Brookmont Capital Management Cuts Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• Brookmont Capital Management reduced its stake in Gilead Sciences by 24.7%, now holding 38,491 shares valued at approximately $4.31 million, which represents 2.4% of its investment portfolio.
• In the latest quarter, multiple institutional investors, including Brighton Jones LLC, Bessemer Group Inc., and Scotia Capital Inc., increased their holdings in Gilead Sciences, reflecting strong investor interest.
• Gilead Sciences reported a quarterly EPS of $2.01, exceeding the consensus estimate, with revenue of $7.08 billion, marking a 1.4% increase compared to the same quarter last year.

Brookmont Capital Management lowered its stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 24.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,491 shares of the biopharmaceutical company's stock after selling 12,592 shares during the period. Gilead Sciences makes up approximately 2.4% of Brookmont Capital Management's holdings, making the stock its 8th biggest position. Brookmont Capital Management's holdings in Gilead Sciences were worth $4,313,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bridgewater Associates LP increased its stake in Gilead Sciences by 122.7% during the fourth quarter. Bridgewater Associates LP now owns 460,936 shares of the biopharmaceutical company's stock valued at $42,577,000 after acquiring an additional 253,994 shares during the period. Nissay Asset Management Corp Japan ADV increased its stake in Gilead Sciences by 5.2% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 284,243 shares of the biopharmaceutical company's stock valued at $26,750,000 after acquiring an additional 14,009 shares during the period. Golden State Wealth Management LLC increased its stake in Gilead Sciences by 14.5% during the first quarter. Golden State Wealth Management LLC now owns 863 shares of the biopharmaceutical company's stock valued at $97,000 after acquiring an additional 109 shares during the period. Ontario Teachers Pension Plan Board grew its stake in shares of Gilead Sciences by 54.6% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 37,051 shares of the biopharmaceutical company's stock valued at $3,422,000 after purchasing an additional 13,086 shares during the period. Finally, Mufg Securities Americas Inc. bought a new stake in shares of Gilead Sciences in the 4th quarter valued at approximately $1,699,000. Institutional investors and hedge funds own 83.67% of the company's stock.

Gilead Sciences Price Performance

Shares of NASDAQ GILD traded down $1.02 during midday trading on Tuesday, reaching $119.45. The company's stock had a trading volume of 2,659,540 shares, compared to its average volume of 8,382,350. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.15 and a current ratio of 1.32. Gilead Sciences, Inc. has a fifty-two week low of $72.67 and a fifty-two week high of $121.83. The business's 50 day moving average price is $111.16 and its two-hundred day moving average price is $107.83. The company has a market cap of $148.21 billion, a P/E ratio of 23.84, a P/E/G ratio of 0.75 and a beta of 0.33.

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

Gilead Sciences Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Gilead Sciences's payout ratio is presently 62.95%.

Insider Activity at Gilead Sciences

In related news, CEO Daniel Patrick O'day sold 10,000 shares of the business's stock in a transaction on 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 sale, the chief executive officer owned 605,725 shares of the company's stock, valued at $69,016,306.50. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Johanna Mercier sold 3,000 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $111.03, for a total transaction of $333,090.00. Following the completion of the sale, the insider directly owned 117,168 shares in the company, valued at approximately $13,009,163.04. This represents a 2.50% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,000 shares of company stock worth $8,984,175. Corporate insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GILD shares. UBS Group increased their price target on Gilead Sciences from $108.00 to $112.00 and gave the stock a "neutral" rating in a research report on Friday. Truist Financial raised Gilead Sciences from a "hold" rating to a "buy" rating and increased their price target for the company from $108.00 to $127.00 in a research note on Friday. Needham & Company LLC raised Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 price objective on the stock in a research note on Friday, July 25th. Cantor Fitzgerald began coverage on Gilead Sciences in a report on Tuesday, April 22nd. They set an "overweight" rating and a $125.00 target price for the company. Finally, Morgan Stanley increased their target price on Gilead Sciences from $130.00 to $135.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.82.

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.