Covington Capital Management cut its holdings in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 14.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,720 shares of the biopharmaceutical company’s stock after selling 3,455 shares during the quarter. Covington Capital Management’s holdings in Gilead Sciences were worth $1,281,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Spectrum Asset Management Inc. NB CA boosted its stake in Gilead Sciences by 2.2% during the third quarter. Spectrum Asset Management Inc. NB CA now owns 28,726 shares of the biopharmaceutical company’s stock valued at $1,821,000 after buying an additional 607 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new stake in Gilead Sciences during the third quarter valued at $10,711,000. Colony Group LLC boosted its stake in Gilead Sciences by 4.8% during the third quarter. Colony Group LLC now owns 66,536 shares of the biopharmaceutical company’s stock valued at $4,217,000 after buying an additional 3,018 shares during the period. Voya Investment Management LLC boosted its stake in Gilead Sciences by 29.6% during the third quarter. Voya Investment Management LLC now owns 2,436,740 shares of the biopharmaceutical company’s stock valued at $154,441,000 after buying an additional 556,936 shares during the period. Finally, Voya Financial Advisors Inc. boosted its stake in Gilead Sciences by 232.7% during the third quarter. Voya Financial Advisors Inc. now owns 18,224 shares of the biopharmaceutical company’s stock valued at $1,146,000 after buying an additional 12,747 shares during the period. Institutional investors own 80.32% of the company’s stock.
GILD opened at $69.66 on Thursday. The company has a market cap of $93.46 billion, a P/E ratio of 16.55, a P/E/G ratio of 5.79 and a beta of 0.99. The business’s 50-day moving average price is $71.37 and its 200-day moving average price is $66.57. The company has a current ratio of 3.10, a quick ratio of 3.01 and a debt-to-equity ratio of 1.02. Gilead Sciences, Inc. has a 12 month low of $60.89 and a 12 month high of $85.97.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Friday, March 13th will be issued a $0.68 dividend. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $2.72 annualized dividend and a dividend yield of 3.90%. This is an increase from Gilead Sciences’s previous quarterly dividend of $0.63. Gilead Sciences’s payout ratio is currently 44.30%.
GILD has been the subject of several research analyst reports. BidaskClub raised Gilead Sciences from a “sell” rating to a “hold” rating in a research note on Tuesday, March 10th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Gilead Sciences in a research note on Wednesday, February 5th. Guggenheim lowered Gilead Sciences from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 21st. Sanford C. Bernstein lowered Gilead Sciences from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $78.00 to $70.00 in a research note on Thursday, February 6th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $83.00 price objective on shares of Gilead Sciences in a research note on Wednesday. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Gilead Sciences currently has a consensus rating of “Hold” and an average price target of $78.08.
In other news, EVP Brett A. Pletcher sold 5,000 shares of Gilead Sciences stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $68.18, for a total value of $340,900.00. Following the transaction, the executive vice president now owns 29,690 shares in the company, valued at $2,024,264.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Brett A. Pletcher sold 2,950 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $64.63, for a total value of $190,658.50. Following the completion of the sale, the executive vice president now directly owns 20,014 shares in the company, valued at $1,293,504.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,532 shares of company stock worth $5,101,386. Company insiders own 0.20% of the company’s stock.
About Gilead Sciences
Gilead Sciences, Inc, a research-based biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical needs in the United States, Europe, and internationally. The company's products include Biktarvy, Descovy, Odefsey, Genvoya, Stribild, Complera/Eviplera, Atripla, and Truvada for the treatment of human immunodeficiency virus (HIV) infection in adults; and Vosevi, Vemlidy, Epclusa, Harvoni, and Viread products for treating liver diseases.
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