PNC Financial Services Group Inc. Sells 2,682 Shares of Barrick Gold Corp (NYSE:GOLD)

PNC Financial Services Group Inc. lowered its holdings in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 12.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,136 shares of the gold and copper producer’s stock after selling 2,682 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Barrick Gold were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Barrick Gold by 58.4% during the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after buying an additional 37,128,653 shares during the period. Van ECK Associates Corp grew its position in shares of Barrick Gold by 9.7% in the fourth quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after purchasing an additional 7,150,142 shares during the last quarter. Capital World Investors increased its stake in shares of Barrick Gold by 16.4% in the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after purchasing an additional 6,417,244 shares during the period. Ruffer LLP lifted its position in shares of Barrick Gold by 198.3% during the 4th quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock worth $173,727,000 after purchasing an additional 6,385,566 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in Barrick Gold by 28.3% during the 4th quarter. TD Asset Management Inc now owns 17,713,269 shares of the gold and copper producer’s stock valued at $321,595,000 after purchasing an additional 3,910,872 shares during the period. 62.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GOLD shares. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price objective on shares of Barrick Gold in a research report on Monday, March 4th. National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. Finally, BMO Capital Markets reduced their target price on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.60.

Barrick Gold Trading Down 1.0 %

Shares of GOLD opened at $16.68 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32. The company has a market cap of $29.28 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 0.48 and a beta of 0.59. The stock has a fifty day moving average price of $16.84 and a two-hundred day moving average price of $16.49. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $18.95.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.04. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the previous year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts predict that Barrick Gold Corp will post 1.08 EPS for the current fiscal year.

Barrick Gold Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were paid a dividend of $0.10 per share. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Friday, May 31st. Barrick Gold’s dividend payout ratio is 47.56%.

Barrick Gold Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.