Recently, hedge funds have adjusted their investments in Barrick Gold. Wellington Management increased its stake by 58.4% in Q4, owning 100,680,644 shares worth $1.82 billion after adding 37,128,653 shares. Vanguard Group raised its stake by 1.7% in Q1, now holding 64,761,067 shares valued at $1.08 billion after buying 1,089,572 additional shares. First Eagle Investment Management’s stake grew by 31.6% in Q1, now owning 58,820,050 shares worth $978.77 million, following a purchase of 14,138,639 shares. EdgePoint Investment Group raised its stake by 3.7% in Q2, owning 18,837,028 shares valued at $314.25 million after acquiring 666,214 shares. National Bank of Canada FI increased its stake by 9.0% in Q1, now holding 14,887,656 shares worth $251.93 million after buying 1,231,184 shares. Overall, institutional investors own 62.85% of the company.
Analyst Ratings Changes
Recently, several analysts have updated their ratings on Barrick Gold. Argus upgraded the stock from hold to buy with a price target of $24.00 on August 29. Scotiabank raised its target from $23.00 to $25.00, giving it a sector outperform rating on August 19. CIBC set a new target of $27.00, with an outperform rating on July 10. Meanwhile, Raymond James lowered its target from $26.50 to $26.00 but maintained an outperform rating on September 26. Royal Bank of Canada raised its target from $21.00 to $22.00 on September 10, also rating it as outperform. Currently, Barrick Gold has an average rating of Moderate Buy and a target price of $23.67.
Barrick Gold Trading Down 0.4%
Barrick Gold shares opened at $19.98 on Friday. The stock has traded between $13.76 and $21.21 in the past year. Key ratios include a current ratio of 3.01, quick ratio of 2.31, and debt-to-equity ratio of 0.15. It has a market cap of $35.02 billion and a PE ratio of 24.37. The company reported Q2 earnings of $0.32 per share, exceeding estimates of $0.27, and revenue of $3.16 billion, up 11.6% year-over-year.
Barrick Gold Announces Dividend
The company recently declared a quarterly dividend of $0.10 per share, paid on September 16. The annualized dividend is $0.40, yielding 2.00%, with a payout ratio of 48.78%.
About Barrick Gold
Barrick Gold Corporation is a leading gold and copper producer, trading on NYSE under symbol GOLD and on TSX as ABX. The company merged with Randgold Resources in January 2019 and operates a joint venture with Newmont Corporation called Nevada Gold Mines.
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