Pinnacle Associates Ltd. cut its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 14.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 225,197 shares of the biopharmaceutical company’s stock after selling 39,549 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Gilead Sciences were worth $14,086,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Gradient Investments LLC grew its holdings in shares of Gilead Sciences by 16.1% in the fourth quarter. Gradient Investments LLC now owns 1,076 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 149 shares in the last quarter. Waldron Private Wealth LLC grew its holdings in Gilead Sciences by 3.8% during the 3rd quarter. Waldron Private Wealth LLC now owns 4,372 shares of the biopharmaceutical company’s stock worth $337,000 after acquiring an additional 162 shares in the last quarter. Cornerstone Advisors Inc. grew its holdings in Gilead Sciences by 6.1% during the 3rd quarter. Cornerstone Advisors Inc. now owns 3,120 shares of the biopharmaceutical company’s stock worth $241,000 after acquiring an additional 178 shares in the last quarter. Boenning & Scattergood Inc. grew its holdings in Gilead Sciences by 0.9% during the 4th quarter. Boenning & Scattergood Inc. now owns 20,176 shares of the biopharmaceutical company’s stock worth $1,262,000 after acquiring an additional 180 shares in the last quarter. Finally, NewSquare Capital LLC grew its holdings in Gilead Sciences by 0.9% during the 4th quarter. NewSquare Capital LLC now owns 20,165 shares of the biopharmaceutical company’s stock worth $1,261,000 after acquiring an additional 187 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.
GILD has been the subject of several analyst reports. Oppenheimer upgraded shares of Gilead Sciences from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Thursday, January 3rd. CIBC upgraded shares of Gilead Sciences from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Thursday, January 3rd. Zacks Investment Research cut shares of Gilead Sciences from a “buy” rating to a “hold” rating in a report on Monday, December 31st. Citigroup reiterated a “buy” rating and set a $100.00 price target on shares of Gilead Sciences in a report on Tuesday, February 5th. Finally, Wells Fargo & Co lowered their price target on shares of Gilead Sciences from $95.00 to $89.00 and set an “outperform” rating for the company in a report on Tuesday, February 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $84.01.
Gilead Sciences (NASDAQ:GILD) last issued its quarterly earnings data on Monday, February 4th. The biopharmaceutical company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.26). The company had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Gilead Sciences had a return on equity of 37.03% and a net margin of 24.65%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.78 EPS. On average, equities research analysts forecast that Gilead Sciences, Inc. will post 6.23 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Thursday, March 14th. This is an increase from Gilead Sciences’s previous quarterly dividend of $0.57. Gilead Sciences’s payout ratio is currently 37.07%.
In other news, Director John C. Martin sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $71.20, for a total transaction of $3,560,000.00. Following the completion of the sale, the director now owns 2,877,762 shares in the company, valued at approximately $204,896,654.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.16% of the stock is currently owned by insiders.
About Gilead Sciences
Gilead Sciences, Inc discovers, develops, and commercializes therapeutics in the areas of unmet medical needs in the United States, Europe, and internationally. The company's products include Biktarvy, Descovy, Odefsey, Genvoya, Stribild, Complera/Eviplera, Atripla, Truvada, Viread, Emtriva, and Tybost for the treatment of human immunodeficiency virus (HIV) infection in adults; and Vosevi, Vemlidy, Epclusa, Harvoni, Sovaldi, Viread, and Hepsera products for treating liver diseases.
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