In a significant portfolio shift, investment manager Dodge & Cox virtually eliminated its position in Bristol-Myers Squibb during the second quarter of 2026. According to its quarterly 13F filing, the firm sold over 99% of its holdings, reducing its share count from 4.62 million to just over 42,000. This divestment decreased the value of its BMY stake from approximately $280 million to under $2.5 million.
This trade information comes from a delayed disclosure, reflecting the firm's portfolio as of June 30, 2026. The sale occurred during a quarter where Bristol-Myers Squibb reported strong financial results, beating analyst expectations and raising its full-year guidance. Dodge & Cox has not publicly commented on the specific motive for this substantial reduction.