Azimuth Capital Investment Management LLC Lowers Stock Position in Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• Azimuth Capital Investment Management LLC reduced its stake in Gilead Sciences by 14%, selling 15,675 shares during the first quarter, and now owns 95,940 shares valued at approximately $10.75 million.
• Gilead Sciences' CEO recently sold 10,000 shares for $1.14 million, marking a 1.62% decrease in his position, while a director also sold shares, reflecting broader insider activity.
• The company announced a quarterly dividend of $0.79 per share, yielding 2.7%, with the dividend payment scheduled for September 29th.

Azimuth Capital Investment Management LLC reduced its stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 14.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,940 shares of the biopharmaceutical company's stock after selling 15,675 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Gilead Sciences were worth $10,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fox Run Management L.L.C. raised its stake in Gilead Sciences by 5.6% in the first quarter. Fox Run Management L.L.C. now owns 5,995 shares of the biopharmaceutical company's stock valued at $672,000 after purchasing an additional 319 shares in the last quarter. KLCM Advisors Inc. purchased a new position in shares of Gilead Sciences during the first quarter worth approximately $203,000. Trivium Point Advisory LLC purchased a new position in shares of Gilead Sciences during the first quarter worth approximately $206,000. Sei Investments Co. raised its stake in shares of Gilead Sciences by 3.0% during the first quarter. Sei Investments Co. now owns 783,409 shares of the biopharmaceutical company's stock worth $82,549,000 after acquiring an additional 23,051 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in shares of Gilead Sciences by 160.9% during the first quarter. Kovitz Investment Group Partners LLC now owns 94,827 shares of the biopharmaceutical company's stock worth $10,625,000 after acquiring an additional 58,485 shares in the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer decreased their price target on shares of Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Cantor Fitzgerald began coverage on shares of Gilead Sciences in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $125.00 target price on the stock. UBS Group lifted their target price on shares of Gilead Sciences from $108.00 to $112.00 and gave the stock a "neutral" rating in a research note on Friday, August 8th. Needham & Company LLC raised shares of Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 target price on the stock in a research note on Friday, July 25th. Finally, Royal Bank Of Canada lifted their target price on shares of Gilead Sciences from $96.00 to $98.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $114.82.

Insider Buying and Selling at Gilead Sciences

In related news, CEO Daniel Patrick O'day sold 10,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $113.94, for a total value of $1,139,400.00. Following the transaction, the chief executive officer owned 605,725 shares in the company, valued at $69,016,306.50. The trade was a 1.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey Bluestone sold 5,000 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $109.74, for a total transaction of $548,700.00. Following the completion of the transaction, the director owned 8,920 shares in the company, valued at approximately $978,880.80. The trade was a 35.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,500 shares of company stock worth $8,734,625. Corporate insiders own 0.27% of the company's stock.

Gilead Sciences Stock Performance

Shares of GILD stock opened at $119.02 on Friday. Gilead Sciences, Inc. has a 12 month low of $72.89 and a 12 month high of $121.83. The stock has a market cap of $147.68 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 0.74 and a beta of 0.33. The company has a current ratio of 1.32, a quick ratio of 1.15 and a debt-to-equity ratio of 1.13. The company's fifty day moving average price is $111.76 and its 200-day moving average price is $108.16.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported $2.01 EPS for the quarter, beating analysts' consensus estimates of $1.96 by $0.05. Gilead Sciences had a net margin of 21.86% and a return on equity of 50.99%. The firm had revenue of $7.08 billion for the quarter, compared to analysts' expectations of $6.95 billion. During the same quarter in the previous year, the business posted $2.01 EPS. The company's quarterly revenue was up 1.4% on a year-over-year basis. On average, equities analysts expect that Gilead Sciences, Inc. will post 7.95 EPS for the current fiscal year.

Gilead Sciences Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, September 15th. Gilead Sciences's payout ratio is 62.95%.

About Gilead Sciences

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.

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