Citigroup Adjusts Outlook for Bristol-Myers Squibb Amid Mixed Institutional Activity
On October 25, 2024, Citigroup changed its recommendation for Bristol-Myers Squibb (XTRA:BRM), moving it from Buy to Neutral.
Potential Price Gains Remain Modest
As of October 22, 2024, analysts estimate a one-year price target for Bristol-Myers Squibb at 49.74 €/share. The target range varies from a low of 30.73 € to a high of 72.39 €, suggesting a slight increase of 2.39% from the latest closing price of 48.58 € per share.
Positive Revenue Projections
Bristol-Myers Squibb is projected to generate annual revenue of 48,638 million €, which marks an increase of 4.58%. Additionally, the expected annual non-GAAP EPS stands at 8.29.
Examining Institutional Interests
Currently, 3,364 funds and institutions hold positions in Bristol-Myers Squibb, showing a net decrease of 94 owners, or 2.72%, over the last quarter. The average portfolio weight for these funds allocated to BRM is 0.36%, a rise of 9.01%. Furthermore, total shares owned by institutions grew by 1.80% to 1,790,322K shares.
Institutional Stakeholders’ Movements
JPMorgan Chase currently holds 74,630K shares, equating to a 3.68% ownership in Bristol-Myers Squibb. This reflects a significant decrease from their previous ownership of 88,814K shares, down by 19.01%. Their allocation in BRM has narrowed by 37.51% in the last quarter.
The Vanguard Total Stock Market Index Fund (VTSMX) has increased its holdings slightly, now owning 64,141K shares at 3.16% ownership. In contrast, it previously held 63,587K shares, resulting in a modest rise of 0.86% in shares owned, while its portfolio allocation in BRM dropped by 24.88% over the past quarter.
Charles Schwab Investment Management’s stake has also changed, currently holding 59,062K shares representing 2.91% ownership. This is an increase from 53,716K shares, reflecting a growth of 9.05%. Nevertheless, they have reduced their portfolio allocation in BRM by 30.51% since the last quarter.
Lastly, Capital International Investors reported an ownership of 55,407K shares, down from 70,204K shares, representing a decrease of 26.71% in ownership. This change has led to a decrease of 38.54% in their portfolio allocation in BRM over the last quarter.
The Vanguard 500 Index Fund (VFINX) now owns 52,027K shares, which is up from 51,278K shares, a small increase of 1.44%. However, its allocation in BRM has dropped by 26.45% recently.
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This article was initially published on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
