Generali Investments Management Co LLC has significantly increased its stake in Gilead Sciences, Inc. by 44.8% during the third quarter of 2023. According to a recent 13F filing with the Securities and Exchange Commission, the firm now owns a total of 19,605 shares of the biopharmaceutical company after acquiring an additional 6,067 shares. The value of Generali’s holdings in Gilead was approximately $2,176,000 at the end of the quarter.
Other institutional investors have also been active in adjusting their positions in Gilead. For instance, Vanguard Group Inc. raised its stake by 1.6% in the second quarter, now holding 119,364,226 shares valued at around $13.23 billion after buying an additional 1,893,401 shares. Geode Capital Management LLC boosted its holdings by 2.6%, bringing its total to 29,207,662 shares valued at $3.23 billion. Additionally, Norges Bank entered a new position worth $2.15 billion, while Invesco Ltd. increased its stake by 33.5%, owning 13,521,228 shares now valued at $1.5 billion. Amundi also raised its stake by 18.2%, owning 10,467,411 shares worth $1.17 billion.
As of now, institutional investors own 83.67% of Gilead Sciences’ stock, reflecting strong institutional interest in the company.
Gilead Sciences Stock Performance and Dividend Announcement
On the stock market, shares of Gilead Sciences (NASDAQ: GILD) opened at $143.77. The company has a market capitalization of $178.48 billion and possesses a debt-to-equity ratio of 0.98. Gilead’s stock features a 50-day moving average price of $135.61 and a 200-day moving average price of $124.58. The price-to-earnings (PE) ratio stands at 21.24, with a price-to-earnings-growth (PEG) ratio of 1.93. Over the past year, Gilead shares reached a low of $93.37 and a high of $157.29.
In addition to stock performance, Gilead Sciences has announced a quarterly dividend of $0.82 per share, set to be paid on March 30, 2024. This marks an increase from the previous dividend of $0.79 and represents an annualized dividend of $3.28 with a yield of 2.3%. Shareholders on record as of March 13, 2024 will receive this dividend, and the ex-dividend date is also set for March 13.
Analysts’ Ratings and Insider Activity
Recent commentary from analysts indicates a positive outlook for Gilead Sciences. Rothschild & Co Redburn has raised its price target on Gilead from $159.00 to $170.00, assigning the stock a “buy” rating. Similarly, JPMorgan Chase & Co. increased their target price from $150.00 to $160.00, maintaining an “overweight” rating. UBS Group and Wolfe Research also raised their price targets to $155.00 and $170.00, respectively. Currently, 23 equities research analysts have rated Gilead as a Buy, with a consensus rating of “Moderate Buy” and an average price target of $156.72.
In terms of insider trading activity, CEO Daniel Patrick O’Day sold 115,640 shares at an average price of $135.00 on January 23, 2024, totaling approximately $15.61 million. Following this transaction, O’Day retains 566,698 shares valued at around $76.5 million, reflecting a 16.95% decrease in ownership. Additionally, Director Jeffrey Bluestone sold 5,000 shares at an average price of $123.50 on January 20, 2024, resulting in a total of $617,500. This sale reduced his ownership by 35.92%.
With insiders selling a total of 299,280 shares valued at approximately $42.49 million over the past three months, it is notable that insiders currently own only 0.27% of the company’s stock.
Founded in 1987 and headquartered in Foster City, California, Gilead Sciences, Inc. focuses on developing and commercializing medicines in high-need areas, particularly in antiviral therapies, oncology, cell therapy, and inflammatory diseases. The company has established a strong global presence through its research and commercial operations, with a product portfolio anchored by antiviral therapies for HIV and viral hepatitis.
