Is Bristol Myers Squibb Co. (BMY) Worthy Of Your Portfolio?

Since Bristol Myers Squibb Co. (NYSE:BMY) has experienced falling interest from the entirety of the hedge funds we track, it’s easy to see that there were a few hedgies that decided to sell off their full holdings last quarter. At the top of the heap, Christopher James’ Partner Fund Management said goodbye to the largest investment of the “upper crust” of funds tracked by Insider Monkey, valued at close to $134.6 million in call options, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund dumped about $43.3 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Bristol Myers Squibb Co. (NYSE:BMY) but similarly valued. These stocks are British American Tobacco PLC (ADR) (NYSEAMEX:BTI), Amgen, Inc. (NASDAQ:AMGN), TOTAL S.A. (ADR) (NYSE:TOT), and Gilead Sciences, Inc. (NASDAQ:GILD). This group of stocks’ market values are closest to BMY’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BTI 16 638713 1
AMGN 59 1863803 1
TOT 14 68492 -2
GILD 87 3465193 2

As you can see these stocks had an average of 44 hedge funds with bullish positions and the average amount invested in these stocks was $1.51 billion. That figure was $2.28 billion in BMY’s case. With 87 investors holding shares, Gilead Sciences, Inc. (NASDAQ:GILD) is the most popular stock in this table, while TOTAL S.A. (ADR) (NYSE:TOT) is the least popular one with only 14 bullish hedge fund positions. Bristol Myers Squibb Co. (NYSE:BMY) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Gilead Sciences, Inc. (NASDAQ:GILD) might be a better candidate to consider a long position.