Glenview Trust Co Makes New $26.78 Million Investment in Gilead Sciences, Inc. $GILD

Key Points

• Glenview Trust Co. acquired 192,157 Gilead Sciences shares in the second quarter, valued at approximately $26.78 million. Institutional investors and hedge funds collectively own 83.67% of Gilead’s stock.
• Gilead reported quarterly revenue of $7.80 billion, up 10.6% year over year, and beat analysts’ EPS expectations despite posting a loss. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $158.04.
• The company declared a quarterly dividend of $0.82 per share, equivalent to an annualized $3.28 payout and a 2.2% yield. Recent regulatory approvals for HIV treatment Bixlenvo and expanded Trodelvy use could support future growth.

Glenview Trust Co acquired a new stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 192,157 shares of the biopharmaceutical company's stock, valued at approximately $26,781,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GILD. BlackRock Inc. purchased a new position in Gilead Sciences in the second quarter worth approximately $15,393,785,000. State Street Corp raised its position in Gilead Sciences by 1.9% in the fourth quarter. State Street Corp now owns 60,240,518 shares of the biopharmaceutical company's stock valued at $7,393,921,000 after purchasing an additional 1,151,213 shares during the period. Price T Rowe Associates Inc. MD raised its position in Gilead Sciences by 4.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,698,660 shares of the biopharmaceutical company's stock valued at $3,399,734,000 after purchasing an additional 1,195,269 shares during the period. Bank of America Corp DE lifted its stake in shares of Gilead Sciences by 15.2% in the 4th quarter. Bank of America Corp DE now owns 23,121,620 shares of the biopharmaceutical company's stock valued at $2,837,948,000 after purchasing an additional 3,046,688 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Gilead Sciences in the 4th quarter valued at $2,617,152,000. 83.67% of the stock is currently owned by institutional investors and hedge funds.

Gilead Sciences Stock Up 0.5%

Shares of NASDAQ:GILD opened at $148.86 on Friday. Gilead Sciences, Inc. has a fifty-two week low of $108.46 and a fifty-two week high of $157.29. The firm's 50 day moving average price is $133.81 and its 200 day moving average price is $136.55. The company has a quick ratio of 1.09, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. The stock has a market cap of $184.58 billion, a price-to-earnings ratio of -55.75 and a beta of 0.32.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($7.25) by $0.50. The business had revenue of $7.80 billion during the quarter, compared to analysts' expectations of $7.40 billion. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.01 EPS. As a group, equities research analysts predict that Gilead Sciences, Inc. will post -0.5 earnings per share for the current fiscal year.

Gilead Sciences Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a yield of 2.2%. Gilead Sciences's payout ratio is -122.85%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GILD. Truist Financial dropped their price target on shares of Gilead Sciences from $157.00 to $156.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Daiwa Securities Group decreased their price objective on shares of Gilead Sciences from $161.00 to $150.00 and set an "outperform" rating on the stock in a report on Tuesday, May 19th. HSBC raised shares of Gilead Sciences from a "hold" rating to a "buy" rating and increased their price objective for the stock from $133.00 to $155.00 in a research report on Monday, July 6th. Morgan Stanley cut their target price on Gilead Sciences from $166.00 to $165.00 and set an "overweight" rating on the stock in a research report on Monday, July 27th. Finally, Rothschild & Co Redburn decreased their price target on Gilead Sciences from $170.00 to $167.00 in a research note on Monday, May 11th. Twenty-four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Gilead Sciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $158.04.

Insider Buying and Selling

In related news, Director Anthony Welters sold 18,000 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $148.62, for a total value of $2,675,160.00. Following the completion of the sale, the director owned 12,894 shares in the company, valued at $1,916,306.28. This represents a 58.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 transaction of $415,080.00. Following the sale, the chief financial officer owned 165,646 shares of the company's stock, valued at $22,918,780.56. This trade represents a 1.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 105,000 shares of company stock valued at $14,238,120 over the last ninety days. Company insiders own 0.30% of the company's stock.

Key Headlines Impacting Gilead Sciences

Here are the key news stories impacting Gilead Sciences this week:

• Positive Sentiment: The U.S. Food and Drug Administration approved Bixlenvo, Gilead’s once-daily single-tablet HIV regimen combining bictegravir and lenacapavir. It is the first and only single-tablet option for virologically suppressed adults on complex treatment regimens who cannot use currently available alternatives. The approval could broaden Gilead’s HIV franchise and supports its strategy of using lenacapavir in long-term HIV treatment and prevention. Reuters FDA approval article
• Positive Sentiment: The European Commission approved Trodelvy plus Keytruda for certain first-line metastatic triple-negative breast cancer patients. The label expansion strengthens Gilead’s oncology franchise and provides another potential source of revenue growth beyond its core HIV business. EU Trodelvy approval article
• Positive Sentiment: Recent investor commentary points to continued optimism around Gilead’s HIV prevention medicines, including the potential growth of its PrEP portfolio. Analysts and investors also view the stock as potentially undervalued relative to its fundamentals despite a strong five-year performance, which may support further interest. Gilead HIV catalyst article
• Neutral Sentiment: Gilead will present at the Wells Fargo, Cantor and Morgan Stanley healthcare conferences in September. These events could provide updates on Bixlenvo, HIV prevention, Trodelvy and the broader pipeline, but they do not create an immediate change to financial results. Gilead investor conferences announcement
• Negative Sentiment: Director Anthony Welters sold 18,000 shares worth approximately $2.68 million, reducing his holdings by about 58%. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, which makes it a weaker bearish signal than a discretionary insider sale, but it may still modestly weigh on sentiment. SEC insider transaction filing

Gilead Sciences Profile

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead's product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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