Cibc World Market Inc. Buys New Shares in Gilead Sciences, Inc. $GILD

Key Points

• Cibc World Market Inc. acquired 338,002 Gilead Sciences shares during the second quarter, valued at approximately $42.7 million. Institutional investors and hedge funds collectively own 83.67% of Gilead’s stock.
• Analyst sentiment remains positive but has softened, with several firms lowering price targets. Gilead carries a “Moderate Buy” consensus rating and an average target price of $158.04.
• Gilead reported quarterly revenue of $7.8 billion, exceeding expectations, while adjusted losses per share were narrower than forecast. The company also declared a quarterly dividend of $0.82 per share, yielding approximately 2.2% annually.

Cibc World Market Inc. acquired a new stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 338,002 shares of the biopharmaceutical company's stock, valued at approximately $42,703,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Satovsky Asset Management LLC acquired a new position in shares of Gilead Sciences during the 2nd quarter worth about $412,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Gilead Sciences in the second quarter valued at approximately $55,754,000. Osmosis Investment Management UK Ltd purchased a new position in Gilead Sciences during the 2nd quarter worth $11,410,000. Sanctuary Advisors LLC purchased a new position in shares of Gilead Sciences during the second quarter worth about $25,653,000. Finally, Solstein Capital LLC purchased a new position in shares of Gilead Sciences in the 2nd quarter valued at approximately $131,000. Institutional investors and hedge funds own 83.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GILD. Weiss Ratings downgraded shares of Gilead Sciences from a "buy (b-)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Morgan Stanley lowered their target price on Gilead Sciences from $166.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 27th. Barclays dropped their price objective on shares of Gilead Sciences from $155.00 to $145.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Leerink Partners cut Gilead Sciences from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $146.00 to $127.00 in a research report on Tuesday, July 21st. Finally, Daiwa Securities Group cut their price target on Gilead Sciences from $161.00 to $150.00 and set an "outperform" rating for the company in a report on Tuesday, May 19th. Twenty-four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $158.04.

Gilead Sciences Stock Performance

NASDAQ GILD opened at $146.12 on Monday. The company's 50 day moving average price is $131.97 and its 200 day moving average price is $136.55. Gilead Sciences, Inc. has a one year low of $108.46 and a one year high of $157.29. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27. The firm has a market capitalization of $181.18 billion, a price-to-earnings ratio of -54.73 and a beta of 0.32.

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

Gilead Sciences Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given 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 of this dividend is Tuesday, September 15th. Gilead Sciences's payout ratio is presently -122.85%.

Insider Activity

In other Gilead Sciences news, insider Johanna Mercier sold 28,000 shares of the company'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 transaction, the insider directly owned 118,234 shares of the company's stock, valued at $16,273,727.76. This represents a 19.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 dated Monday, August 17th. The shares were sold at an average price of $138.36, for a total value of $415,080.00. Following the completion of the transaction, the chief financial officer directly owned 165,646 shares of the company's stock, valued at $22,918,780.56. This represents a 1.78% decrease in their position. 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 90 days, insiders have sold 87,000 shares of company stock worth $11,562,960. 0.30% of the stock is owned by corporate insiders.

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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