Vontobel Holding Ltd. has significantly increased its investment in Gilead Sciences, Inc. (NASDAQ: GILD), acquiring an additional 394,567 shares during the third quarter of 2023. This move raised Vontobel’s total holdings in the biopharmaceutical company by an impressive 192.2%, bringing their total ownership to 599,860 shares valued at approximately $66,584,000.
As institutional investments in Gilead Sciences grow, other prominent investors have also adjusted their positions. For example, Rothschild Investment LLC enhanced its stake by 1.9% in the second quarter, now owning 4,539 shares worth $503,000 after acquiring an additional 84 shares. Similarly, Ignite Planners LLC increased its holdings by 1.1% during the third quarter, holding 7,932 shares valued at $880,000.
Archer Investment Corp. also made a modest increase of 1.2% in its position during the second quarter, now controlling 7,277 shares worth $807,000. Meanwhile, Binnacle Investments Inc. raised its holdings by 14.3%, owning 702 shares valued at $78,000. EPG Wealth Management LLC, with a 2.0% increase, now holds 4,627 shares worth $513,000.
Overall, institutional investors now own approximately 83.67% of Gilead Sciences.
Analyst Ratings Update
Recent reports have provided updates on Gilead Sciences’ stock ratings. Wall Street Zen downgraded the company from a “strong-buy” to a “buy” rating. In contrast, Needham & Company LLC raised its price target from $133.00 to $140.00 while maintaining a “buy” rating. Wolfe Research reaffirmed an “outperform” rating with a price target of $150.00.
Citigroup also increased its price target from $125.00 to $135.00, attributing a “buy” rating. Additionally, The Goldman Sachs Group adjusted its price objective from $108.00 to $110.00, assigning a “neutral” rating. Overall, two analysts rated Gilead Sciences as a “Strong Buy,” while twenty-two others gave it a “Buy” rating, and four assigned a “Hold” rating. According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with a consensus price target of $131.54.
Gilead Sciences Stock Performance
On Wednesday, Gilead Sciences opened at $125.19. The company maintains a quick ratio of 1.31, a current ratio of 1.45, and a debt-to-equity ratio of 1.03. Its fifty-day simple moving average stands at $122.61, while the 200-day average is at $116.40. With a market capitalization of $155.32 billion, the stock has experienced a twelve-month low of $88.57 and a high of $128.70.
In its latest quarterly earnings report, Gilead Sciences, released on October 30, 2023, the company reported earnings per share (EPS) of $2.47, surpassing analysts’ expectations of $2.16 by $0.31. The firm’s revenue reached $7.77 billion, exceeding projections of $7.42 billion. Year-over-year, this represents a 3.0% increase, compared to an EPS of $2.02 during the same period last year. Gilead Sciences has set its fiscal year 2025 guidance at an EPS range of $8.050 to $8.250.
Dividend Announcement and Insider Transactions
Gilead Sciences has also announced a quarterly dividend of $0.79, scheduled for payment on December 30, 2023. Shareholders of record by December 15 will receive this dividend, representing an annualized dividend of $3.16 and a yield of 2.5%. The company’s dividend payout ratio is currently 48.99%.
In insider trading news, Director Kelly A. Kramer sold 2,805 shares on November 28, 2023, at an average price of $127.10, totaling $356,515.50. Following this transaction, Kramer holds 1,339 shares valued at approximately $170,186.90. Additionally, insider Johanna Mercier sold 3,000 shares on December 15 at an average price of $122.00, amounting to $366,000.00. This sale resulted in a 2.75% decrease in Mercier’s holdings to 106,221 shares, valued at $12,958,962. Over the past 90 days, insiders have sold 136,257 shares worth $16,723,492, with insiders owning 0.27% of the company’s stock.
Gilead Sciences, headquartered in Foster City, California, was founded in 1987 and focuses on the discovery, development, and commercialization of medicines addressing unmet medical needs. Initially known for antiviral therapies, the company has expanded into oncology, cell therapy, and inflammatory diseases, operating a global research and commercial organization.
