Gilead Sciences, Inc. $GILD Stock Holdings Cut by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Gilead Sciences stake by 13.1% in the second quarter, selling 81,079 shares and retaining 538,310 shares valued at approximately $68 million. Institutional investors collectively own 83.67% of Gilead.
• Gilead reported quarterly revenue of $7.8 billion, up 10.6% year over year, and beat analysts’ loss-per-share expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $158.78.
• The company declared a quarterly dividend of $0.82 per share, equivalent to $3.28 annually and a 2.3% yield. Shares recently traded at $143.72, while insiders have sold 105,000 shares worth about $14.5 million over the past three months.

Corient Private Wealth LP cut its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 13.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 538,310 shares of the biopharmaceutical company's stock after selling 81,079 shares during the quarter. Corient Private Wealth LP's holdings in Gilead Sciences were worth $68,010,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in Gilead Sciences by 12,498.3% during the second quarter. California State Teachers Retirement System now owns 241,168,657 shares of the biopharmaceutical company's stock worth $30,469,248,000 after acquiring an additional 239,254,365 shares during the period. BlackRock Inc. acquired a new stake in Gilead Sciences in the 2nd quarter valued at about $15,393,785,000. Norges Bank bought a new position in shares of Gilead Sciences during the 4th quarter valued at about $2,617,152,000. Legal & General Group Plc bought a new position in shares of Gilead Sciences during the 2nd quarter valued at about $1,316,606,000. Finally, Deutsche Bank AG acquired a new position in shares of Gilead Sciences in the 2nd quarter worth approximately $918,387,000. Institutional investors own 83.67% of the company's stock.

Gilead Sciences Stock Performance

Shares of GILD opened at $143.72 on Friday. The company has a 50-day moving average of $138.48 and a two-hundred day moving average of $136.29. The stock has a market cap of $178.21 billion, a price-to-earnings ratio of -53.83 and a beta of 0.33. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. Gilead Sciences, Inc. has a one year low of $108.46 and a one year high of $157.29.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($7.25) by $0.50. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. The business had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same quarter in the previous year, the business earned $2.01 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Gilead Sciences, Inc. will post -0.48 earnings per share for the current year.

Gilead Sciences Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.3%. Gilead Sciences's dividend payout ratio is presently -122.85%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GILD shares. 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 report on Monday, July 27th. Truist Financial decreased their price target on shares of Gilead Sciences from $157.00 to $156.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Maxim Group raised Gilead Sciences from a "hold" rating to a "buy" rating and set a $165.00 price target on the stock in a report on Wednesday, May 20th. Needham & Company LLC reiterated a "buy" rating and set a $170.00 price objective on shares of Gilead Sciences in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their price objective on Gilead Sciences from $120.00 to $123.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Gilead Sciences presently has an average rating of "Moderate Buy" and an average price target of $158.78.

Insider Buying and Selling

In related news, Director Jeffrey Bluestone sold 5,000 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $145.02, for a total transaction of $725,100.00. Following the transaction, the director directly owned 10,066 shares of the company's stock, valued at approximately $1,459,771.32. The trade was a 33.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 stock was sold at an average price of $138.36, for a total value of $415,080.00. Following the completion of the sale, the chief financial officer directly owned 165,646 shares of the company's stock, valued at approximately $22,918,780.56. This represents a 1.78% decrease in their ownership of the stock. 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 three months, insiders have sold 105,000 shares of company stock valued at $14,495,820. 0.30% of the stock is currently owned by company insiders.

Gilead Sciences Profile

Gilead Sciences, Inc is a biopharmaceutical company that discovers, develops and commercializes medicines for serious and life-threatening diseases. The company's research focuses primarily on virology, oncology, inflammation and related areas, with products serving patients in the United States and international markets.

Gilead is best known for its HIV treatments, including Biktarvy, Genvoya, Descovy and other antiretroviral therapies. Its portfolio also includes medicines for viral hepatitis, such as Epclusa and Vemlidy, and Veklury (remdesivir), an antiviral treatment for COVID-19.

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