Avaii Wealth Management LLC Invests $625,000 in Barrick Gold Corp (NYSE:GOLD)

Avaii Wealth Management LLC bought a new stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 34,526 shares of the gold and copper producer’s stock, valued at approximately $625,000.

A number of other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Barrick Gold by 35.0% during the 3rd quarter. Wellington Management Group LLP now owns 63,551,991 shares of the gold and copper producer’s stock worth $925,121,000 after buying an additional 16,485,756 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Barrick Gold by 1.6% during the third quarter. Vanguard Group Inc. now owns 62,567,785 shares of the gold and copper producer’s stock worth $910,361,000 after purchasing an additional 956,452 shares during the last quarter. FMR LLC boosted its holdings in Barrick Gold by 12.2% in the third quarter. FMR LLC now owns 43,399,480 shares of the gold and copper producer’s stock valued at $631,228,000 after acquiring an additional 4,731,559 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Barrick Gold by 4.4% in the fourth quarter. Mackenzie Financial Corp now owns 18,783,046 shares of the gold and copper producer’s stock valued at $339,524,000 after acquiring an additional 787,829 shares during the last quarter. Finally, Ninety One UK Ltd raised its position in Barrick Gold by 13.2% in the fourth quarter. Ninety One UK Ltd now owns 16,022,022 shares of the gold and copper producer’s stock valued at $289,838,000 after purchasing an additional 1,870,059 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GOLD shares. Jefferies Financial Group started coverage on Barrick Gold in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective on the stock. Raymond James cut their price objective on Barrick Gold from $24.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. BMO Capital Markets dropped their target price on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. TD Securities dropped their target price on Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.06.

Barrick Gold Stock Performance

GOLD stock traded up $0.31 during midday trading on Monday, reaching $17.40. The company had a trading volume of 8,288,485 shares, compared to its average volume of 22,879,527. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $16.14 and a 200 day moving average price of $16.32. The firm has a market capitalization of $30.55 billion, a PE ratio of 23.74, a P/E/G ratio of 1.50 and a beta of 0.58. Barrick Gold Corp has a fifty-two week low of $13.76 and a fifty-two week high of $20.75.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings data on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.06. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the firm posted $0.13 earnings per share. Analysts anticipate that Barrick Gold Corp will post 0.95 earnings per share for the current year.

Barrick Gold Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a dividend of $0.074 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.30 annualized dividend and a yield of 1.70%. Barrick Gold’s payout ratio is 55.56%.

Barrick Gold Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.