GSK plc (NYSE:GSK) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC lifted its position in shares of GSK plc (NYSE:GSK) by 9.1% in the third quarter, Holdings Channel reports. The institutional investor owned 44,801 shares of the pharmaceutical company’s stock after acquiring an additional 3,733 shares during the quarter. Fred Alger Management LLC’s holdings in GSK were worth $1,831,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Eastern Bank acquired a new stake in GSK during the third quarter worth $26,000. Concord Wealth Partners increased its position in shares of GSK by 231.8% during the 3rd quarter. Concord Wealth Partners now owns 783 shares of the pharmaceutical company’s stock worth $32,000 after purchasing an additional 547 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in GSK in the 2nd quarter valued at about $37,000. Fortitude Family Office LLC acquired a new position in GSK in the third quarter valued at about $42,000. Finally, PrairieView Partners LLC purchased a new position in GSK during the second quarter worth about $47,000. Hedge funds and other institutional investors own 15.74% of the company’s stock.

GSK Price Performance

GSK stock opened at $34.13 on Monday. The business’s 50-day moving average is $37.29 and its two-hundred day moving average is $39.93. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.81 and a quick ratio of 0.53. The firm has a market capitalization of $70.74 billion, a P/E ratio of 22.16, a P/E/G ratio of 1.31 and a beta of 0.66. GSK plc has a 1 year low of $32.83 and a 1 year high of $45.92.

GSK Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Friday, November 15th will be issued a $0.3928 dividend. This is a boost from GSK’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.57 annualized dividend and a yield of 4.60%. GSK’s dividend payout ratio (DPR) is 99.35%.

Insider Buying and Selling

In other GSK news, major shareholder Plc Gsk purchased 2,791,930 shares of the business’s stock in a transaction on Friday, September 27th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $22,335,440.00. Following the completion of the purchase, the insider now directly owns 16,775,691 shares in the company, valued at approximately $134,205,528. This represents a 19.97 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on GSK. Barclays upgraded shares of GSK to a “hold” rating in a report on Tuesday, August 27th. Argus upgraded GSK to a “strong-buy” rating in a research note on Wednesday, August 7th. Guggenheim cut GSK from a “buy” rating to a “neutral” rating in a research note on Thursday, October 31st. Jefferies Financial Group lowered GSK from a “buy” rating to a “hold” rating and decreased their target price for the stock from $53.00 to $39.50 in a research note on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft downgraded GSK from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.25.

GSK Profile

GSK plc, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, and specialty and general medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through two segments, Commercial Operations and Total R&D.