Covington Capital Management Reduces Stock Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

Covington Capital Management lessened its stake in shares of Gilead Sciences, Inc. (NASDAQ:GILDGet Rating) by 6.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,737 shares of the biopharmaceutical company’s stock after selling 314 shares during the quarter. Covington Capital Management’s holdings in Gilead Sciences were worth $293,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Gilead Sciences by 2.3% during the first quarter. BlackRock Inc. now owns 121,709,365 shares of the biopharmaceutical company’s stock worth $7,235,622,000 after buying an additional 2,748,159 shares during the period. State Street Corp boosted its stake in Gilead Sciences by 1.0% during the first quarter. State Street Corp now owns 57,970,959 shares of the biopharmaceutical company’s stock worth $3,446,374,000 after buying an additional 601,690 shares during the period. Capital World Investors boosted its stake in Gilead Sciences by 16.0% during the first quarter. Capital World Investors now owns 49,501,852 shares of the biopharmaceutical company’s stock worth $2,942,905,000 after buying an additional 6,820,228 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Gilead Sciences by 324.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 18,002,214 shares of the biopharmaceutical company’s stock worth $1,070,232,000 after buying an additional 13,764,169 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Gilead Sciences by 70.6% during the first quarter. Renaissance Technologies LLC now owns 15,492,116 shares of the biopharmaceutical company’s stock worth $921,006,000 after buying an additional 6,410,047 shares during the period. Hedge funds and other institutional investors own 78.58% of the company’s stock.

Gilead Sciences Stock Up 0.9 %

Shares of NASDAQ:GILD opened at $65.60 on Monday. The company has a quick ratio of 1.27, a current ratio of 1.43 and a debt-to-equity ratio of 1.30. Gilead Sciences, Inc. has a fifty-two week low of $57.17 and a fifty-two week high of $74.12. The firm’s 50 day moving average price is $63.05 and its 200 day moving average price is $61.94. The stock has a market cap of $82.22 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 0.68 and a beta of 0.31.

Gilead Sciences Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $2.92 dividend on an annualized basis and a yield of 4.45%. Gilead Sciences’s payout ratio is currently 89.02%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GILD. TheStreet raised shares of Gilead Sciences from a “c+” rating to a “b-” rating in a research note on Monday, August 15th. BMO Capital Markets assumed coverage on shares of Gilead Sciences in a research note on Tuesday, June 7th. They issued a “hold” rating and a $63.00 price objective for the company. Piper Sandler raised their price objective on shares of Gilead Sciences from $74.00 to $79.00 in a research note on Monday, September 12th. StockNews.com lowered shares of Gilead Sciences from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 17th. Finally, Truist Financial raised their price objective on shares of Gilead Sciences from $71.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Gilead Sciences presently has a consensus rating of “Hold” and an average target price of $73.53.

Gilead Sciences Company Profile

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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, and Atripla products for the treatment of HIV/AIDS; Veklury, an injection for intravenous use, for the treatment of coronavirus disease 2019; and Epclusa, Harvoni, Vosevi, Vemlidy, and Viread for the treatment of liver diseases.

See Also

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Institutional Ownership by Quarter for Gilead Sciences (NASDAQ:GILD)

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