Bank of Nova Scotia Boosts Stake in Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• Bank of Nova Scotia has increased its stake in Gilead Sciences by 32.5%, owning over 1 million shares valued at approximately $114.9 million as of its latest SEC filing.
• Other investors, including FMR LLC and GAMMA Investing LLC, have also significantly increased their holdings, demonstrating strong interest from institutional investors in Gilead Sciences stock.
• Analysts have set new price targets for Gilead, with Morgan Stanley raising their target from $130 to $135, signaling a positive outlook for the company amid ongoing market assessments.

Bank of Nova Scotia increased its stake in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 32.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,025,650 shares of the biopharmaceutical company's stock after buying an additional 251,803 shares during the quarter. Bank of Nova Scotia owned about 0.08% of Gilead Sciences worth $114,924,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC grew its stake in Gilead Sciences by 21.6% during the 4th quarter. FMR LLC now owns 40,319,432 shares of the biopharmaceutical company's stock valued at $3,724,306,000 after purchasing an additional 7,157,113 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Gilead Sciences by 13,891.1% in the first quarter. GAMMA Investing LLC now owns 2,550,298 shares of the biopharmaceutical company's stock worth $285,761,000 after purchasing an additional 2,532,070 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Gilead Sciences by 19.7% during the fourth quarter. Northern Trust Corp now owns 14,915,095 shares of the biopharmaceutical company's stock worth $1,377,707,000 after purchasing an additional 2,458,954 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Gilead Sciences by 422.6% during the first quarter. Los Angeles Capital Management LLC now owns 2,523,036 shares of the biopharmaceutical company's stock worth $282,706,000 after purchasing an additional 2,040,261 shares during the period. Finally, Royal Bank of Canada boosted its position in Gilead Sciences by 30.1% in the fourth quarter. Royal Bank of Canada now owns 8,678,751 shares of the biopharmaceutical company's stock valued at $801,655,000 after buying an additional 2,005,863 shares during the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Gilead Sciences Stock Performance

NASDAQ GILD opened at $113.18 on Friday. The stock has a market capitalization of $140.79 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 0.71 and a beta of 0.33. The stock has a 50-day moving average of $110.51 and a 200 day moving average of $106.70. The company has a current ratio of 1.37, a quick ratio of 1.23 and a debt-to-equity ratio of 1.16. Gilead Sciences, Inc. has a twelve month low of $72.43 and a twelve month high of $119.96.

Analysts Set New Price Targets

GILD has been the subject of a number of recent research reports. Morgan Stanley raised their price target on shares of Gilead Sciences from $130.00 to $135.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. Cantor Fitzgerald initiated coverage on shares of Gilead Sciences in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $125.00 price objective on the stock. Oppenheimer reduced their target price on shares of Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, Needham & Company LLC raised shares of Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 price target on the stock in a report on Friday, July 25th. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.36.

Insider Activity at Gilead Sciences

In other news, CEO Daniel Patrick O'day sold 10,000 shares of Gilead Sciences stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $110.45, for a total value of $1,104,500.00. Following the sale, the chief executive officer owned 615,725 shares in the company, valued at $68,006,826.25. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Johanna Mercier sold 28,000 shares of Gilead Sciences stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $107.52, for a total value of $3,010,560.00. Following the completion of the sale, the insider owned 121,152 shares in the company, valued at approximately $13,026,263.04. The trade was a 18.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 82,000 shares of company stock valued at $8,984,175. 0.27% of the stock is currently owned by company insiders.

Gilead Sciences 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.

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