State Street Corp Raises Position in Gilead Sciences, Inc. $GILD

Key Points

• State Street increased its Gilead Sciences stake by 2.3% in the second quarter, holding 61.2 million shares worth approximately $7.7 billion. Institutional investors collectively own 83.67% of the company.
• Gilead shares rose 1.3% to $152.53, near their 52-week high, after the company reported quarterly revenue of $7.8 billion that exceeded analyst expectations and increased 10.6% year over year.
• Gilead declared a quarterly dividend of $0.82 per share, representing an annualized payout of $3.28 and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $158.78.

State Street Corp boosted its holdings in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,216,552 shares of the biopharmaceutical company's stock after purchasing an additional 1,357,967 shares during the period. State Street Corp owned approximately 4.94% of Gilead Sciences worth $7,734,099,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Gilead Sciences in the 2nd quarter valued at about $15,393,785,000. Norges Bank bought a new position in Gilead Sciences during the 4th quarter worth approximately $2,617,152,000. Invesco Ltd. grew its position in Gilead Sciences by 2.9% during the 4th quarter. Invesco Ltd. now owns 15,584,341 shares of the biopharmaceutical company's stock worth $1,912,822,000 after acquiring an additional 444,660 shares during the last quarter. Amundi increased its stake in Gilead Sciences by 10.7% in the 1st quarter. Amundi now owns 10,539,111 shares of the biopharmaceutical company's stock worth $1,468,836,000 after purchasing an additional 1,018,976 shares during the period. Finally, Legal & General Group Plc purchased a new position in Gilead Sciences in the 2nd quarter worth approximately $1,316,606,000. 83.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Anthony Welters sold 18,000 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $148.62, for a total value of $2,675,160.00. Following the sale, the director directly owned 12,894 shares of the company's stock, valued at $1,916,306.28. This represents a 58.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Johanna Mercier sold 3,000 shares of Gilead Sciences stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $144.22, for a total transaction of $432,660.00. Following the transaction, the insider directly owned 116,684 shares of the company's stock, valued at approximately $16,828,166.48. This trade represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 105,000 shares of company stock worth $14,616,390. 0.30% of the stock is currently owned by corporate insiders.

Gilead Sciences Stock Up 1.3%

Shares of GILD stock traded up $1.97 during midday trading on Tuesday, reaching $152.53. 1,473,908 shares of the stock were exchanged, compared to its average volume of 6,927,831. Gilead Sciences, Inc. has a 1 year low of $108.46 and a 1 year high of $157.29. The firm has a market cap of $189.13 billion, a PE ratio of -57.16 and a beta of 0.33. The company's 50 day moving average is $140.37 and its two-hundred day moving average is $136.24. The company has a current ratio of 1.27, a quick ratio of 1.09 and a debt-to-equity ratio of 2.03.

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

Gilead Sciences Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.28 annualized dividend and a yield of 2.2%. Gilead Sciences's dividend payout ratio (DPR) is currently -122.85%.

Analyst Upgrades and Downgrades

GILD has been the subject of a number of 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. Zacks Research upgraded shares of Gilead Sciences from a "hold" rating to a "strong-buy" rating in a report on Monday, August 31st. Royal Bank Of Canada raised their price target on shares of Gilead Sciences from $120.00 to $123.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 5th. Wall Street Zen upgraded shares of Gilead Sciences from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Needham & Company LLC reiterated a "buy" rating and set a $170.00 target price on shares of Gilead Sciences in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.78.

Gilead Sciences Company 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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