CCM Investment Group LLC Acquires Shares of 51,019 Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• CCM Investment Group LLC acquired a new stake in Gilead Sciences, purchasing 51,019 shares valued at approximately $5.7 million, which represents 0.6% of their investment portfolio.
• Gilead Sciences reported an EPS of $2.01 for the most recent quarter, exceeding analyst expectations, and had a revenue of $7.08 billion, up 1.4% year-over-year.
• The company announced a quarterly dividend of $0.79 per share, which will be paid on September 29th, representing an annual yield of 2.6%.

CCM Investment Group LLC purchased a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 51,019 shares of the biopharmaceutical company's stock, valued at approximately $5,703,000. Gilead Sciences makes up approximately 0.6% of CCM Investment Group LLC's holdings, making the stock its 29th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Bridgewater Associates LP increased its holdings in shares of Gilead Sciences by 122.7% in the fourth quarter. Bridgewater Associates LP now owns 460,936 shares of the biopharmaceutical company's stock valued at $42,577,000 after purchasing an additional 253,994 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in Gilead Sciences by 5.2% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 284,243 shares of the biopharmaceutical company's stock valued at $26,750,000 after buying an additional 14,009 shares during the last quarter. Golden State Wealth Management LLC boosted its position in Gilead Sciences by 14.5% in the 1st quarter. Golden State Wealth Management LLC now owns 863 shares of the biopharmaceutical company's stock valued at $97,000 after buying an additional 109 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in 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 buying an additional 13,086 shares during the last quarter. Finally, Mufg Securities Americas Inc. bought a new position in Gilead Sciences in the 4th quarter valued at $1,699,000. Institutional investors own 83.67% of the company's stock.

Gilead Sciences Stock Down 0.4%

NASDAQ GILD traded down $0.45 on Tuesday, reaching $120.02. The company had a trading volume of 6,084,059 shares, compared to its average volume of 6,236,199. The company's fifty day moving average is $111.16 and its 200-day moving average is $107.83. The firm has a market capitalization of $148.92 billion, a price-to-earnings ratio of 23.91, a price-to-earnings-growth ratio of 0.76 and a beta of 0.33. 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 1-year low of $72.67 and a 1-year high of $121.83.

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

Gilead Sciences Dividend Announcement

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

Analyst Upgrades and Downgrades

GILD has been the topic of several research reports. Morgan Stanley upped their price target on Gilead Sciences from $130.00 to $135.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Truist Financial raised Gilead Sciences from a "hold" rating to a "buy" rating and upped their price target for the company from $108.00 to $127.00 in a research note on Friday. Oppenheimer cut their price target on Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Needham & Company LLC raised Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 price target on the stock in a research note on Friday, July 25th. Finally, Royal Bank Of Canada upped their price target on Gilead Sciences from $96.00 to $98.00 and gave the company a "sector perform" rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $114.82.

Insider Transactions at Gilead Sciences

In other Gilead Sciences news, CEO Daniel Patrick O'day sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $110.45, for a total value of $1,104,500.00. Following the completion of the transaction, the chief executive officer directly 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 transaction 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 the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $107.52, for a total value of $3,010,560.00. Following the completion of the transaction, the insider owned 121,152 shares of the company's stock, valued at approximately $13,026,263.04. This represents a 18.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,000 shares of company stock valued at $8,984,175 in the last ninety days. Corporate insiders own 0.27% of the company's stock.

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.