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According to their latest 13F filings, institutional investors made a series of notable moves in Bristol-Myers Squibb (BMY), reflecting growing confidence in the pharmaceutical giant’s pipeline strength, consistent cash flows, and attractive valuation amid ongoing healthcare sector volatility. Several top asset managers added meaningfully to their positions during the most recent quarter.

Let’s examine some of the most notable changes:

Pzena Investment Management LLC (Rich Pzena)
Shares: 14,843,475
Change: +1,384,649
Value: $0.69B
Rich Pzena made one of the largest increases this quarter, adding over 1.3 million shares to his BMY position. The move underscores his deep value approach and conviction in the company’s strong fundamentals and discounted price-to-earnings multiple.

Grantham, Mayo, Van Otterloo & Co. LLC (Jeremy Grantham)
Shares: 870,304
Change: +696,908
Value: $0.04B
Jeremy Grantham nearly doubled his stake in BMY, signaling renewed optimism about the long-term outlook for the company’s drug portfolio and steady dividend yield.

Bridgewater Associates, LP (Ray Dalio)
Shares: 2,703,724
Change: +362,486
Value: $0.13B
Ray Dalio expanded his position by more than 15%, reflecting continued interest in defensive healthcare names with stable cash flows during macro uncertainty.

Gotham Asset Management, LLC (Joel Greenblatt)
Shares: 607,986
Change: +311,033
Value: $0.03B
Joel Greenblatt more than doubled his position this quarter, aligning with his strategy of buying high-quality businesses trading below intrinsic value.

AQR Capital Management LLC (Cliff Asness)
Shares: 6,067,940
Change: +98,910
Value: $0.28B
Cliff Asness modestly increased his already sizable holding, maintaining exposure to a leading pharmaceutical company with robust free cash flow generation.

Fisher Asset Management, LLC (Ken Fisher)
Shares: 226,976
Change: +6,237
Value: $0.01B
Ken Fisher added slightly to his long-term position, reflecting steady confidence in the company’s income stability.

GAMCO Investors, Inc. (Mario Gabelli)
Shares: 102,101
Change: +2,778
Value: $0.00B
Mario Gabelli made a small addition, consistent with his strategy of gradual accumulation in undervalued large-cap equities.

Tweedy, Browne Co LLC (Tweedy Browne)
Shares: 7,184
Change: New Position
Value: $0.00B
Tweedy Browne initiated a new position in BMY, joining a growing list of value-focused managers attracted to the company’s fundamentals and dividend strength.

Miller Value Partners, LLC (Bill Miller)
Shares: 108,000
Change: No Change
Value: $0.00B
Bill Miller maintained his position this quarter, holding steady in what he likely views as a reliable, undervalued healthcare name.

Overall, Bristol-Myers Squibb attracted broad-based institutional buying this quarter. From value investors like Rich Pzena and Jeremy Grantham to quant-driven firms like AQR, the pattern of accumulation suggests confidence in the company’s long-term earnings resilience, strong cash generation, and shareholder returns through dividends and buybacks.

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