GSK (NYSE:GSK) Shares Up 6.9% After Dividend Announcement

GSK PLC Sponsored ADR (NYSE:GSK)’s share price traded up 6.9% on Tuesday following a dividend announcement from the company. The stock traded as high as $55.62 and last traded at $55.5750. 1,685,655 shares were traded during trading, a decline of 64% from the average session volume of 4,652,362 shares. The stock had previously closed at $51.98.

The newly announced dividend which will be paid on Thursday, October 8th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.4515 per share. This is a boost from GSK’s previous quarterly dividend of $0.44. The ex-dividend date is Friday, August 14th. This represents a $1.81 dividend on an annualized basis and a yield of 3.4%. GSK’s dividend payout ratio is currently 46.49%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Royal Bank Of Canada reissued an “outperform” rating on shares of GSK in a research note on Tuesday, June 9th. Weiss Ratings cut GSK from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, June 11th. Wall Street Zen upgraded GSK from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Citigroup began coverage on GSK in a report on Friday, July 24th. They set a “neutral” rating for the company. Finally, Jefferies Financial Group raised GSK to a “strong-buy” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $53.00.

GSK Trading Down 1.0%

The business’s 50 day simple moving average is $51.72 and its 200 day simple moving average is $53.48. The stock has a market cap of $107.50 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 3.42 and a beta of 0.35. The company has a quick ratio of 0.52, a current ratio of 0.79 and a debt-to-equity ratio of 0.80.

Hedge Funds Weigh In On GSK

A number of hedge funds and other institutional investors have recently bought and sold shares of GSK. Fisher Asset Management LLC raised its stake in GSK by 3.0% in the fourth quarter. Fisher Asset Management LLC now owns 33,195,985 shares of the pharmaceutical company’s stock valued at $1,627,931,000 after buying an additional 968,370 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of GSK by 2,032.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 854,331 shares of the pharmaceutical company’s stock worth $41,896,000 after acquiring an additional 814,275 shares during the last quarter. Ameriprise Financial Inc. raised its stake in GSK by 1.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 401,777 shares of the pharmaceutical company’s stock valued at $15,444,000 after acquiring an additional 4,855 shares during the period. PFA Pension Forsikringsaktieselskab bought a new stake in GSK in the 4th quarter valued at $6,385,000. Finally, Align Financial LLC acquired a new stake in GSK during the 4th quarter valued at $5,628,000. Institutional investors own 15.74% of the company’s stock.

About GSK

GSK (GlaxoSmithKline plc) is a London-headquartered, multinational pharmaceutical and healthcare company formed through the 2000 merger of Glaxo Wellcome and SmithKline Beecham. The company is dual-listed and operates globally, developing, manufacturing and commercializing prescription medicines, vaccines and specialty treatments. Over its history GSK has evolved through portfolio reshaping and strategic transactions to focus on science-led pharmaceuticals and vaccines.

GSK’s core activities include research and development of therapies and vaccines across a range of therapeutic areas, commercial manufacturing, and global marketing.