Jennison Associates LLC Purchases New Shares in Gilead Sciences, Inc. (NASDAQ:GILD)

Jennison Associates LLC acquired a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 943,628 shares of the biopharmaceutical company's stock, valued at approximately $87,163,000. Jennison Associates LLC owned 0.08% of Gilead Sciences as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in shares of Gilead Sciences by 1.4% during the third quarter. State Street Corp now owns 60,171,691 shares of the biopharmaceutical company's stock valued at $5,044,795,000 after buying an additional 841,776 shares during the last quarter. Wellington Management Group LLP grew its position in Gilead Sciences by 50.9% in the 3rd quarter. Wellington Management Group LLP now owns 34,600,676 shares of the biopharmaceutical company's stock valued at $2,900,921,000 after acquiring an additional 11,665,593 shares during the last quarter. FMR LLC increased its stake in Gilead Sciences by 79.4% in the third quarter. FMR LLC now owns 33,162,319 shares of the biopharmaceutical company's stock worth $2,780,329,000 after purchasing an additional 14,680,161 shares during the period. Geode Capital Management LLC lifted its position in shares of Gilead Sciences by 2.1% during the third quarter. Geode Capital Management LLC now owns 27,540,870 shares of the biopharmaceutical company's stock worth $2,302,119,000 after purchasing an additional 574,421 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Gilead Sciences by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,752,975 shares of the biopharmaceutical company's stock valued at $650,009,000 after purchasing an additional 224,960 shares during the period. Institutional investors own 83.67% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Gilead Sciences from $83.00 to $97.00 and gave the company a "hold" rating in a report on Friday, November 8th. Piper Sandler boosted their price target on Gilead Sciences from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Maxim Group downgraded Gilead Sciences from a "buy" rating to a "hold" rating in a report on Friday, November 8th. The Goldman Sachs Group upped their target price on Gilead Sciences from $74.00 to $84.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Finally, BMO Capital Markets raised their price target on Gilead Sciences from $94.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.39.

Gilead Sciences Stock Performance

Gilead Sciences stock traded down $2.00 during mid-day trading on Friday, reaching $96.04. 7,182,199 shares of the company traded hands, compared to its average volume of 6,916,494. The firm's fifty day moving average is $92.97 and its two-hundred day moving average is $86.49. The company has a market capitalization of $119.69 billion, a price-to-earnings ratio of 1,067.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.18. Gilead Sciences, Inc. has a fifty-two week low of $62.07 and a fifty-two week high of $100.51. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.26 and a quick ratio of 1.10.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last issued its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $2.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.44. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.01 billion. Gilead Sciences had a return on equity of 29.00% and a net margin of 0.45%. The firm's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the business posted $2.29 EPS. On average, equities research analysts expect that Gilead Sciences, Inc. will post 4.34 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Merdad Parsey sold 164,211 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $91.92, for a total value of $15,094,275.12. Following the sale, the insider now directly owns 80,801 shares of the company's stock, valued at $7,427,227.92. This represents a 67.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew D. Dickinson sold 248,645 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $92.76, for a total transaction of $23,064,310.20. Following the completion of the sale, the chief financial officer now owns 138,919 shares in the company, valued at $12,886,126.44. The trade was a 64.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 572,824 shares of company stock valued at $53,611,715. Company insiders own 0.29% of the company's stock.

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.