Prudential PLC Sells 35,359 Shares of Gilead Sciences, Inc. (NASDAQ:GILD)

Key Points

• Prudential PLC reduced its holdings in Gilead Sciences by 13.7%, selling 35,359 shares and holding 222,304 shares valued at $24.9 million at the end of the first quarter.
• Several institutional investors increased their positions in Gilead, notably Public Sector Pension Investment Board, which raised its stake by 21.2% to own 190,746 shares worth $21.4 million.
• Gilead Sciences recently announced a quarterly dividend of $0.79 per share, representing a yield of 2.6%, with the ex-dividend date set for September 15th.

Prudential PLC lessened its holdings in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 222,304 shares of the biopharmaceutical company's stock after selling 35,359 shares during the quarter. Prudential PLC's holdings in Gilead Sciences were worth $24,909,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its holdings in shares of Gilead Sciences by 2.7% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 442,718 shares of the biopharmaceutical company's stock valued at $49,590,000 after acquiring an additional 11,696 shares during the last quarter. Westpac Banking Corp raised its position in shares of Gilead Sciences by 5.1% during the 1st quarter. Westpac Banking Corp now owns 84,433 shares of the biopharmaceutical company's stock worth $9,461,000 after purchasing an additional 4,135 shares during the last quarter. Core Wealth Partners LLC boosted its stake in Gilead Sciences by 0.9% during the 1st quarter. Core Wealth Partners LLC now owns 18,479 shares of the biopharmaceutical company's stock worth $2,071,000 after purchasing an additional 156 shares during the last quarter. Keeler & Nadler Financial Planning & Wealth Management acquired a new position in Gilead Sciences during the first quarter worth $232,000. Finally, Public Sector Pension Investment Board raised its position in Gilead Sciences by 21.2% in the first quarter. Public Sector Pension Investment Board now owns 190,746 shares of the biopharmaceutical company's stock valued at $21,373,000 after purchasing an additional 33,390 shares during the period. Hedge funds and other institutional investors own 83.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial upgraded Gilead Sciences from a "hold" rating to a "buy" rating and increased their price target for the stock from $108.00 to $127.00 in a report on Friday. Morgan Stanley lifted their price target on shares of Gilead Sciences from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, April 25th. Cantor Fitzgerald assumed coverage on shares of Gilead Sciences in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $125.00 price objective on the stock. UBS Group lifted their target price on shares of Gilead Sciences from $108.00 to $112.00 and gave the company a "neutral" rating in a report on Friday. Finally, Oppenheimer decreased their price target on Gilead Sciences from $132.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Gilead Sciences presently has an average rating of "Moderate Buy" and an average price target of $114.82.

Insider Buying and Selling

In other Gilead Sciences news, insider Johanna Mercier sold 3,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $111.03, for a total transaction of $333,090.00. Following the sale, the insider directly owned 117,168 shares of the company's stock, valued at $13,009,163.04. This trade represents a 2.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey Bluestone sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $109.74, for a total transaction of $548,700.00. Following the completion of the sale, the director directly owned 8,920 shares in the company, valued at $978,880.80. This represents a 35.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,000 shares of company stock worth $8,984,175 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Gilead Sciences Stock Performance

NASDAQ:GILD opened at $120.47 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.32 and a quick ratio of 1.15. The firm has a market cap of $149.48 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 0.75 and a beta of 0.33. Gilead Sciences, Inc. has a 1-year low of $72.43 and a 1-year high of $121.38. The firm's fifty day moving average price is $111.16 and its 200 day moving average price is $107.83.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported $2.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.05. The business had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $6.95 billion. Gilead Sciences had a net margin of 21.86% and a return on equity of 50.99%. The business's revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.01 EPS. On average, sell-side analysts expect that Gilead Sciences, Inc. will post 7.95 EPS for the current year.

Gilead Sciences Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, September 15th. Gilead Sciences's dividend payout ratio is 62.95%.

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.

Want to see what other hedge funds are holding GILD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gilead Sciences, Inc. (NASDAQ:GILD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.