Oregon's pension fund boosted its Bristol Myers stake amid strong earnings and analyst upgrades.

The Oregon Public Employees Retirement Fund increased its stake in Bristol Myers Squibb by 56,749 shares, now holding 232,646 shares worth about $10.5 million. The company reported strong third-quarter earnings of $1.63 per share, beating expectations by $0.11, and revenue of $12.22 billion, up 2.8% year-over-year. Analysts raised full-year 2025 EPS guidance to $6.40–$6.60, with a consensus of $6.74. Positive sentiment followed UBS upgrading the stock to “buy” and raising its target to $65.00, driven by new oncology trial progress in pancreatic and small-cell lung cancer. Despite rising share prices and improved profitability, some analysts caution on valuation. The stock trades at $55.92 with a market cap of $113.84 billion, a P/E ratio of 18.89, and institutional ownership of 76.41%.