Cornerstone Wealth Management LLC Trims Position in GSK plc (NYSE:GSK)

Cornerstone Wealth Management LLC reduced its holdings in GSK plc (NYSE:GSK) by 9.2% during the 4th quarter, Holdings Channel reports. The fund owned 9,539 shares of the pharmaceutical company’s stock after selling 964 shares during the period. Cornerstone Wealth Management LLC’s holdings in GSK were worth $323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GSK. FMR LLC increased its holdings in GSK by 8.3% in the third quarter. FMR LLC now owns 29,008,928 shares of the pharmaceutical company’s stock valued at $1,185,885,000 after buying an additional 2,224,345 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of GSK in the 2nd quarter valued at about $52,487,000. Fisher Asset Management LLC raised its holdings in GSK by 4.9% in the 3rd quarter. Fisher Asset Management LLC now owns 18,576,930 shares of the pharmaceutical company’s stock worth $759,425,000 after purchasing an additional 870,449 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in GSK by 30.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 3,542,143 shares of the pharmaceutical company’s stock worth $144,803,000 after purchasing an additional 833,080 shares in the last quarter. Finally, Bridgewater Associates LP grew its holdings in GSK by 107.3% in the third quarter. Bridgewater Associates LP now owns 965,836 shares of the pharmaceutical company’s stock valued at $39,483,000 after purchasing an additional 500,010 shares during the period. Institutional investors and hedge funds own 15.74% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on GSK shares. Deutsche Bank Aktiengesellschaft downgraded GSK from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. StockNews.com cut shares of GSK from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 21st. Jefferies Financial Group lowered shares of GSK from a “buy” rating to a “hold” rating and dropped their target price for the company from $53.00 to $39.50 in a research report on Tuesday, November 12th. Finally, Guggenheim downgraded shares of GSK from a “buy” rating to a “neutral” rating in a research report on Thursday, October 31st. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.25.

GSK Price Performance

GSK stock opened at $34.29 on Monday. The company has a fifty day simple moving average of $33.91 and a 200-day simple moving average of $37.81. The firm has a market capitalization of $71.06 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 1.31 and a beta of 0.63. The company has a quick ratio of 0.53, a current ratio of 0.81 and a debt-to-equity ratio of 0.98. GSK plc has a 52-week low of $31.72 and a 52-week high of $45.92.

GSK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Friday, November 15th were issued a $0.3928 dividend. This is an increase from GSK’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.57 dividend on an annualized basis and a yield of 4.58%. GSK’s dividend payout ratio is presently 96.10%.

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.