Parnassus Investments LLC Sells 280,937 Shares of Gilead Sciences, Inc. (NASDAQ:GILD)

Parnassus Investments LLC decreased its position in Gilead Sciences, Inc. (NASDAQ:GILD) by 19.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,151,874 shares of the biopharmaceutical company’s stock after selling 280,937 shares during the quarter. Parnassus Investments LLC owned 0.09% of Gilead Sciences worth $96,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Swedbank AB bought a new stake in shares of Gilead Sciences in the 1st quarter worth about $134,489,000. International Assets Investment Management LLC increased its stake 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 acquiring an additional 1,622,806 shares during the last quarter. Capital Research Global Investors raised its position in 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 purchasing an additional 1,589,240 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Gilead Sciences by 24.7% in the 2nd quarter. Pacer Advisors Inc. now owns 7,889,663 shares of the biopharmaceutical company’s stock valued at $541,310,000 after purchasing an additional 1,564,792 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Gilead Sciences during the 2nd quarter valued at approximately $102,298,000. 83.67% of the stock is owned by hedge funds and other institutional investors.

Gilead Sciences Trading Up 0.1 %

Shares of NASDAQ GILD opened at $88.46 on Tuesday. The business has a fifty day moving average price of $86.87 and a 200 day moving average price of $76.27. Gilead Sciences, Inc. has a 1-year low of $62.07 and a 1-year 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. The stock has a market capitalization of $110.25 billion, a P/E ratio of 982.89, a price-to-earnings-growth ratio of 2.74 and a beta of 0.17.

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

Gilead Sciences Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 3.48%. The ex-dividend date is Friday, December 13th. Gilead Sciences’s dividend payout ratio is currently 3,422.22%.

Insider Transactions at Gilead Sciences

In other 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 completion of the transaction, the insider now owns 99,599 shares of the company’s stock, valued at $9,113,308.50. The trade was a 20.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Johanna Mercier sold 29,357 shares of Gilead Sciences stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $83.78, for a total value of $2,459,529.46. Following the transaction, the insider now owns 78,127 shares of the company’s stock, valued at approximately $6,545,480.06. This represents a 27.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,947 shares of company stock valued at $4,968,674. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

GILD has been the subject of a number of analyst reports. The Goldman Sachs Group raised their price target on Gilead Sciences from $74.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of Gilead Sciences from $100.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Barclays increased their price objective on shares of Gilead Sciences from $84.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Citigroup began coverage on Gilead Sciences in a research report on Thursday, November 14th. They set a “buy” rating and a $125.00 target price for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Gilead Sciences in a report on Thursday, November 7th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $94.00.

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.