Meridian Wealth Management LLC Invests $298,000 in Barrick Gold Corp (NYSE:GOLD)

Meridian Wealth Management LLC acquired a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 15,004 shares of the gold and copper producer’s stock, valued at approximately $298,000.

Several other hedge funds also recently modified their holdings of GOLD. Clean Yield Group acquired a new stake in Barrick Gold during the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC raised its stake in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after acquiring an additional 935 shares during the last quarter. Crewe Advisors LLC lifted its holdings in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold in the second quarter worth $32,000. Finally, Eastern Bank acquired a new stake in Barrick Gold in the third quarter valued at $32,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GOLD. Jefferies Financial Group lifted their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada upped their target price on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Raymond James decreased their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday. Finally, CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.70.

Barrick Gold Trading Down 2.9 %

GOLD opened at $17.69 on Tuesday. The company has a fifty day moving average price of $19.42 and a two-hundred day moving average price of $18.53. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $21.35. The company has a market cap of $30.92 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

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.