DAVENPORT & Co LLC Reduces Stake in Gilead Sciences, Inc. (NASDAQ:GILD)

DAVENPORT & Co LLC lessened its stake in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 15.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 59,919 shares of the biopharmaceutical company's stock after selling 11,178 shares during the quarter. DAVENPORT & Co LLC's holdings in Gilead Sciences were worth $6,714,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in GILD. Bridgewater Associates LP grew its position in Gilead Sciences by 122.7% during the fourth quarter. Bridgewater Associates LP now owns 460,936 shares of the biopharmaceutical company's stock worth $42,577,000 after buying an additional 253,994 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Gilead Sciences by 5.2% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 284,243 shares of the biopharmaceutical company's stock worth $26,750,000 after buying an additional 14,009 shares during the last quarter. Ontario Teachers Pension Plan Board boosted 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 in the last quarter. Mufg Securities Americas Inc. acquired a new position in shares of Gilead Sciences during the fourth quarter worth $1,699,000. Finally, Capital International Inc. CA boosted its position in Gilead Sciences by 23.8% during the 4th quarter. Capital International Inc. CA now owns 312,209 shares of the biopharmaceutical company's stock worth $28,839,000 after buying an additional 60,035 shares during the period. Institutional investors own 83.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Gilead Sciences from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, April 25th. Cantor Fitzgerald started coverage on shares of Gilead Sciences in a report on Tuesday, April 22nd. They set an "overweight" rating and a $125.00 price objective on the stock. Bank of America raised their price target on shares of Gilead Sciences from $116.00 to $126.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Oppenheimer cut their price target on shares of Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Gilead Sciences in a research report on Wednesday, May 21st. Nine equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, Gilead Sciences has an average rating of "Moderate Buy" and an average price target of $110.55.

Gilead Sciences Price Performance

NASDAQ:GILD traded down $0.24 during mid-day trading on Thursday, hitting $111.28. 4,039,811 shares of the stock traded hands, compared to its average volume of 7,677,562. Gilead Sciences, Inc. has a 12-month low of $66.01 and a 12-month high of $119.96. The company has a quick ratio of 1.23, a current ratio of 1.37 and a debt-to-equity ratio of 1.16. The company has a market cap of $138.42 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 0.72 and a beta of 0.29. The business's 50-day moving average price is $106.75 and its 200 day moving average price is $103.67.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. Gilead Sciences had a return on equity of 51.93% and a net margin of 20.76%. The company had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.77 billion. During the same quarter last year, the business posted ($1.32) earnings per share. The firm's revenue was down .3% compared to the same quarter last year. On average, analysts expect that Gilead Sciences, Inc. will post 7.95 EPS for the current fiscal year.

Gilead Sciences Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, June 13th. Gilead Sciences's payout ratio is currently 66.53%.

Insider Activity

In related news, CFO Andrew D. Dickinson sold 2,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $110.17, for a total transaction of $275,425.00. Following the completion of the sale, the chief financial officer directly owned 165,110 shares in the company, valued at $18,190,168.70. This represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Daniel Patrick O'day sold 10,000 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $110.42, for a total value of $1,104,200.00. Following the sale, the chief executive officer directly owned 620,268 shares of the company's stock, valued at approximately $68,489,992.56. This trade represents a 1.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,500 shares of company stock worth $6,340,745. 0.27% of the stock is currently owned by insiders.

About Gilead Sciences

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.