Canopy Partners LLC Lowers Position in Gilead Sciences, Inc. (NASDAQ:GILD)

Canopy Partners LLC reduced its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,380 shares of the biopharmaceutical company’s stock after selling 115 shares during the period. Canopy Partners LLC’s holdings in Gilead Sciences were worth $367,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC grew its stake in shares of Gilead Sciences by 8.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 19,923 shares of the biopharmaceutical company’s stock worth $1,670,000 after purchasing an additional 1,628 shares during the period. Cerity Partners LLC grew its position in Gilead Sciences by 24.3% during the third quarter. Cerity Partners LLC now owns 253,872 shares of the biopharmaceutical company’s stock worth $21,285,000 after buying an additional 49,604 shares during the period. Meridian Wealth Management LLC acquired a new stake in shares of Gilead Sciences during the 3rd quarter valued at approximately $3,559,000. Icon Wealth Advisors LLC boosted its stake in shares of Gilead Sciences by 1,281.3% during the 3rd quarter. Icon Wealth Advisors LLC now owns 19,684 shares of the biopharmaceutical company’s stock worth $1,650,000 after acquiring an additional 18,259 shares in the last quarter. Finally, Asset Management Group Inc. purchased a new position in Gilead Sciences in the 3rd quarter valued at approximately $208,000. Institutional investors and hedge funds own 83.67% of the company’s stock.

Gilead Sciences Stock Performance

Shares of NASDAQ GILD opened at $90.19 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.26 and a debt-to-equity ratio of 1.24. The firm’s 50-day moving average price is $87.43 and its two-hundred day moving average price is $76.79. Gilead Sciences, Inc. has a 52-week low of $62.07 and a 52-week high of $98.90. The stock has a market capitalization of $112.40 billion, a P/E ratio of 1,002.11, a P/E/G ratio of 2.78 and a beta of 0.17.

Gilead Sciences (NASDAQ:GILD) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.44. The business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.01 billion. Gilead Sciences had a return on equity of 29.00% and a net margin of 0.45%. The business’s revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the business posted $2.29 EPS. As a group, sell-side analysts forecast that Gilead Sciences, Inc. will post 4.38 earnings per share for the current year.

Gilead Sciences Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued 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 dividend yield of 3.42%. Gilead Sciences’s dividend payout ratio (DPR) is presently 3,422.22%.

Insider Activity at Gilead Sciences

In related news, insider Johanna Mercier sold 29,357 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $83.78, for a total value of $2,459,529.46. Following the completion of the sale, the insider now owns 78,127 shares of the company’s stock, valued at $6,545,480.06. This represents a 27.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Merdad Parsey sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $83.83, for a total transaction of $167,660.00. Following the transaction, the insider now directly owns 100,189 shares in the company, valued at approximately $8,398,843.87. The trade was a 1.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,947 shares of company stock worth $4,968,674 in the last ninety days. 0.16% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Piper Sandler increased their price target on Gilead Sciences from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Leerink Partnrs upgraded shares of Gilead Sciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 21st. Mizuho increased their target price on Gilead Sciences from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday. Maxim Group lowered Gilead Sciences from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Finally, Evercore ISI upgraded shares of Gilead Sciences to a “strong-buy” rating in a report on Friday, August 9th. Twelve investment 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 company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.41.

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.