Summit Global Investments Lowers Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

Summit Global Investments cut its holdings in Gilead Sciences, Inc. (NASDAQ:GILD) by 45.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,090 shares of the biopharmaceutical company’s stock after selling 85,118 shares during the period. Summit Global Investments’ holdings in Gilead Sciences were worth $8,270,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Clearbridge Investments LLC raised its holdings in shares of Gilead Sciences by 179.0% during the 3rd quarter. Clearbridge Investments LLC now owns 4,543,985 shares of the biopharmaceutical company’s stock worth $340,526,000 after acquiring an additional 2,915,141 shares in the last quarter. abrdn plc raised its holdings in shares of Gilead Sciences by 89.0% during the 4th quarter. abrdn plc now owns 3,764,107 shares of the biopharmaceutical company’s stock worth $304,930,000 after acquiring an additional 1,772,887 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Gilead Sciences during the 4th quarter worth approximately $133,584,000. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Gilead Sciences during the 4th quarter worth approximately $63,971,000. Finally, Bailard Inc. lifted its position in Gilead Sciences by 9,100.7% in the third quarter. Bailard Inc. now owns 722,345 shares of the biopharmaceutical company’s stock worth $54,133,000 after buying an additional 714,494 shares during the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GILD shares. Oppenheimer restated an “outperform” rating and issued a $105.00 price target on shares of Gilead Sciences in a research report on Friday, April 19th. Maxim Group reduced their target price on Gilead Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com upgraded Gilead Sciences from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 27th. Cantor Fitzgerald cut their price target on Gilead Sciences from $80.00 to $78.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company cut their target price on Gilead Sciences from $84.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Monday, March 4th. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $83.69.

Insider Activity at Gilead Sciences

In related news, insider Merdad Parsey sold 2,000 shares of Gilead Sciences stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $73.18, for a total transaction of $146,360.00. Following the completion of the transaction, the insider now directly owns 100,936 shares in the company, valued at $7,386,496.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Gilead Sciences Stock Performance

Shares of Gilead Sciences stock traded down $0.24 on Thursday, reaching $65.27. 3,761,370 shares of the stock were exchanged, compared to its average volume of 7,430,975. The company has a quick ratio of 0.72, a current ratio of 0.98 and a debt-to-equity ratio of 1.08. Gilead Sciences, Inc. has a twelve month low of $64.63 and a twelve month high of $87.86. The firm has a market capitalization of $81.27 billion, a price-to-earnings ratio of 181.33, a PEG ratio of 1.31 and a beta of 0.22. The business has a 50 day moving average price of $70.87 and a two-hundred day moving average price of $76.01.

Gilead Sciences (NASDAQ:GILD) last released its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.32) EPS for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.17. The firm had revenue of $6.69 billion during the quarter, compared to the consensus estimate of $6.36 billion. Gilead Sciences had a return on equity of 24.34% and a net margin of 1.76%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 earnings per share. Analysts anticipate that Gilead Sciences, Inc. will post 3.74 earnings per share for the current fiscal year.

Gilead Sciences Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, June 14th will be given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 4.72%. The ex-dividend date is Friday, June 14th. Gilead Sciences’s dividend payout ratio is currently 855.56%.

Gilead Sciences Company Profile

Gilead Sciences, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally. The company provides Biktarvy, Genvoya, Descovy, Odefsey, Truvada, Complera/ Eviplera, Stribild, Sunlencs, and Atripla products for the treatment of HIV/AIDS; Veklury, an injection for intravenous use, for the treatment of COVID-19; and Epclusa, Harvoni, Vemlidy, and Viread for the treatment of viral hepatitis.