Corebridge Financial Inc. Decreases Stake in Gilead Sciences, Inc. $GILD

Key Points

• Corebridge Financial Inc. sold 11,067 shares of Gilead Sciences, reducing its stake by 3.0%, holding 356,410 shares valued at approximately $39.94 million.
• Gilead Sciences reported an earnings per share (EPS) of $2.01 for the last quarter, exceeding analysts' estimates of $1.96, alongside a revenue of $7.08 billion.
• The company's upcoming quarterly dividend is $0.79 per share, set for payment on September 29th, with a dividend yield of 2.8%.

Corebridge Financial Inc. lessened its stake in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 3.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 356,410 shares of the biopharmaceutical company's stock after selling 11,067 shares during the quarter. Corebridge Financial Inc.'s holdings in Gilead Sciences were worth $39,936,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GILD. Evergreen Wealth Solutions LLC bought a new position in Gilead Sciences during the 1st quarter worth $234,000. Kayne Anderson Rudnick Investment Management LLC raised its position in Gilead Sciences by 18,821.9% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 38,033 shares of the biopharmaceutical company's stock worth $4,262,000 after purchasing an additional 37,832 shares during the last quarter. Mirova bought a new position in Gilead Sciences during the 1st quarter worth $324,000. Freedom Investment Management Inc. raised its position in Gilead Sciences by 71.7% during the 1st quarter. Freedom Investment Management Inc. now owns 18,905 shares of the biopharmaceutical company's stock worth $2,118,000 after purchasing an additional 7,894 shares during the last quarter. Finally, Synovus Financial Corp raised its position in Gilead Sciences by 14.1% during the 1st quarter. Synovus Financial Corp now owns 19,786 shares of the biopharmaceutical company's stock worth $2,217,000 after purchasing an additional 2,452 shares during the last quarter. Institutional investors and hedge funds own 83.67% of the company's stock.

Gilead Sciences Price Performance

NASDAQ:GILD traded down $1.36 during mid-day trading on Thursday, reaching $112.56. The stock had a trading volume of 4,145,892 shares, compared to its average volume of 6,514,135. The firm has a 50 day moving average price of $112.83 and a two-hundred day moving average price of $109.35. The stock has a market capitalization of $139.67 billion, a P/E ratio of 22.42, a P/E/G ratio of 0.70 and a beta of 0.33. Gilead Sciences, Inc. has a one year low of $77.74 and a one year high of $121.83. 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 (NASDAQ:GILD - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported $2.01 EPS for the quarter, topping analysts' consensus estimates of $1.96 by $0.05. The business 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 quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.01 EPS. Gilead Sciences has set its FY 2025 guidance at 7.950-8.250 EPS. As a group, analysts expect that Gilead Sciences, Inc. will post 7.95 earnings per share for the current year.

Gilead Sciences Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Gilead Sciences's dividend payout ratio is presently 62.95%.

Analysts Set New Price Targets

GILD has been the subject of a number of analyst reports. UBS Group lifted their target price on shares of Gilead Sciences from $108.00 to $112.00 and gave the stock a "neutral" rating in a research note on Friday, August 8th. Truist Financial upgraded shares of Gilead Sciences from a "hold" rating to a "buy" rating and increased their target price for the company from $108.00 to $127.00 in a report on Friday, August 8th. Needham & Company LLC upgraded shares of Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 target price for the company in a report on Friday, July 25th. Royal Bank Of Canada increased their price target on shares of Gilead Sciences from $96.00 to $98.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. Finally, Daiwa America upgraded shares of Gilead Sciences from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.39.

Insiders Place Their Bets

In related news, Director Jeffrey Bluestone sold 5,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $109.74, for a total value of $548,700.00. Following the completion of the transaction, the director owned 8,920 shares of the company's stock, valued at approximately $978,880.80. This trade represents a 35.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew D. Dickinson sold 2,500 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $118.53, for a total transaction of $296,325.00. Following the completion of the transaction, the chief financial officer directly owned 160,110 shares of the company's stock, valued at approximately $18,977,838.30. The trade was a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,000 shares of company stock worth $9,339,230. 0.27% of the stock is currently owned by corporate insiders.

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.