Point72 Asset Management L.P. Purchases 1,793,145 Shares of Gilead Sciences, Inc. (NASDAQ:GILD)

Point72 Asset Management L.P. grew its stake in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 350.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,305,270 shares of the biopharmaceutical company’s stock after acquiring an additional 1,793,145 shares during the quarter. Gilead Sciences comprises approximately 0.5% of Point72 Asset Management L.P.’s investment portfolio, making the stock its 15th largest position. Point72 Asset Management L.P.’s holdings in Gilead Sciences were worth $193,274,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. boosted its position in Gilead Sciences by 198.3% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 358 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 238 shares in the last quarter. nVerses Capital LLC bought a new stake in Gilead Sciences in the third quarter valued at $25,000. Valued Wealth Advisors LLC grew its holdings in shares of Gilead Sciences by 101.9% during the third quarter. Valued Wealth Advisors LLC now owns 319 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 161 shares during the last quarter. Cedar Wealth Management LLC grew its holdings in shares of Gilead Sciences by 51.6% during the second quarter. Cedar Wealth Management LLC now owns 470 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 160 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Gilead Sciences during the second quarter worth about $33,000. 83.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. BMO Capital Markets lifted their price objective on shares of Gilead Sciences from $94.00 to $102.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target 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. Daiwa America raised shares of Gilead Sciences to a “hold” rating in a research note on Monday, November 18th. Citigroup assumed coverage on shares of Gilead Sciences in a research report on Thursday, November 14th. They set a “buy” rating and a $125.00 price target for the company. Finally, Cantor Fitzgerald upped their price objective on shares of Gilead Sciences from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Twelve research analysts have rated the stock with a hold rating, eleven have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $95.41.

Insider Activity

In other news, CFO Andrew D. Dickinson sold 248,645 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $92.76, for a total value of $23,064,310.20. Following the completion of the transaction, the chief financial officer now owns 138,919 shares of the company’s stock, valued at approximately $12,886,126.44. This represents a 64.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Johanna Mercier sold 29,357 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $83.78, for a total transaction of $2,459,529.46. Following the sale, the insider now directly owns 78,127 shares of the company’s stock, valued at $6,545,480.06. This represents a 27.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 476,591 shares of company stock valued at $43,747,615. 0.29% of the stock is currently owned by insiders.

Gilead Sciences Trading Down 1.6 %

Gilead Sciences stock opened at $92.49 on Wednesday. The company has a market cap of $115.27 billion, a P/E ratio of 1,027.67, a PEG ratio of 2.92 and a beta of 0.18. The firm’s 50-day moving average is $88.63 and its 200-day moving average is $78.20. Gilead Sciences, Inc. has a 1 year low of $62.07 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.10 and a current ratio of 1.26.

Gilead Sciences (NASDAQ:GILD) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $2.02 EPS for the quarter, topping the consensus estimate of $1.58 by $0.44. The business had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.01 billion. Gilead Sciences had a net margin of 0.45% and a return on equity of 29.00%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $2.29 earnings per share. On average, equities analysts expect that Gilead Sciences, Inc. will post 4.37 earnings per share for the current year.

Gilead Sciences Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Friday, December 13th. Gilead Sciences’s dividend payout ratio (DPR) is presently 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.