Confluence Investment Management LLC Cuts Position in Gilead Sciences, Inc. $GILD

Key Points

• Confluence Investment Management reduced its Gilead Sciences position by 5% in the third quarter, selling 41,335 shares and retaining 791,297 shares valued at approximately $117.9 million.
• Gilead shares recently traded at $147.82, while the company reported quarterly revenue of $7.8 billion, up 10.6% year over year and above analyst expectations.
• Analysts maintain a generally positive outlook, with 23 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $158.78; Gilead also pays a quarterly dividend of $0.82 per share.

Confluence Investment Management LLC lowered its position in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 5.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 791,297 shares of the biopharmaceutical company's stock after selling 41,335 shares during the quarter. Gilead Sciences comprises about 1.8% of Confluence Investment Management LLC's portfolio, making the stock its 11th largest position. Confluence Investment Management LLC owned 0.06% of Gilead Sciences worth $117,943,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Persistent Asset Partners Ltd bought a new stake in Gilead Sciences in the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Gilead Sciences during the fourth quarter valued at approximately $25,000. Kimelman & Baird LLC purchased a new stake in shares of Gilead Sciences in the second quarter worth approximately $25,000. Wealth Preservation Advisors LLC boosted its holdings in Gilead Sciences by 60.0% during the 4th quarter. Wealth Preservation Advisors LLC now owns 216 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 81 shares during the period. Finally, Wilkerson Advisory Group LLC lifted its position in shares of Gilead Sciences by 54.2% during the first quarter. Wilkerson Advisory Group LLC now owns 222 shares of the biopharmaceutical company's stock worth $31,000 after purchasing an additional 78 shares during the last quarter. Institutional investors own 83.67% of the company's stock.

Insider Activity at Gilead Sciences

In other Gilead Sciences news, CEO Daniel O'Day sold 15,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $148.64, for a total value of $2,229,600.00. Following the completion of the sale, the chief executive officer directly owned 577,133 shares in the company, valued at approximately $85,785,049.12. This trade represents a 2.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Johanna Mercier sold 28,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $137.64, for a total value of $3,853,920.00. Following the sale, the insider owned 118,234 shares in the company, valued at $16,273,727.76. The trade was a 19.15% 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. Insiders sold a total of 90,000 shares of company stock worth $12,722,040 over the last ninety days. Corporate insiders own 0.30% of the company's stock.

Gilead Sciences Stock Down 0.8%

Shares of NASDAQ:GILD traded down $1.23 during trading on Thursday, reaching $147.82. The stock had a trading volume of 1,191,169 shares, compared to its average volume of 6,867,236. The firm's 50-day simple moving average is $142.99 and its 200 day simple moving average is $136.47. The company has a current ratio of 1.27, a quick ratio of 1.09 and a debt-to-equity ratio of 2.03. Gilead Sciences, Inc. has a one year low of $108.46 and a one year high of $157.29. The company has a market capitalization of $183.29 billion, a P/E ratio of -55.29 and a beta of 0.33.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last posted its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) EPS for the quarter, beating analysts' consensus estimates of ($7.25) by $0.50. The company 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%. Gilead Sciences's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.01 earnings per share. As a group, research analysts expect that Gilead Sciences, Inc. will post -0.48 EPS for the current fiscal year.

Gilead Sciences Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, September 15th. Gilead Sciences's payout ratio is -122.85%.

Analyst Upgrades and Downgrades

GILD has been the topic of a number of research analyst reports. Morgan Stanley dropped their target price on shares of Gilead Sciences from $166.00 to $165.00 and set an "overweight" rating on the stock in a research note on Monday, July 27th. Weiss Ratings raised shares of Gilead Sciences from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, September 14th. Cantor Fitzgerald restated an "overweight" rating and issued a $155.00 price target on shares of Gilead Sciences in a report on Wednesday, August 5th. Royal Bank Of Canada upped their price target on shares of Gilead Sciences from $120.00 to $123.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 5th. Finally, Needham & Company LLC reissued a "buy" rating and set a $170.00 price objective on shares of Gilead Sciences in a report on Wednesday, August 5th. Twenty-three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Gilead Sciences has an average rating of "Moderate Buy" and an average price target of $158.78.

Gilead Sciences Company Profile

Gilead Sciences, Inc NASDAQ: GILD is a biopharmaceutical company that discovers, develops and commercializes medicines for serious and life-threatening diseases. Its research and commercial activities focus primarily on virology, including HIV, hepatitis B and hepatitis C, as well as oncology, inflammation and other areas of significant unmet medical need.

Gilead's portfolio includes HIV treatments such as Biktarvy, Descovy, Genvoya and Sunlenca; hepatitis therapies including Epclusa, Harvoni and Vemlidy; and Veklury (remdesivir), an antiviral used to treat COVID-19 in certain patients.

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