DRDGOLD Limited $DRD Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in DRDGOLD Limited by 48.6%, owning 75,260 shares valued at approximately $1.16 million after selling 71,059 shares in the first quarter.
• DRDGOLD recently declared an annual dividend of $0.2269, reflecting a yield of 202.0%, significantly up from its previous annual dividend.
• Analysts have a positive outlook on DRDGOLD, with an average target price of $18.75 and ratings upgraded from "hold" to "strong-buy" by multiple firms.

Goldman Sachs Group Inc. reduced its position in DRDGOLD Limited (NYSE:DRD - Free Report) by 48.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,260 shares of the basic materials company's stock after selling 71,059 shares during the period. Goldman Sachs Group Inc. owned approximately 0.09% of DRDGOLD worth $1,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DRD. Banque Cantonale Vaudoise purchased a new position in DRDGOLD in the first quarter valued at about $39,000. Brooklyn Investment Group raised its position in shares of DRDGOLD by 769.7% in the 1st quarter. Brooklyn Investment Group now owns 4,105 shares of the basic materials company's stock valued at $64,000 after purchasing an additional 3,633 shares in the last quarter. GAMMA Investing LLC raised its position in shares of DRDGOLD by 52.9% in the 1st quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock valued at $77,000 after purchasing an additional 1,713 shares in the last quarter. Synergy Asset Management LLC raised its position in shares of DRDGOLD by 18,615.5% in the 1st quarter. Synergy Asset Management LLC now owns 10,855 shares of the basic materials company's stock valued at $168,000 after purchasing an additional 10,797 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of DRDGOLD in the 4th quarter valued at approximately $110,000. 14.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DRD has been the subject of several recent analyst reports. HC Wainwright raised their price objective on shares of DRDGOLD from $16.25 to $18.75 and gave the stock a "buy" rating in a report on Thursday, August 21st. Zacks Research raised shares of DRDGOLD from a "hold" rating to a "strong-buy" rating in a report on Monday, August 25th. Finally, Wall Street Zen lowered shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, DRDGOLD presently has a consensus rating of "Strong Buy" and an average target price of $18.75.

DRDGOLD Stock Performance

Shares of NYSE DRD traded up $0.96 during midday trading on Monday, hitting $26.55. The company's stock had a trading volume of 848,735 shares, compared to its average volume of 1,082,123. DRDGOLD Limited has a 1-year low of $8.38 and a 1-year high of $26.98. The firm's fifty day moving average price is $17.55 and its 200-day moving average price is $15.61. The firm has a market cap of $2.30 billion, a P/E ratio of 21.07 and a beta of 0.36.

DRDGOLD Increases Dividend

The business also recently declared an annual dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 12th will be given a dividend of $0.2269 per share. This represents a dividend yield of 202.0%. The ex-dividend date is Friday, September 12th. This is a positive change from DRDGOLD's previous annual dividend of $0.16. DRDGOLD's payout ratio is currently 29.37%.

DRDGOLD Company Profile

DRDGOLD Limited, a gold mining company, engages in the surface gold tailings retreatment business in South Africa. It also involved in the exploration, extraction, processing, and smelting activities. The company recovers gold from surface tailings in the Witwatersrand basin in Gauteng province. DRDGOLD Limited was formerly known as Durban Roodepoort Deep Limited and changed its name to DRDGOLD Limited in 2004.