Perigon Wealth Management LLC Makes New Investment in Gilead Sciences, Inc. $GILD

Key Points

• Perigon Wealth Management acquired 39,409 Gilead Sciences shares worth approximately $4.98 million during the second quarter. Institutional investors collectively own 83.67% of the company.
• Analyst sentiment remains positive, with 24 Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $158.04.
• Gilead reported quarterly revenue of $7.80 billion, exceeding estimates, and declared a quarterly dividend of $0.82 per share, equivalent to a 2.4% annual yield.

Perigon Wealth Management LLC purchased a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,409 shares of the biopharmaceutical company's stock, valued at approximately $4,979,000.

Other large investors have also made changes to their positions in the company. Commerzbank Aktiengesellschaft FI purchased a new stake in Gilead Sciences during the second quarter worth about $5,252,000. Phillips Wealth Planners LLC purchased a new position in Gilead Sciences in the second quarter valued at about $470,000. Trust Co. of Vermont acquired a new stake in shares of Gilead Sciences during the 2nd quarter valued at approximately $1,559,000. Principle Wealth Partners LLC purchased a new stake in shares of Gilead Sciences during the 2nd quarter worth approximately $304,000. Finally, UP Strategic Wealth Investment Advisors LLC purchased a new stake in shares of Gilead Sciences during the 2nd quarter worth approximately $619,000. Hedge funds and other institutional investors own 83.67% of the company's stock.

Analysts Set New Price Targets

GILD has been the subject of several research analyst reports. Truist Financial dropped their price objective on Gilead Sciences from $157.00 to $156.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Gilead Sciences from a "hold" rating to a "buy" rating in a research report on Saturday. HSBC upgraded Gilead Sciences from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $133.00 to $155.00 in a research report on Monday, July 6th. Weiss Ratings downgraded Gilead Sciences from a "buy (b-)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, Royal Bank Of Canada increased their price target on shares of Gilead Sciences from $120.00 to $123.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 5th. Twenty-four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.04.

Insider Buying and Selling

In other news, insider Johanna Mercier sold 3,000 shares of Gilead Sciences stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $123.92, for a total value of $371,760.00. Following the transaction, the insider directly owned 124,234 shares of the company's stock, valued at $15,395,077.28. This trade represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Patrick O'day sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $131.46, for a total transaction of $1,971,900.00. Following the completion of the sale, the chief executive officer owned 617,567 shares of the company's stock, valued at approximately $81,185,357.82. This trade represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 51,000 shares of company stock valued at $6,568,860. 0.30% of the stock is owned by corporate insiders.

Gilead Sciences Stock Performance

GILD stock opened at $138.92 on Tuesday. Gilead Sciences, Inc. has a 1 year low of $108.46 and a 1 year high of $157.29. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27. The stock has a market capitalization of $172.25 billion, a price-to-earnings ratio of -52.03 and a beta of 0.32. The stock's fifty day moving average is $130.33 and its two-hundred day moving average is $136.43.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) EPS for the quarter, beating analysts' consensus estimates of ($7.25) by $0.50. The company had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $2.01 earnings per share. On average, research analysts predict that Gilead Sciences, Inc. will post -0.53 EPS for the current year.

Gilead Sciences Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, September 15th. Gilead Sciences's dividend payout ratio is -122.85%.

About Gilead Sciences

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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