Bank of Nova Scotia Buys New Shares in Gilead Sciences, Inc. $GILD

Key Points

• Bank of Nova Scotia acquired 791,956 Gilead Sciences shares worth approximately $100.1 million during the second quarter, giving it a 0.06% stake. Institutional investors and hedge funds collectively own 83.67% of the company.
• Gilead reported quarterly revenue of $7.8 billion, up 10.6% year over year, and posted an adjusted loss of $6.75 per share that exceeded analyst expectations. Shares opened at $146.12, with a one-year range of $108.46 to $157.29.
• The company declared a quarterly dividend of $0.82 per share, or $3.28 annualized, representing a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $158.04, while insiders have sold 87,000 shares worth about $11.6 million over the past 90 days.

Bank of Nova Scotia purchased a new stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 791,956 shares of the biopharmaceutical company's stock, valued at approximately $100,056,000. Bank of Nova Scotia owned approximately 0.06% of Gilead Sciences at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kendall Capital Management acquired a new stake in shares of Gilead Sciences in the 2nd quarter valued at $1,056,000. Compass Financial Management LLC acquired a new stake in Gilead Sciences in the second quarter valued at $671,000. Elevation Point Wealth Partners LLC acquired a new stake in Gilead Sciences in the second quarter valued at $3,496,000. Alta Advisers Ltd acquired a new position in Gilead Sciences in the second quarter valued at approximately $631,000. Finally, Daiichi Life Insurance Co. Ltd. acquired a new stake in Gilead Sciences during the second quarter worth approximately $23,207,000. 83.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Johanna Mercier sold 28,000 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $137.64, for a total value of $3,853,920.00. Following the completion of the sale, the insider owned 118,234 shares in the company, valued at $16,273,727.76. This trade represents a 19.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew D. Dickinson sold 3,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $138.36, for a total value of $415,080.00. Following the transaction, the chief financial officer directly owned 165,646 shares of the company's stock, valued at approximately $22,918,780.56. This trade represents a 1.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 87,000 shares of company stock valued at $11,562,960. Company insiders own 0.30% of the company's stock.

Gilead Sciences Price Performance

Shares of NASDAQ GILD opened at $146.12 on Friday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. The stock has a fifty day moving average price of $131.97 and a 200 day moving average price of $136.59. Gilead Sciences, Inc. has a 1-year low of $108.46 and a 1-year high of $157.29. The company has a market cap of $181.18 billion, a PE ratio of -54.73 and a beta of 0.32.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share for the quarter, beating analysts' consensus estimates of ($7.25) by $0.50. The firm had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. Gilead Sciences's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $2.01 EPS. Sell-side analysts forecast that Gilead Sciences, Inc. will post -0.51 EPS for the current year.

Gilead Sciences Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Gilead Sciences's payout ratio is -122.85%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Gilead Sciences from $120.00 to $123.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $170.00 price objective on shares of Gilead Sciences in a report on Wednesday, August 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $155.00 target price on shares of Gilead Sciences in a research report on Wednesday, August 5th. Rothschild & Co Redburn decreased their price objective on Gilead Sciences from $170.00 to $167.00 in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of Gilead Sciences from a "buy (b-)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Twenty-four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Gilead Sciences has an average rating of "Moderate Buy" and an average target price of $158.04.

Gilead Sciences Company Profile

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead's product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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