Gilead Sciences (NASDAQ:GILD) Shares Gap Down – Here’s What Happened

Shares of Gilead Sciences, Inc. (NASDAQ:GILD) gapped down before the market opened on Tuesday . The stock had previously closed at $113.00, but opened at $109.89. Gilead Sciences shares last traded at $111.24, with a volume of 1,628,933 shares.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GILD shares. Wells Fargo & Company lifted their target price on shares of Gilead Sciences from $120.00 to $140.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Bank of America boosted their price objective on Gilead Sciences from $116.00 to $126.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Oppenheimer reduced their price target on Gilead Sciences from $132.00 to $125.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Piper Sandler increased their price objective on shares of Gilead Sciences from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price objective on Gilead Sciences from $85.00 to $96.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Nine analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $110.55.

Gilead Sciences Trading Down 1.8%

The stock has a market cap of $138.07 billion, a price-to-earnings ratio of 299.66, a price-to-earnings-growth ratio of 0.71 and a beta of 0.29. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.20 and a current ratio of 1.50. The company has a 50 day moving average of $105.41 and a 200-day moving average of $101.80.

Gilead Sciences (NASDAQ:GILD) last released its earnings results on Thursday, April 24th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Gilead Sciences had a return on equity of 31.63% and a net margin of 1.67%. The firm had revenue of $6.67 billion during the quarter, compared to analyst estimates of $6.77 billion. During the same period last year, the business posted ($1.32) earnings per share. Gilead Sciences’s revenue was down .3% compared to the same quarter last year. On average, research analysts anticipate that Gilead Sciences, Inc. will post 7.95 earnings per share for the current year.

Gilead Sciences Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Friday, June 13th. Gilead Sciences’s dividend payout ratio is presently 66.53%.

Insider Buying and Selling at Gilead Sciences

In other news, insider Johanna Mercier sold 28,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $107.52, for a total transaction of $3,010,560.00. Following the transaction, the insider now directly owns 121,152 shares in the company, valued at approximately $13,026,263.04. This trade represents a 18.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew D. Dickinson sold 2,500 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $99.82, for a total transaction of $249,550.00. Following the completion of the sale, the chief financial officer now directly owns 165,674 shares of the company’s stock, valued at $16,537,578.68. The trade was a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,000 shares of company stock worth $4,630,310 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Gilead Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bridgewater Associates LP lifted its position in Gilead Sciences by 122.7% in the fourth quarter. Bridgewater Associates LP now owns 460,936 shares of the biopharmaceutical company’s stock valued at $42,577,000 after purchasing an additional 253,994 shares during the period. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Gilead Sciences by 5.2% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 284,243 shares of the biopharmaceutical company’s stock valued at $26,750,000 after buying an additional 14,009 shares during the period. Ontario Teachers Pension Plan Board raised its position in Gilead Sciences by 54.6% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 37,051 shares of the biopharmaceutical company’s stock worth $3,422,000 after acquiring an additional 13,086 shares in the last quarter. Mufg Securities Americas Inc. acquired a new stake in Gilead Sciences in the fourth quarter valued at $1,699,000. Finally, Convergence Investment Partners LLC boosted its holdings in Gilead Sciences by 15.8% during the fourth quarter. Convergence Investment Partners LLC now owns 68,447 shares of the biopharmaceutical company’s stock worth $6,322,000 after buying an additional 9,330 shares in the last quarter. 83.67% of the stock is currently owned by hedge funds and other institutional investors.

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.