3. Bristol-Myers Squibb Company (NYSE:BMY)
Number of Hedge Fund Holders: 66
Bristol-Myers Squibb Company (NYSE:BMY) is a multinational pharmaceutical company that develops prescription pharmaceuticals for diseases including cancer, HIV, AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, and psychiatric disorders. Bristol-Myers Squibb Company (NYSE:BMY) is headquartered in New York City.
On February 4, Bristol-Myers Squibb Company (NYSE:BMY) reported its fourth quarter results. The company posted EPS of $1.83, exceeding estimates by $0.03. Revenue for the period jumped 8.29% year-over-year to $11.99 billion, surpassing estimates by $12.68 million.
Goldman Sachs analyst Chris Shibutani initiated coverage of Bristol-Myers Squibb Company (NYSE:BMY) on December 17 with a ‘Buy’ rating and $72 price target, implying 6.7% upside from current levels. The analyst sees an attractive entry point in the shares, as he believes current levels reflect “overly pessimistic views” on the outlook for the company’s new product launches and key pipeline assets.
Bristol-Myers Squibb Company (NYSE:BMY) priced a public offering of senior unsecured notes on February 15 with a combined principal amount of $6 billion. The offer is expected to close on March 2.
Bristol-Myers Squibb Company (NYSE:BMY) announced a quarterly dividend per share of $0.54 on December 13, which is a 10.2% increase from its prior dividend of $0.49. The dividend was paid on February 1 to shareholders of record on January 7.
Among the hedge funds tracked by Insider Monkey, 66 hedge funds were bullish on Bristol-Myers Squibb Company (NYSE:BMY) as of December 31, with collective stakes amounting to $3.31 billion. Warren Buffett’s Berkshire Hathaway is one of the leading Bristol-Myers Squibb Company (NYSE:BMY) stakeholders with 5.2 million shares valued at $320 million, though the holding company unloaded 77% of its BMY stake during Q4.
Wedgewood Partners mentioned Bristol-Myers Squibb Company (NYSE:BMY) in its Q4 2020 investor letter. Here is what the fund had to say:
“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.”
