Warren Buffett is Selling These 5 Stocks

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

Number of Hedge Fund Holders: 74

Percentage Decline in Stake: 17%

Bristol-Myers Squibb Company (NYSE:BMY) is a globally-known drug manufacturer. The company grew its third-quarter revenue by 10% year on year to $11.6 billion, exceeding revenue estimates by $100 million. The increased demand for BMY’s cancer drugs, Revlimid and Opdivo, bolstered the company’s sales in Q3. 

BMO Capital analyst Evan Seigerman highlighted Bristol-Myers Squibb Company’s (NYSE:BMY) immuno-oncology and hematology segments and initiated an Outperform rating on the stock. The analyst set a price target of $72 for the stock on November 18.

Warren Buffett sold 17% of Berkshire’s stake in Bristol-Myers Squibb Company (NYSE:BMY). As of the end of Q3, Berkshire Hathaway held 22 million shares of the pharmaceutical stock valued at $1.3 billion. Still, Berkshire Hathaway is the biggest shareholder of the drug company.

Of the 867 elite funds tracked by Insider Monkey, 74 were long Bristol-Myers Squibb Company (NYSE:BMY) at the end of September, up from 73 in the second quarter of 2021.