Cornercap Investment Counsel Inc. Has $1.85 Million Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

15 Nov 2024, 13:45 by Sarita Garza · The Markets Daily

Cornercap Investment Counsel Inc. reduced its holdings in Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) by 33.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,086 shares of the biopharmaceutical company’s stock after selling 11,038 shares during the quarter. Gilead Sciences makes up approximately 0.5% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 18th largest holding. Cornercap Investment Counsel Inc.’s holdings in Gilead Sciences were worth $1,852,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of GILD. Vanguard Group Inc. raised its position in shares of Gilead Sciences by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 114,732,575 shares of the biopharmaceutical company’s stock valued at $8,404,161,000 after acquiring an additional 2,910,147 shares during the last quarter. Swedbank AB bought a new stake in shares of Gilead Sciences in the 1st quarter valued at $134,489,000. International Assets Investment Management LLC increased its position in shares of Gilead Sciences by 8,238.4% in the 3rd quarter. International Assets Investment Management LLC now owns 1,642,504 shares of the biopharmaceutical company’s stock valued at $137,708,000 after buying an additional 1,622,806 shares in the last quarter. Capital Research Global Investors increased its position in shares of Gilead Sciences by 2.7% in the 1st quarter. Capital Research Global Investors now owns 61,246,366 shares of the biopharmaceutical company’s stock valued at $4,486,296,000 after buying an additional 1,589,240 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Gilead Sciences by 24.7% in the 2nd quarter. Pacer Advisors Inc. now owns 7,889,663 shares of the biopharmaceutical company’s stock valued at $541,310,000 after buying an additional 1,564,792 shares in the last quarter. 83.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GILD. Evercore ISI upgraded Gilead Sciences to a “strong-buy” rating in a report on Friday, August 9th. Sanford C. Bernstein began coverage on Gilead Sciences in a report on Thursday, October 17th. They set an “outperform” rating and a $105.00 target price for the company. Wolfe Research began coverage on Gilead Sciences in a report on Friday. They set an “outperform” rating and a $110.00 target price for the company. Leerink Partners upgraded Gilead Sciences from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $74.00 to $96.00 in a report on Monday, October 21st. Finally, The Goldman Sachs Group increased their target price on Gilead Sciences from $74.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Gilead Sciences presently has a consensus rating of “Moderate Buy” and an average target price of $93.86.

Get Our Latest Stock Analysis on GILD

Gilead Sciences Stock Down 0.6 %

Shares of GILD opened at $92.11 on Friday. Gilead Sciences, Inc. has a 12 month low of $62.07 and a 12 month high of $98.90. The firm’s 50 day moving average is $86.22 and its 200-day moving average is $75.69. The stock has a market capitalization of $114.79 billion, a PE ratio of 1,023.44, a P/E/G ratio of 2.85 and a beta of 0.17. The company has a current ratio of 1.26, a quick ratio of 0.82 and a debt-to-equity ratio of 1.24.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $2.02 EPS for the quarter, topping the consensus estimate of $1.58 by $0.44. Gilead Sciences had a net margin of 0.45% and a return on equity of 29.00%. The company had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.01 billion. During the same period last year, the firm earned $2.29 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts forecast that Gilead Sciences, Inc. will post 4.39 EPS for the current year.

Gilead Sciences Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.77 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.08 dividend on an annualized basis and a yield of 3.34%. Gilead Sciences’s dividend payout ratio is currently 3,422.22%.

Insider Buying and Selling at Gilead Sciences

In other news, insider Johanna Mercier sold 29,357 shares of Gilead Sciences stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $83.78, for a total transaction of $2,459,529.46. Following the transaction, the insider now owns 78,127 shares in the company, valued at approximately $6,545,480.06. The trade was a 27.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Merdad Parsey sold 25,590 shares of Gilead Sciences stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $91.50, for a total transaction of $2,341,485.00. Following the transaction, the insider now owns 99,599 shares in the company, valued at approximately $9,113,308.50. This trade represents a 20.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,947 shares of company stock worth $4,968,674 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

Gilead Sciences Company Profile

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