Allstate Corp Makes New $3.42 Million Investment in Gilead Sciences, Inc. (NASDAQ:GILD)

Allstate Corp bought a new stake in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 37,048 shares of the biopharmaceutical company's stock, valued at approximately $3,422,000.

A number of other institutional investors have also modified their holdings of the stock. Fiduciary Trust Co grew its holdings in Gilead Sciences by 26.4% during the third quarter. Fiduciary Trust Co now owns 13,424 shares of the biopharmaceutical company's stock worth $1,125,000 after acquiring an additional 2,807 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Gilead Sciences by 13.4% in the third quarter. Public Sector Pension Investment Board now owns 54,122 shares of the biopharmaceutical company's stock valued at $4,538,000 after purchasing an additional 6,400 shares during the period. PDT Partners LLC purchased a new stake in Gilead Sciences during the third quarter worth about $1,770,000. Point72 Europe London LLP grew its position in Gilead Sciences by 10.1% during the third quarter. Point72 Europe London LLP now owns 105,397 shares of the biopharmaceutical company's stock worth $8,836,000 after buying an additional 9,702 shares during the period. Finally, Edgestream Partners L.P. increased its holdings in Gilead Sciences by 94.5% in the third quarter. Edgestream Partners L.P. now owns 23,917 shares of the biopharmaceutical company's stock valued at $2,005,000 after buying an additional 11,618 shares in the last quarter. Institutional investors and hedge funds own 83.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Oppenheimer upped their price target on Gilead Sciences from $115.00 to $132.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Piper Sandler upped their target price on Gilead Sciences from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Bank of America lifted their price target on Gilead Sciences from $116.00 to $126.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. increased their price objective on shares of Gilead Sciences from $120.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. Finally, Morgan Stanley raised their target price on shares of Gilead Sciences from $123.00 to $130.00 and gave the company an "overweight" rating in a report on Tuesday, March 11th. Eleven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $105.12.

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Gilead Sciences Trading Down 0.7 %

Shares of GILD stock traded down $0.77 during trading hours on Tuesday, hitting $111.28. 6,284,006 shares of the company were exchanged, compared to its average volume of 7,287,905. The firm has a fifty day moving average of $105.88 and a 200 day moving average of $95.20. The company has a quick ratio of 1.20, a current ratio of 1.50 and a debt-to-equity ratio of 1.24. Gilead Sciences, Inc. has a 1 year low of $62.07 and a 1 year high of $119.96. The firm has a market cap of $138.58 billion, a PE ratio of 300.76, a PEG ratio of 0.71 and a beta of 0.21.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The biopharmaceutical company reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.23. Gilead Sciences had a net margin of 1.67% and a return on equity of 31.63%. Analysts expect that Gilead Sciences, Inc. will post 7.95 earnings per share for the current year.

Gilead Sciences Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.79 dividend. This is a positive change from Gilead Sciences's previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Friday, March 14th. Gilead Sciences's payout ratio is currently 854.05%.

Insider Activity at Gilead Sciences

In other Gilead Sciences news, CFO Andrew D. Dickinson sold 17,929 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $118.17, for a total value of $2,118,669.93. Following the completion of the sale, the chief financial officer now owns 169,061 shares of the company's stock, valued at $19,977,938.37. This trade represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 302,785 shares of company stock worth $30,503,250. Company insiders own 0.16% of the company's stock.

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.