Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Gilead Sciences, Inc. (NASDAQ:GILD)

Connor Clark & Lunn Investment Management Ltd. reduced its position in Gilead Sciences, Inc. (NASDAQ:GILD) by 95.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,514 shares of the biopharmaceutical company’s stock after selling 929,649 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Gilead Sciences were worth $3,564,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Swedbank AB purchased a new position in Gilead Sciences during the first quarter worth $134,489,000. International Assets Investment Management LLC increased its position in Gilead Sciences by 8,238.4% during the third quarter. International Assets Investment Management LLC now owns 1,642,504 shares of the biopharmaceutical company’s stock worth $137,708,000 after buying an additional 1,622,806 shares in the last quarter. Pacer Advisors Inc. increased its position in Gilead Sciences by 24.7% during the second quarter. Pacer Advisors Inc. now owns 7,889,663 shares of the biopharmaceutical company’s stock worth $541,310,000 after buying an additional 1,564,792 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new position in Gilead Sciences during the second quarter worth $102,298,000. Finally, Assenagon Asset Management S.A. increased its position in Gilead Sciences by 159.8% during the third quarter. Assenagon Asset Management S.A. now owns 2,337,717 shares of the biopharmaceutical company’s stock worth $195,994,000 after buying an additional 1,437,842 shares in the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Gilead Sciences Trading Up 0.5 %

Shares of GILD opened at $90.19 on Monday. The stock’s 50-day moving average is $87.43 and its two-hundred day moving average is $76.95. The stock has a market cap of $112.40 billion, a PE ratio of 1,002.11, a P/E/G ratio of 2.78 and a beta of 0.17. Gilead Sciences, Inc. has a 12 month low of $62.07 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.26 and a quick ratio of 1.10.

Gilead Sciences (NASDAQ:GILD) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.44. The company had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.01 billion. Gilead Sciences had a return on equity of 29.00% and a net margin of 0.45%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 earnings per share. Equities analysts forecast that Gilead Sciences, Inc. will post 4.38 earnings per share for the current fiscal year.

Gilead Sciences Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 3.42%. The ex-dividend date is Friday, December 13th. Gilead Sciences’s dividend payout ratio (DPR) is 3,422.22%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GILD shares. Evercore ISI raised Gilead Sciences to a “strong-buy” rating in a research report on Friday, August 9th. Daiwa America raised Gilead Sciences to a “hold” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. lifted their price objective on Gilead Sciences from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Truist Financial lifted their price objective on Gilead Sciences from $83.00 to $97.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Barclays lifted their price objective on Gilead Sciences from $84.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Twelve equities 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 company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.41.

Insider Buying and Selling

In related news, insider Merdad Parsey sold 25,590 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $91.50, for a total value of $2,341,485.00. Following the transaction, the insider now owns 99,599 shares in the company, valued at approximately $9,113,308.50. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Johanna Mercier sold 29,357 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $83.78, for a total value of $2,459,529.46. Following the completion of the transaction, the insider now owns 78,127 shares in the company, valued at approximately $6,545,480.06. This trade represents a 27.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,947 shares of company stock worth $4,968,674. 0.16% of the stock is currently owned by corporate insiders.

Gilead Sciences Company Profile

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.