Letko Brosseau & Associates Inc. Trims Stake in Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• Letko Brosseau & Associates Inc. has reduced its stake in Gilead Sciences by 8.3%, resulting in ownership of 548,673 shares valued at approximately $61.5 million.
• Several hedge funds, including Brighton Jones LLC and CIBC Private Wealth Group LLC, have increased their positions in Gilead, demonstrating continued institutional interest in the company.
• Gilead Sciences stock received mixed ratings from analysts, with an average target price of $112.36 and ratings ranging from "hold" to "strong buy."

Letko Brosseau & Associates Inc. lowered its holdings in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 548,673 shares of the biopharmaceutical company's stock after selling 49,715 shares during the quarter. Letko Brosseau & Associates Inc.'s holdings in Gilead Sciences were worth $61,479,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. NorthRock Partners LLC grew its position in shares of Gilead Sciences by 3.8% during the first quarter. NorthRock Partners LLC now owns 11,632 shares of the biopharmaceutical company's stock worth $1,303,000 after purchasing an additional 425 shares in the last quarter. Baader Bank Aktiengesellschaft grew its position in shares of Gilead Sciences by 21.0% during the first quarter. Baader Bank Aktiengesellschaft now owns 13,118 shares of the biopharmaceutical company's stock worth $1,453,000 after purchasing an additional 2,274 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its position in shares of Gilead Sciences by 6.3% during the first quarter. Mesirow Financial Investment Management Inc. now owns 7,434 shares of the biopharmaceutical company's stock worth $833,000 after purchasing an additional 442 shares in the last quarter. Arkadios Wealth Advisors grew its position in shares of Gilead Sciences by 94.6% during the first quarter. Arkadios Wealth Advisors now owns 45,750 shares of the biopharmaceutical company's stock worth $5,126,000 after purchasing an additional 22,240 shares in the last quarter. Finally, Brucke Financial Inc. purchased a new stake in shares of Gilead Sciences during the first quarter worth about $244,000. Hedge funds and other institutional investors own 83.67% of the company's stock.

Gilead Sciences Trading Down 0.0%

Shares of NASDAQ GILD traded down $0.04 during midday trading on Friday, hitting $112.25. The company's stock had a trading volume of 665,766 shares, compared to its average volume of 8,396,990. The company has a current ratio of 1.37, a quick ratio of 1.23 and a debt-to-equity ratio of 1.16. The business's 50 day moving average is $110.40 and its two-hundred day moving average is $106.55. Gilead Sciences, Inc. has a 12-month low of $72.43 and a 12-month high of $119.96. The firm has a market cap of $139.63 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 0.72 and a beta of 0.29.

Insiders Place Their Bets

In other news, CFO Andrew D. Dickinson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $111.03, for a total value of $277,575.00. Following the sale, the chief financial officer directly owned 162,610 shares in the company, valued at approximately $18,054,588.30. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Johanna Mercier sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $111.03, for a total value of $333,090.00. Following the completion of the sale, the insider owned 117,168 shares in the company, valued at approximately $13,009,163.04. The trade was a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,000 shares of company stock valued at $8,984,175. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

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

About Gilead Sciences

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.