CIBC Asset Management Inc Purchases 22,624 Shares of Gilead Sciences, Inc. (NASDAQ:GILD)

CIBC Asset Management Inc lifted its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 439,370 shares of the biopharmaceutical company’s stock after purchasing an additional 22,624 shares during the period. CIBC Asset Management Inc’s holdings in Gilead Sciences were worth $36,837,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Koshinski Asset Management Inc. bought a new position in shares of Gilead Sciences during the first quarter worth approximately $217,000. M&G Plc acquired a new position in Gilead Sciences in the 1st quarter valued at $7,082,000. Nicolet Advisory Services LLC lifted its position in shares of Gilead Sciences by 12.9% during the 1st quarter. Nicolet Advisory Services LLC now owns 2,941 shares of the biopharmaceutical company’s stock valued at $206,000 after acquiring an additional 336 shares during the period. Allstate Corp grew its holdings in shares of Gilead Sciences by 4.6% during the 1st quarter. Allstate Corp now owns 4,249 shares of the biopharmaceutical company’s stock worth $311,000 after purchasing an additional 187 shares in the last quarter. Finally, Chiron Capital Management LLC increased its position in shares of Gilead Sciences by 47.4% in the first quarter. Chiron Capital Management LLC now owns 19,571 shares of the biopharmaceutical company’s stock worth $1,434,000 after purchasing an additional 6,291 shares during the period. 83.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GILD shares. JPMorgan Chase & Co. increased their price objective on shares of Gilead Sciences from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Maxim Group cut shares of Gilead Sciences from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. The Goldman Sachs Group boosted their price objective on shares of Gilead Sciences from $74.00 to $84.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Citigroup began coverage on Gilead Sciences in a research note on Thursday. They issued a “buy” rating and a $125.00 price target on the stock. Finally, Leerink Partners upgraded Gilead Sciences from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $74.00 to $96.00 in a research report on Monday, October 21st. Eleven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Gilead Sciences has a consensus rating of “Moderate Buy” and an average target price of $93.86.

Insiders Place Their Bets

In other news, insider Merdad Parsey sold 25,590 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $91.50, for a total value of $2,341,485.00. Following the completion of the sale, the insider now directly owns 99,599 shares in the company, valued at $9,113,308.50. This trade represents a 20.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Johanna Mercier sold 29,357 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $83.78, for a total value of $2,459,529.46. Following the transaction, the insider now directly owns 78,127 shares in the company, valued at approximately $6,545,480.06. This trade represents a 27.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,947 shares of company stock worth $4,968,674. 0.16% of the stock is owned by corporate insiders.

Gilead Sciences Stock Down 4.0 %

Gilead Sciences stock opened at $88.40 on Friday. The firm has a market cap of $110.17 billion, a price-to-earnings ratio of 982.22, a PEG ratio of 2.85 and a beta of 0.17. Gilead Sciences, Inc. has a 52-week low of $62.07 and a 52-week high of $98.90. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.82 and a current ratio of 1.26. The firm has a 50 day moving average price of $86.49 and a two-hundred day moving average price of $75.81.

Gilead Sciences (NASDAQ:GILD) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.44. Gilead Sciences had a net margin of 0.45% and a return on equity of 29.00%. The business had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.01 billion. During the same quarter last year, the firm earned $2.29 earnings per share. Gilead Sciences’s quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts predict that Gilead Sciences, Inc. will post 4.39 EPS for the current year.

Gilead Sciences Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.77 per share. The ex-dividend date is Friday, December 13th. This represents a $3.08 annualized dividend and a yield of 3.48%. Gilead Sciences’s dividend payout ratio is currently 3,422.22%.

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.