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ATH

Athene Holding

$43.76

0.3 (0.69%)

, BMY

Bristol-Myers

$53.26

-0.19 (-0.36%)

17:12
12/03/18
12/03
17:12
12/03/18
17:12

Athene in significant pension risk transfer transaction with Bristol-Myers

Athene Holding (ATH) announced a first-of-its-kind pension plan termination transaction with Bristol-Myers Squibb (BMY) covering more than 24,000 active employee participants, retirees, beneficiaries, and former Bristol-Myers Squibb employees who have not yet commenced their benefits. Under the agreement, Athene's wholly-owned Iowa-domiciled life insurance subsidiary, Athene Annuity and Life company, agreed in advance to provide an annuity contract covering all obligations of Bristol-Myers Squibb's U.S. Retirement Income Plan for which the plan participants do not elect to receive a lump sum payment. Subsequent to payout of the lump sum obligations in July 2019, it is expected that AAIA's annuity contract will cover as much as $3.8B of remaining pension liabilities when the transfer is completed in August 2019, subject to customary closing conditions. "We are pleased to have been selected as a trusted partner by Bristol-Myers Squibb, a global leader in the biopharmaceutical industry, to serve all of their U.S. Plan participants through this innovative transaction," said Sean Brennan, Senior Vice President and Head of Pension Risk Transfer at Athene. "This transaction represents the largest full-plan termination to date that includes both retirees and non-retirees, and we believe this approach may provide a blueprint for plan sponsors considering full plan terminations in the future." Upon completion of the transaction, Athene will provide irrevocable commitments to all Plan participants and will assume full financial responsibility, including required administration, for annuity and lump sum payments. Plan participants have received information packages and do not need to take any action at this time. "As a leader in pension risk transfers, Athene is able to provide plan sponsors with customized solutions to achieve their desired pension risk and financial objectives while ensuring the financial security of their plan participants," said Bill Wheeler, President of Athene. "Our differentiated investment, actuarial, risk-management, and operational capabilities, combined with our strong balance sheet, position us well to serve the $3 trillion defined benefit marketplace." Athene is a leader in the pension risk transfer industry, managing pension payments for more than 80,000 annuitants. During 2018, Athene has closed six pension risk transfer transactions totaling more than $1.8 billion.

ATH

Athene Holding

$43.76

0.3 (0.69%)

BMY

Bristol-Myers

$53.26

-0.19 (-0.36%)

  • 03

    Dec

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    Dec

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    May

ATH Athene Holding
$43.76

0.3 (0.69%)

08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
09/21/18
KBWI
09/21/18
NO CHANGE
Target $68
KBWI
Outperform
Athene Holding price target raised to $68 from $64 at Keefe Bruyette
Keefe Bruyette analyst Ryan Krueger raised his price target for Athene Holding to $68 saying the company's analyst day was "constructive." Athene highlighted its "strong" organic/inorganic growth opportunities, earnings momentum and durable balance sheet, and its relationship with Apollo, Krueger tells investors in a research note. The analyst reiterates an Outperform rating on the shares.
09/21/18
UBSW
09/21/18
NO CHANGE
Target $75
UBSW
Buy
Athene Holding reiterated as top pick at UBS
UBS analyst John Nadel attended the Athene investors day and concluded consensus estimates are too low, valuation is cheap, its balance sheet is high quality, organic growth is robust, and the company has a deep and strong management team with which to execute. Nadel reiterated his Buy rating and $75 price target on Athene shares.
10/03/18
BOFA
10/03/18
INITIATION
Target $67
BOFA
Buy
Athene Holding reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Ian Ryave reinstated Athene with a Buy and $67 price target citing above average earnings growth, underappreciated competitive advantages, and valuation.
BMY Bristol-Myers
$53.26

-0.19 (-0.36%)

11/19/18
WELS
11/19/18
NO CHANGE
WELS
Pfizer price hikes may bring industry scrutiny, says Wells Fargo
Pfizer's (PFE) plans to raise prices on a host of medicines may put the drug industry "further in the crosshairs of an administration and Congress that is set on lowering drug prices," Wells Fargo analyst David Maris tells investors in a research note. The analyst points out that Pfizer earlier this year was criticized by the Trump administration for drug price increases, and as a result, it rolled the price increases back. However, Pfizer's new price increases "are not egregious" and its advance warning may be an attempt to see if minor price increases will also bring the administration's rebuke, says Maris. Nonetheless, given how public the administration's previous rebuke was, the analyst thinks Pfizer's confirmation Friday could "enflame the debate around drug pricing, especially since it comes less than two weeks following an election that resulted in Democrat control of the House with many having run on a drug-price-controls/Medicare-for-All platforms." Other large drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Roche (RHHBY) and Sanofi (SNY).
11/27/18
BMOC
11/27/18
NO CHANGE
Target $56
BMOC
Market Perform
Bristol-Myers price target lowered to $56 at BMO Capital on execution concern
BMO Capital analyst Alex Arfaei lowered his price target on Bristol-Myers to $56 and kept his Market Perform rating, saying the "surprising" failure of CM-451 and CM-331 suggests that the company "will likely not be competitive" in small-cell lung cancer. The analyst adds that the findings represent another immuno-oncology setback for the company that may increase investor concerns about Bristol-Myers' R&D execution, which has to improve for him to become more constructive on the stock.
11/27/18
WBLR
11/27/18
NO CHANGE
WBLR
Outperform
Bristol-Myers trial failure has minimal financial impact, says William Blair
William Blair analyst Matt Phipps sees a minimal financial impact to Bristol-Myers Squibb from the failure of the CheckMate-451 trial but he admits that investor sentiment "could use a boost." While this is unfortunate and is the second recent failure of Opdivo in small-cell lung cancer, the financial impact is limited given the small market opportunity and already announced positive competitive results in the frontline setting, Phipps tells investors in a research note. The analyst removed potential sales for small-cell lung cancer post-chemotherapy from his Opdivo estimates, decreasing his 2020 Opdivo estimate by 0.3% to $7.57B and 2021 estimate by 0.6% to $8.92B. His 2020 earinngs per share estimate goes to $4.48 from $4.49 and 2021 estimate goes to $4.94 from $4.96. Phipps keeps an Outperform rating on Bristol-Myers.
12/02/18
PIPR
12/02/18
NO CHANGE
Target $12
PIPR
Overweight
Alpine Immune Sciences' ALPN-101 active in GvHD, CTA by YE18, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff notes that Alpine (ALPN) presented two posters at ASH on proprietary variable Immunoglobulin Domain technology. In vivo data at ASH showed single doses enhanced survival in GvHD models compared to Bristol Myer's (BMY) Nujolix, he notes, adding that a CTA for ALPN-101 by YE18 should enable healthy volunteer data and lead to a Phase II GvHD start next year. The analyst also points out that Alpine presented novel Transmembrane ImmuneModulatory Proteins that can be engineered into T cells to enhance response in immunosuppressive environments. Importantly these strategies differ from TIP technology partnered to Kite (GILD) and offer further partnering opportunity, Tenthoff contends. He reiterates an Overweight rating and $12 price target on Alpine's shares.

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