Cookson Peirce & Co. Inc. significantly increased its holdings in Gilead Sciences, Inc. (NASDAQ:GILD) by a remarkable 249.1% during the third quarter of 2023. This change is detailed in the firm’s latest Form 13F filing with the Securities and Exchange Commission. After acquiring an additional 7,168 shares, Cookson Peirce now owns a total of 10,045 shares of the biopharmaceutical company, valued at approximately $1.115 million.
Other institutional investors have also adjusted their positions in Gilead. Notably, Rothschild Investment LLC increased its stake by 1.9% in the second quarter, owning 4,539 shares valued at about $503,000 after purchasing an additional 84 shares. Similarly, Hemington Wealth Management expanded its holdings by 9.3% during the third quarter, now owning 998 shares worth around $110,000.
Ignite Planners LLC and Archer Investment Corp also reported increases in their stakes during the same period. Ignite Planners raised its holdings by 1.1%, acquiring an additional 86 shares for a total of 7,932 shares valued at $880,000. Archer Investment Corp increased its position by 1.2%, now holding 7,277 shares valued at $807,000. Whittier Trust Co. of Nevada Inc. raised its holdings by 0.3%, now owning 34,711 shares valued at approximately $3.912 million. Currently, institutional investors own 83.67% of Gilead’s stock.
Positive Developments and Analyst Sentiment
Recent news has generated positive sentiment around Gilead Sciences. The company reported strong fourth-quarter results, exceeding analysts’ expectations and raising its fiscal year 2026 guidance. This has prompted several analysts to boost their price targets. Wolfe Research increased its target to $170, while Oppenheimer set theirs at $165. Other significant upgrades include TD Cowen at $160 and Deutsche Bank at $155, signaling strong analyst confidence in the company’s performance.
Bank of America also raised its price target to $162, reaffirming a “Buy” rating following the positive earnings report. Notably, both J.P. Morgan and Scotiabank reiterated their “Buy” ratings, further illustrating institutional support. Analysts highlight Gilead’s pipeline and product catalysts, including the expansion of the Yescarta label and ongoing momentum in its HIV franchise, which are viewed as durable growth drivers.
Stock Performance and Future Outlook
As of the latest trading session, Gilead Sciences’ stock was up 2.1%, opening at $154.98. The company boasts a market capitalization of $192.28 billion and a price-to-earnings ratio of 22.89. Gilead’s financial health is underscored by a return on equity of 49.46% and a net margin of 28.90%. The company reported revenue of $7.93 billion for the quarter, surpassing the consensus estimate of $7.68 billion.
For the fiscal year 2026, Gilead has set its earnings per share guidance in the range of $8.450 to $8.850. Analysts expect Gilead to post an average of $7.95 earnings per share for the current year.
In addition to these developments, Gilead announced a quarterly dividend of $0.82 per share, an increase from the previous $0.79. This dividend will be paid on March 30, 2024, to shareholders of record as of March 13, 2024. This represents an annualized yield of 2.1% and a payout ratio of 46.68%.
Insider trading also reflects activity in the company. On November 17, 2023, insider Johanna Mercier sold 28,000 shares at an average price of $125.86, totaling approximately $3.52 million. Similarly, CEO Daniel O’Day sold 115,640 shares at an average price of $135.00, amounting to roughly $15.61 million. These transactions have led to a decrease in their respective shareholdings.
With continued positive analyst sentiment and solid financial results, Gilead Sciences remains a focal point for investors, particularly in the biopharmaceutical sector.
