Cedar Wealth Management LLC Cuts Holdings in Barrick Gold Corp (NYSE:GOLD)

Cedar Wealth Management LLC reduced its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,939 shares of the gold and copper producer’s stock after selling 1,911 shares during the quarter. Barrick Gold makes up approximately 0.4% of Cedar Wealth Management LLC’s investment portfolio, making the stock its 27th biggest position. Cedar Wealth Management LLC’s holdings in Barrick Gold were worth $976,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas raised its holdings in Barrick Gold by 221.7% in the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock worth $62,000 after purchasing an additional 2,113 shares during the period. First Horizon Advisors Inc. raised its holdings 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 worth $48,000 after purchasing an additional 2,646 shares during the period. Avior Wealth Management LLC raised its holdings in Barrick Gold by 24.1% during the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock valued at $68,000 after acquiring an additional 659 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in Barrick Gold during the fourth quarter valued at about $65,000. Finally, Exchange Traded Concepts LLC raised its holdings in Barrick Gold by 196.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock valued at $65,000 after acquiring an additional 2,771 shares during the period. 62.85% of the stock is owned by institutional investors.

Barrick Gold Stock Down 2.2 %

Shares of NYSE GOLD opened at $18.86 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. The firm has a market capitalization of $32.54 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 0.44 and a beta of 0.58. The stock has a 50 day moving average price of $17.50 and a 200 day moving average price of $18.04. Barrick Gold Corp has a 52-week low of $0.25 and a 52-week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Sell-side analysts expect that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold Announces Dividend

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

Barrick Gold announced that its board has authorized a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

GOLD has been the topic of a number of recent analyst reports. Berenberg Bank raised their price target on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Scotiabank raised their price target on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a report on Tuesday, February 18th. Raymond James cut their price objective on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Finally, Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the company from $21.00 to $18.00 in a research report on Monday, January 27th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

About Barrick Gold

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.