NewEdge Advisors LLC Raises Holdings in Gilead Sciences, Inc. $GILD

Key Points

• NewEdge Advisors increased its Gilead Sciences position by 12.7% in the second quarter, bringing its holdings to 442,389 shares valued at approximately $55.9 million. Institutional investors collectively own 83.67% of Gilead stock.
• Analyst sentiment remains positive, with Gilead receiving a consensus “Moderate Buy” rating and an average price target of $158.04, despite some recent downgrades.
• Gilead reported quarterly revenue of $7.8 billion, exceeding estimates, while announcing a quarterly dividend of $0.82 per share, equivalent to a 2.2% annualized yield.

NewEdge Advisors LLC boosted its position in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 12.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 442,389 shares of the biopharmaceutical company's stock after purchasing an additional 49,954 shares during the quarter. NewEdge Advisors LLC's holdings in Gilead Sciences were worth $55,891,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GILD. IFP Advisors Inc boosted its position in Gilead Sciences by 17.7% during the second quarter. IFP Advisors Inc now owns 8,347 shares of the biopharmaceutical company's stock worth $1,055,000 after acquiring an additional 1,254 shares during the last quarter. Baird Financial Group Inc. grew its stake in Gilead Sciences by 3.6% during the 2nd quarter. Baird Financial Group Inc. now owns 292,295 shares of the biopharmaceutical company's stock valued at $36,929,000 after acquiring an additional 10,206 shares in the last quarter. Arizona State Retirement System raised its holdings in Gilead Sciences by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 344,415 shares of the biopharmaceutical company's stock valued at $43,513,000 after acquiring an additional 4,491 shares during the last quarter. Empirical Finance LLC raised its holdings in Gilead Sciences by 3.4% in the 2nd quarter. Empirical Finance LLC now owns 43,580 shares of the biopharmaceutical company's stock valued at $5,506,000 after acquiring an additional 1,446 shares during the last quarter. Finally, Nykredit A S purchased a new position in Gilead Sciences in the 2nd quarter worth approximately $140,587,000. Hedge funds and other institutional investors own 83.67% of the company's stock.

Insider Buying and Selling

In related news, Director Anthony Welters sold 18,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the director directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel O'Day sold 15,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $148.64, for a total transaction of $2,229,600.00. Following the completion of the sale, the chief executive officer owned 577,133 shares in the company, valued at approximately $85,785,049.12. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 105,000 shares of company stock valued at $14,495,820. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GILD has been the topic of several recent research reports. Maxim Group upgraded Gilead Sciences from a "hold" rating to a "buy" rating and set a $165.00 target price on the stock in a report on Wednesday, May 20th. Leerink Partners downgraded Gilead Sciences from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $146.00 to $127.00 in a research report on Tuesday, July 21st. Morgan Stanley lowered their price objective on Gilead Sciences from $166.00 to $165.00 and set an "overweight" rating on the stock in a research note on Monday, July 27th. HSBC raised Gilead Sciences from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $133.00 to $155.00 in a research note on Monday, July 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $155.00 target price on shares of Gilead Sciences in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $158.04.

Gilead Sciences Stock Performance

Gilead Sciences stock opened at $146.64 on Wednesday. The firm has a 50 day simple moving average of $137.57 and a 200-day simple moving average of $136.32. The stock has a market cap of $181.83 billion, a price-to-earnings ratio of -54.92 and a beta of 0.33. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. Gilead Sciences, Inc. has a 1-year low of $108.46 and a 1-year high of $157.29.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last released its quarterly 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. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. The firm had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same quarter in the previous year, the company earned $2.01 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Gilead Sciences, Inc. will post -0.48 EPS for the current year.

Gilead Sciences Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.82 dividend. The ex-dividend date 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 currently -122.85%.

Gilead Sciences Profile

Gilead Sciences, Inc is a biopharmaceutical company that discovers, develops and commercializes medicines for serious and life-threatening diseases. The company's research focuses primarily on virology, oncology, inflammation and related areas, with products serving patients in the United States and international markets.

Gilead is best known for its HIV treatments, including Biktarvy, Genvoya, Descovy and other antiretroviral therapies. Its portfolio also includes medicines for viral hepatitis, such as Epclusa and Vemlidy, and Veklury (remdesivir), an antiviral treatment for COVID-19.

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