Pinnacle Associates Ltd. Increases Stock Position in GSK plc (NYSE:GSK)

Pinnacle Associates Ltd. increased its position in shares of GSK plc (NYSE:GSK) by 6.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,921 shares of the pharmaceutical company’s stock after buying an additional 1,912 shares during the period. Pinnacle Associates Ltd.’s holdings in GSK were worth $1,346,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eastern Bank purchased a new position in GSK during the third quarter valued at $26,000. Concord Wealth Partners lifted its holdings in GSK by 231.8% during the third quarter. Concord Wealth Partners now owns 783 shares of the pharmaceutical company’s stock valued at $32,000 after purchasing an additional 547 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in GSK during the second quarter valued at $37,000. Fortitude Family Office LLC purchased a new position in GSK during the third quarter valued at $42,000. Finally, PrairieView Partners LLC purchased a new position in GSK during the second quarter valued at $47,000. 15.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GSK has been the topic of several recent analyst reports. UBS Group downgraded shares of GSK from a “buy” rating to a “neutral” rating in a report on Monday, July 8th. Guggenheim cut shares of GSK from a “buy” rating to a “neutral” rating in a research report on Thursday. Argus upgraded shares of GSK to a “strong-buy” rating in a research report on Wednesday, August 7th. Finally, Barclays upgraded shares of GSK to a “hold” rating in a research report on Tuesday, August 27th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Insiders Place Their Bets

In other GSK news, major shareholder Plc Gsk bought 2,791,930 shares of GSK stock in a transaction on Friday, September 27th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the acquisition, the insider now directly owns 16,775,691 shares in the company, valued at $134,205,528. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.00% of the stock is owned by company insiders.

GSK Price Performance

GSK stock opened at $36.87 on Friday. GSK plc has a 12-month low of $33.67 and a 12-month high of $45.92. The stock has a market cap of $76.41 billion, a P/E ratio of 23.94, a PEG ratio of 1.23 and a beta of 0.65. The company has a 50-day moving average price of $40.66 and a 200 day moving average price of $41.02. The company has a current ratio of 0.82, a quick ratio of 0.54 and a debt-to-equity ratio of 0.99.

GSK (NYSE:GSK) last released its quarterly earnings data on Wednesday, July 31st. The pharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. GSK had a net margin of 7.97% and a return on equity of 51.23%. The firm had revenue of $9.95 billion during the quarter, compared to analysts’ expectations of $9.49 billion. Sell-side analysts anticipate that GSK plc will post 4.08 earnings per share for the current year.

GSK Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.3928 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from GSK’s previous quarterly dividend of $0.38. This represents a $1.57 dividend on an annualized basis and a yield of 4.26%. GSK’s dividend payout ratio is 98.70%.

About GSK

GSK plc, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, and specialty and general medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through two segments, Commercial Operations and Total R&D.