Varma Mutual Pension Insurance Co Takes $26.34 Million Position in Gilead Sciences, Inc. $GILD

Varma Mutual Pension Insurance Co acquired a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 208,515 shares of the biopharmaceutical company's stock, valued at approximately $26,344,000.

Several other hedge funds have also modified their holdings of the stock. Westpac Banking Corp purchased a new stake in Gilead Sciences in the second quarter valued at approximately $9,913,000. TRB Wealth Management LLC acquired a new position in Gilead Sciences during the second quarter worth approximately $574,000. Sumitomo Life Insurance Co. acquired a new position in Gilead Sciences during the second quarter worth approximately $1,935,000. Korea Investment CORP purchased a new position in Gilead Sciences during the second quarter worth approximately $126,736,000. Finally, EP Wealth Advisors LLC purchased a new position in Gilead Sciences during the second quarter worth approximately $14,301,000. 83.67% of the stock is owned by institutional investors and hedge funds.

Gilead Sciences Stock Performance

NASDAQ:GILD opened at $146.12 on Friday. The firm's fifty day simple moving average is $131.97 and its 200 day simple moving average is $136.59. 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, Inc. has a twelve month low of $108.46 and a twelve month high of $157.29. The firm has a market capitalization of $181.18 billion, a price-to-earnings ratio of -54.73 and a beta of 0.32.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last released 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 return on equity of 2.11% and a negative net margin of 10.64%.The company had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same period last year, the company posted $2.01 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Gilead Sciences, Inc. will post -0.51 earnings per share for the current fiscal year.

Gilead Sciences Dividend Announcement

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 issued 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%.

Insider Activity

In related news, insider Johanna Mercier sold 28,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $137.64, for a total value of $3,853,920.00. Following the transaction, the insider owned 118,234 shares in the company, valued at approximately $16,273,727.76. The trade was a 19.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew D. Dickinson sold 3,000 shares of the company's 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 completion of the transaction, the chief financial officer directly owned 165,646 shares in the company, valued at approximately $22,918,780.56. The trade was a 1.78% 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 90 days, insiders have sold 87,000 shares of company stock worth $11,562,960. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on GILD shares. Daiwa Securities Group lowered their price objective on shares of Gilead Sciences from $161.00 to $150.00 and set an "outperform" rating for the company in a research note on Tuesday, May 19th. Barclays cut their target price on 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. 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. Truist Financial lowered their price target on Gilead Sciences from $157.00 to $156.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, Leerink Partners lowered Gilead Sciences from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $146.00 to $127.00 in a research note on Tuesday, July 21st. Twenty-four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $158.04.

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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