Pinnacle Associates Ltd. Decreases Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

Pinnacle Associates Ltd. trimmed its holdings in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 39.7% in the third quarter, Holdings Channel reports. The firm owned 59,814 shares of the biopharmaceutical company’s stock after selling 39,331 shares during the period. Pinnacle Associates Ltd.’s holdings in Gilead Sciences were worth $4,846,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Gilead Sciences by 2.6% during the first quarter. Vanguard Group Inc. now owns 114,732,575 shares of the biopharmaceutical company’s stock valued at $8,404,161,000 after acquiring an additional 2,910,147 shares in the last quarter. Capital World Investors grew its stake in shares of Gilead Sciences by 1.4% during the first quarter. Capital World Investors now owns 84,497,404 shares of the biopharmaceutical company’s stock valued at $6,189,435,000 after acquiring an additional 1,133,281 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Gilead Sciences by 2.7% during the first quarter. Capital Research Global Investors now owns 61,246,366 shares of the biopharmaceutical company’s stock valued at $4,486,296,000 after acquiring an additional 1,589,240 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Gilead Sciences by 0.8% during the second quarter. Legal & General Group Plc now owns 12,414,268 shares of the biopharmaceutical company’s stock valued at $851,743,000 after acquiring an additional 93,068 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Gilead Sciences by 2.6% during the second quarter. Dimensional Fund Advisors LP now owns 10,412,413 shares of the biopharmaceutical company’s stock valued at $714,421,000 after acquiring an additional 268,208 shares in the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Gilead Sciences Stock Performance

GILD opened at $88.82 on Friday. The business’s 50 day moving average is $83.54 and its 200-day moving average is $73.97. The stock has a market cap of $110.66 billion, a PE ratio of 246.72, a price-to-earnings-growth ratio of 3.07 and a beta of 0.18. The company has a current ratio of 1.14, a quick ratio of 0.95 and a debt-to-equity ratio of 1.18. Gilead Sciences, Inc. has a twelve month low of $62.07 and a twelve month high of $89.74.

Gilead Sciences (NASDAQ:GILD) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.61 by $0.40. The firm had revenue of $6.95 billion for the quarter, compared to analysts’ expectations of $6.64 billion. Gilead Sciences had a return on equity of 29.34% and a net margin of 3.79%. On average, analysts predict that Gilead Sciences, Inc. will post 3.76 earnings per share for the current year.

Insiders Place Their Bets

In other Gilead Sciences news, insider Merdad Parsey sold 2,000 shares of Gilead Sciences stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $83.83, for a total transaction of $167,660.00. Following the transaction, the insider now directly owns 100,189 shares in the company, valued at approximately $8,398,843.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Johanna Mercier sold 5,490 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $73.98, for a total transaction of $406,150.20. Following the transaction, the insider now directly owns 114,979 shares in the company, valued at $8,506,146.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Merdad Parsey sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $83.83, for a total transaction of $167,660.00. Following the transaction, the insider now owns 100,189 shares in the company, valued at approximately $8,398,843.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,847 shares of company stock worth $3,033,340. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GILD shares. Truist Financial lifted their price target on Gilead Sciences from $82.00 to $83.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Sanford C. Bernstein started coverage on Gilead Sciences in a research note on Thursday, October 17th. They issued an “outperform” rating and a $105.00 price target for the company. Wells Fargo & Company upgraded Gilead Sciences from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $78.00 to $100.00 in a research note on Monday, October 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price target on shares of Gilead Sciences in a research note on Monday, September 16th. Finally, Barclays lifted their price target on Gilead Sciences from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $86.85.

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.