The Manufacturers Life Insurance Company Takes Position in Gilead Sciences, Inc. $GILD

Key Points

• The Manufacturers Life Insurance Company acquired 1,093,987 Gilead Sciences shares worth approximately $138.2 million in the second quarter, giving it a 0.09% stake. Institutional investors collectively own 83.67% of the company.
• Analyst sentiment remains favorable, with 24 Buy ratings and five Hold ratings; Gilead has a consensus “Moderate Buy” rating and an average price target of $158.04.
• Gilead reported quarterly revenue of $7.8 billion, exceeding expectations, while revenue rose 10.6% year over year. The company also declared a quarterly dividend of $0.82 per share, representing a 2.2% annualized yield.

The Manufacturers Life Insurance Company purchased a new position in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,093,987 shares of the biopharmaceutical company's stock, valued at approximately $138,214,000. The Manufacturers Life Insurance Company owned approximately 0.09% of Gilead Sciences at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Aviva PLC increased its holdings in shares of Gilead Sciences by 5.4% in the 4th quarter. Aviva PLC now owns 1,156,738 shares of the biopharmaceutical company's stock worth $141,978,000 after purchasing an additional 59,782 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in shares of Gilead Sciences during the fourth quarter valued at $1,418,000. Bank of Nova Scotia bought a new position in shares of Gilead Sciences during the second quarter valued at $100,056,000. Flputnam Investment Management Co. boosted its position in shares of Gilead Sciences by 66.5% during the fourth quarter. Flputnam Investment Management Co. now owns 105,740 shares of the biopharmaceutical company's stock valued at $12,978,000 after buying an additional 42,243 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of Gilead Sciences by 14.4% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 106,526 shares of the biopharmaceutical company's stock valued at $13,075,000 after buying an additional 13,385 shares during the last quarter. Institutional investors own 83.67% of the company's stock.

Analysts Set New Price Targets

GILD has been the subject of a number of recent analyst reports. Maxim Group raised Gilead Sciences from a "hold" rating to a "buy" rating and set a $165.00 target price for the company in a research report on Wednesday, May 20th. Rothschild & Co Redburn decreased their price objective on shares of Gilead Sciences from $170.00 to $167.00 in a report on Monday, May 11th. Barclays lowered their price objective on shares of Gilead Sciences from $155.00 to $145.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. Weiss Ratings cut shares of Gilead Sciences from a "buy (b-)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Gilead Sciences from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $158.04.

Gilead Sciences Price Performance

Shares of NASDAQ:GILD opened at $146.74 on Tuesday. The company has a market capitalization of $181.95 billion, a P/E ratio of -54.96 and a beta of 0.32. Gilead Sciences, Inc. has a 1-year low of $108.46 and a 1-year high of $157.29. The firm's 50 day simple moving average is $132.42 and its two-hundred day simple moving average is $136.57. 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 (NASDAQ:GILD - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $7.40 billion. During the same period last year, the firm earned $2.01 EPS. The company's revenue was up 10.6% on a year-over-year basis. Research analysts expect that Gilead Sciences, Inc. will post -0.51 EPS for the current fiscal year.

Gilead Sciences Announces Dividend

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

Insiders Place Their Bets

In related news, insider Johanna Mercier sold 28,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $137.64, for a total transaction of $3,853,920.00. Following the completion of the sale, the insider owned 118,234 shares in the company, valued at approximately $16,273,727.76. This trade represents a 19.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew D. Dickinson sold 3,000 shares of Gilead Sciences stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $138.36, for a total value of $415,080.00. Following the sale, the chief financial officer directly owned 165,646 shares in the company, valued at $22,918,780.56. This trade represents a 1.78% decrease in their position. 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. Insiders sold 87,000 shares of company stock valued at $11,562,960 in the last ninety days. Insiders own 0.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source