undervalues a couple of key acquisitions the Company has made in the past few years, particularly Celgene, which was acquired for a song.”