Gilead Sciences, Inc. $GILD Stock Sold by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings reduced its Gilead Sciences stake by 26.5% in the third quarter, selling 143,671 shares and retaining 397,623 shares valued at approximately $59.3 million. Institutional investors collectively own 83.67% of the company.
• Gilead reported quarterly revenue of $7.8 billion, ahead of the $7.4 billion consensus estimate, while its loss per share was narrower than expected. The company also paid a quarterly dividend of $0.82, equivalent to a 2.1% annualized yield.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $159.63 price target, although insiders sold 111,000 shares worth roughly $15.9 million over the past 90 days.

Crossmark Global Holdings Inc. reduced its stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 26.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 397,623 shares of the biopharmaceutical company's stock after selling 143,671 shares during the period. Gilead Sciences comprises approximately 0.7% of Crossmark Global Holdings Inc.'s investment portfolio, making the stock its 20th largest position. Crossmark Global Holdings Inc.'s holdings in Gilead Sciences were worth $59,266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia acquired a new stake in shares of Gilead Sciences during the 2nd quarter valued at $100,056,000. Groupe la Francaise grew its position in Gilead Sciences by 30.9% during the 2nd quarter. Groupe la Francaise now owns 49,627 shares of the biopharmaceutical company's stock worth $6,270,000 after acquiring an additional 11,712 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Gilead Sciences during the 2nd quarter worth $55,754,000. Baird Financial Group Inc. increased its holdings in Gilead Sciences by 3.6% in the 2nd quarter. Baird Financial Group Inc. now owns 292,295 shares of the biopharmaceutical company's stock worth $36,929,000 after purchasing an additional 10,206 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Gilead Sciences in the 2nd quarter worth about $6,251,000. 83.67% of the stock is owned by institutional investors.

Gilead Sciences Stock Down 1.9%

Gilead Sciences stock opened at $153.57 on Thursday. The stock's 50 day moving average is $148.36 and its 200 day moving average is $137.60. The company has a quick ratio of 1.09, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. Gilead Sciences, Inc. has a one year low of $114.02 and a one year high of $160.51.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last announced its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) EPS for the quarter, beating the consensus estimate of ($7.25) by $0.50. The business had revenue of $7.80 billion for the quarter, compared to analysts' expectations of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.01 earnings per share. On average, research analysts anticipate that Gilead Sciences, Inc. will post -0.47 EPS for the current fiscal year.

Gilead Sciences Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were given a $0.82 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.1%. Gilead Sciences's payout ratio is -122.85%.

Analysts Set New Price Targets

Several research firms have commented on GILD. Wall Street Zen upgraded Gilead Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, September 19th. Zacks Research cut Gilead Sciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Weiss Ratings upgraded Gilead Sciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, September 14th. Leerink Partners downgraded Gilead Sciences from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $146.00 to $127.00 in a research note on Tuesday, July 21st. Finally, HSBC upped their price objective on Gilead Sciences from $155.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, September 10th. Twenty-three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.63.

Insider Buying and Selling

In other news, CEO Daniel O'Day sold 15,000 shares of the company's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $147.90, for a total value of $2,218,500.00. Following the sale, the chief executive officer directly owned 566,683 shares of the company's stock, valued at approximately $83,812,415.70. This represents a 2.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Welters sold 18,000 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $148.62, for a total transaction of $2,675,160.00. Following the sale, the director owned 12,894 shares of the company's stock, valued at approximately $1,916,306.28. This trade represents a 58.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 111,000 shares of company stock worth $15,877,860. Corporate insiders own 0.30% of the company's stock.

About Gilead Sciences

Gilead Sciences, Inc is a biopharmaceutical company that discovers, develops and commercializes medicines for serious and life-threatening diseases. The company is best known for its HIV treatments, including Biktarvy, Descovy, Genvoya and Truvada, as well as therapies for chronic hepatitis B and hepatitis C. Its portfolio also includes Veklury (remdesivir), an antiviral treatment for COVID-19.

Gilead has expanded into oncology and cell therapy through products such as Trodelvy and the CAR T-cell therapies Yescarta and Tecartus, which are developed and marketed through its Kite subsidiary.

Want to see what other hedge funds are holding GILD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gilead Sciences, Inc. (NASDAQ:GILD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.