Cadence Wealth Management LLC Invests $750,000 in Barrick Gold Corp (NYSE:GOLD)

Cadence Wealth Management LLC purchased a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 44,980 shares of the gold and copper producer’s stock, valued at approximately $750,000. Barrick Gold accounts for about 0.5% of Cadence Wealth Management LLC’s holdings, making the stock its 19th largest position.

Other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after acquiring an additional 37,128,653 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after purchasing an additional 14,138,639 shares in the last quarter. Capital World Investors lifted its holdings in shares of Barrick Gold by 16.4% during the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after buying an additional 6,417,244 shares during the last quarter. Ruffer LLP grew its stake in shares of Barrick Gold by 198.3% in the 4th quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock valued at $173,727,000 after buying an additional 6,385,566 shares in the last quarter. Finally, EdgePoint Investment Group Inc. increased its holdings in Barrick Gold by 38.8% in the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after buying an additional 5,080,510 shares during the last quarter. 62.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Scotiabank boosted their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday. Jefferies Financial Group increased their price objective on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, CIBC upped their target price on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.80.

Barrick Gold Stock Performance

GOLD traded down $0.03 on Friday, hitting $20.19. 14,059,414 shares of the stock traded hands, compared to its average volume of 21,905,634. The business has a fifty day moving average price of $18.37 and a two-hundred day moving average price of $17.09. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $35.39 billion, a PE ratio of 24.62, a P/E/G ratio of 0.51 and a beta of 0.51. Barrick Gold Corp has a 52 week low of $13.76 and a 52 week high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, research analysts predict that Barrick Gold Corp will post 1.21 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

About Barrick Gold

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.