State of Michigan Retirement System Has $27.03 Million Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

State of Michigan Retirement System lifted its holdings in shares of Gilead Sciences, Inc. (NASDAQ:GILD) by 0.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 369,043 shares of the biopharmaceutical company’s stock after buying an additional 300 shares during the period. State of Michigan Retirement System’s holdings in Gilead Sciences were worth $27,032,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Tompkins Financial Corp raised its stake in Gilead Sciences by 223.1% during the third quarter. Tompkins Financial Corp now owns 349 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 241 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Gilead Sciences during the 4th quarter worth approximately $29,000. Private Wealth Management Group LLC acquired a new position in shares of Gilead Sciences during the fourth quarter worth $29,000. Sachetta LLC bought a new stake in shares of Gilead Sciences in the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. acquired a new stake in Gilead Sciences in the fourth quarter valued at $33,000. 83.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Barclays reduced their price target on Gilead Sciences from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Monday, April 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $74.00 price objective on shares of Gilead Sciences in a research note on Monday. TD Cowen decreased their target price on Gilead Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, April 26th. Morgan Stanley decreased their price target on shares of Gilead Sciences from $80.00 to $78.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Finally, Maxim Group lowered their target price on Gilead Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Gilead Sciences has an average rating of “Hold” and an average price target of $83.47.

Insider Activity

In related news, insider Merdad Parsey sold 2,000 shares of Gilead Sciences stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $68.63, for a total value of $137,260.00. Following the completion of the transaction, the insider now directly owns 96,380 shares in the company, valued at approximately $6,614,559.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Gilead Sciences Trading Down 0.3 %

Shares of GILD stock opened at $68.40 on Wednesday. Gilead Sciences, Inc. has a 12-month low of $62.07 and a 12-month high of $87.86. The company has a quick ratio of 0.94, a current ratio of 1.08 and a debt-to-equity ratio of 1.31. The company has a 50 day moving average of $66.01 and a 200-day moving average of $72.42. The firm has a market cap of $85.22 billion, a P/E ratio of 190.00, a PEG ratio of 2.92 and a beta of 0.18.

Gilead Sciences (NASDAQ:GILD) last released its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.17. The business had revenue of $6.69 billion during the quarter, compared to the consensus estimate of $6.36 billion. Gilead Sciences had a return on equity of 24.34% and a net margin of 1.76%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the business posted $1.37 earnings per share. Sell-side analysts anticipate that Gilead Sciences, Inc. will post 3.75 earnings per share for the current year.

Gilead Sciences Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Friday, June 14th were given a dividend of $0.77 per share. The ex-dividend date was Friday, June 14th. This represents a $3.08 dividend on an annualized basis and a yield of 4.50%. Gilead Sciences’s dividend payout ratio is presently 855.56%.

Gilead Sciences 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.