Flputnam Lifts Stake in Bristol-Myers Squibb Company (BMY) by 52%

Bristol-Myers Squibb Company (NYSE:BMY) is among the undervalued wide moat stocks to buy now. Flputnam Investment Management Co. has raised its position in Bristol-Myers Squibb Company (NYSE:BMY) by 52.4% in the first quarter, according to the recent disclosure with the Securities and Exchange Commission (SEC). After acquiring 76,321 shares, the financial services firm now owns 222,079 shares of the company’s stock, valued at $13,545,000.

From an attractive 5.23% forward annual dividend yield to strong cash flow, Bristol-Myers Squibb Company (NYSE:BMY) offers what few companies do. By now, everyone is aware of how remarkably the company’s recent Q2 results surpassed expectations. Building on this, management highlighted its focus on growth initiatives, particularly new collaborations and a licensing deal with Bain Capital.

Why Investors View Bristol‑Myers Squibb (BMY) as a Safe Dividend Stock for Income

While earnings are expected to decline in the days ahead, the prospects for real growth are what draw the investors to Bristol-Myers Squibb Company (NYSE:BMY). The company is powering AI to accelerate drug discovery, improve clinical trials, and enhance cost-efficiency, the impact of which is certainly not priced into the stock.

Bristol-Myers Squibb Company (NYSE:BMY) is a New Jersey-based company that provides biopharmaceutical products globally. Founded in 1887, the company is committed to developing innovative solutions for deadly diseases.

While we acknowledge the potential of BMY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BMY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.