iA Global Asset Management Inc. Sells 7,335 Shares of Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• iA Global Asset Management Inc. reduced its holdings in Gilead Sciences by 3.7%, owning 192,547 shares valued at approximately $21.58 million after selling 7,335 shares in the first quarter.
• Institutional investors now hold 83.67% of Gilead Sciences' stock, with significant increases from several hedge funds, including Northern Trust Corp and Royal Bank of Canada.
• Gilead's stock price opened at $114.51, with analysts giving it a consensus rating of "Moderate Buy" and an average price target of $112.36.

iA Global Asset Management Inc. reduced its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 192,547 shares of the biopharmaceutical company's stock after selling 7,335 shares during the period. iA Global Asset Management Inc.'s holdings in Gilead Sciences were worth $21,575,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of GILD. Smallwood Wealth Investment Management LLC purchased a new position in shares of Gilead Sciences during the first quarter valued at about $25,000. Goodman Advisory Group LLC purchased a new position in shares of Gilead Sciences during the 1st quarter worth approximately $29,000. Core Alternative Capital raised its position in shares of Gilead Sciences by 370.8% in the 1st quarter. Core Alternative Capital now owns 306 shares of the biopharmaceutical company's stock worth $34,000 after acquiring an additional 241 shares in the last quarter. IMA Advisory Services Inc. purchased a new position in shares of Gilead Sciences in the 1st quarter valued at approximately $39,000. Finally, Clearstead Trust LLC boosted its position in shares of Gilead Sciences by 287.6% during the first quarter. Clearstead Trust LLC now owns 376 shares of the biopharmaceutical company's stock valued at $42,000 after purchasing an additional 279 shares in the last quarter. 83.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GILD. Morgan Stanley increased their price objective on Gilead Sciences from $130.00 to $135.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Oppenheimer reduced their target price on shares of Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Needham & Company LLC raised shares of Gilead Sciences from a "hold" rating to a "buy" rating and set a $133.00 price target for the company in a research report on Friday, July 25th. Finally, Cantor Fitzgerald began coverage on shares of Gilead Sciences in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $125.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $112.36.

Insider Transactions at Gilead Sciences

In other news, insider Johanna Mercier sold 28,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $107.52, for a total value of $3,010,560.00. Following the transaction, the insider owned 121,152 shares in the company, valued at $13,026,263.04. This represents a 18.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew D. Dickinson sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $111.03, for a total transaction of $277,575.00. Following the sale, the chief financial officer owned 162,610 shares of the company's stock, valued at $18,054,588.30. This trade represents a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,000 shares of company stock worth $8,984,175 in the last ninety days. Insiders own 0.27% of the company's stock.

Gilead Sciences Stock Performance

Shares of GILD remained flat at $110.28 during mid-day trading on Thursday. 9,177,248 shares of the stock traded hands, compared to its average volume of 5,652,979. The company has a market cap of $137.18 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 0.70 and a beta of 0.33. The business has a 50-day moving average price of $110.75 and a 200-day moving average price of $107.25. Gilead Sciences, Inc. has a 1 year low of $72.43 and a 1 year high of $119.96. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.23 and a current ratio of 1.37.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported $2.01 earnings per share for the quarter, beating analysts' consensus estimates of $1.96 by $0.05. Gilead Sciences had a net margin of 20.76% and a return on equity of 51.93%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.01 earnings per share. On average, analysts forecast that Gilead Sciences, Inc. will post 7.95 EPS for the current year.

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.