BMY
Bristol Myers Squibb CO
NYSE
Form 4: Bristol-Myers Squibb Executive Adam Lenkowsky Reports Changes in Beneficial Ownership
Sentiment:
SEC Form 4
3 May 2024 6:45 PM
EVP, Chief Commercial Officer of Bristol-Myers Squibb, Adam Lenkowsky, reports changes in beneficial ownership of company stock and market share units.
Worse than expected
The cancellation of market share units due to the minimum payout factor not being achieved suggests that the company's performance did not meet expectations.
Summary
- Adam Lenkowsky, EVP, Chief Commercial Officer of Bristol-Myers Squibb, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The reported transactions include the disposition of 6,650 shares of common stock.
- Lenkowsky also reported owning 4,364.699 shares indirectly through the BMS Savings and Investment Program and 5,286.94 shares through his spouse.
- Additionally, 1,373 market share units were cancelled due to the minimum payout factor not being achieved.
- He directly owns 4,121 market share units.
- The market share units convert into common stock based on a payout factor tied to the company's stock price performance.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing primarily reports transactions and adjustments in ownership. The cancellation of market share units is a slightly negative signal, but overall, the document is informational.
Negatives
- 1,373 market share units were cancelled due to the minimum payout factor not being achieved, indicating underperformance relative to the set target.
Risks
- The cancellation of market share units due to not meeting the minimum payout factor could reflect potential concerns about the company's performance relative to its targets.
Future Outlook
Twenty-five percent of the market share unit award will vest on each of the first, second, third and fourth anniversaries of the grant date.
Industry Context
Form 4 filings are routine disclosures for corporate insiders and provide transparency into their transactions in company stock, which can be indicative of their confidence in the company's prospects.
Comparison to Industry Standards
- Executive compensation packages often include market share units or similar performance-based equity awards to align management's interests with those of shareholders.
- The vesting schedules and payout factors for these awards vary across companies and industries, but the general structure is common practice.
- Comparing Bristol-Myers Squibb's equity compensation terms to those of peers like Pfizer, Merck, and Johnson & Johnson would provide a benchmark for assessing the competitiveness and alignment of its executive compensation program.
Stakeholder Impact
- Shareholders may be interested in the insider transactions reported in the Form 4, as they can provide insights into management's views on the company's stock.
- Employees participating in the BMS Savings and Investment Program are indirectly affected by the stock transactions.
Key Dates
- 05/01/2023: Date of grant for market share units, one-quarter of which were cancelled due to underperformance.
- 05/01/2024: Date of transaction involving market share units and common stock.
- 05/03/2024: Date of signature for the Form 4 filing.
- 05/10/2027: Expiration date for the market share units.
Keywords
BMY
Bristol Myers Squibb CO
NYSE
Sector: TBD
Filings with Classifications
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