Cedar Wealth Management LLC Sells 1,911 Shares of Barrick Gold Corp (NYSE:GOLD)

Cedar Wealth Management LLC decreased its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,939 shares of the gold and copper producer’s stock after selling 1,911 shares during the period. Barrick Gold makes up 0.4% of Cedar Wealth Management LLC’s portfolio, making the stock its 27th largest holding. Cedar Wealth Management LLC’s holdings in Barrick Gold were worth $976,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GOLD. BNP Paribas grew its position in shares of Barrick Gold by 221.7% during the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock worth $62,000 after buying an additional 2,113 shares during the period. First Horizon Advisors Inc. raised its stake in Barrick Gold by 619.7% in the 4th quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after acquiring an additional 2,646 shares during the period. Avior Wealth Management LLC grew its holdings in Barrick Gold by 24.1% in the 3rd quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock valued at $68,000 after buying an additional 659 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Barrick Gold in the 4th quarter valued at $65,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Barrick Gold by 196.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock worth $65,000 after purchasing an additional 2,771 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research report on Wednesday. UBS Group upgraded Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, March 5th. TD Securities lowered their price objective on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Berenberg Bank raised their price objective on Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Finally, Scotiabank raised their price objective on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $18.86 on Friday. The business’s fifty day simple moving average is $17.50 and its 200 day simple moving average is $18.04. The firm has a market capitalization of $32.54 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. Barrick Gold Corp has a 12 month low of $0.25 and a 12 month high of $21.35. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. As a group, analysts anticipate that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 12th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Friday, February 28th. Barrick Gold’s payout ratio is 32.52%.

Barrick Gold Company 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.