Xcel Wealth Management LLC Lowers Stake in Barrick Gold Corp (NYSE:GOLD)

Xcel Wealth Management LLC lessened its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 11.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,950 shares of the gold and copper producer’s stock after selling 7,700 shares during the quarter. Xcel Wealth Management LLC’s holdings in Barrick Gold were worth $1,153,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after purchasing an additional 1,089,572 shares during the last quarter. First Eagle Investment Management LLC lifted its position in shares of Barrick Gold by 31.6% during the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after buying an additional 14,138,639 shares during the last quarter. EdgePoint Investment Group Inc. raised its position in shares of Barrick Gold by 3.7% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after purchasing an additional 666,214 shares during the last quarter. National Bank of Canada FI raised its position in shares of Barrick Gold by 9.0% in the 1st quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after purchasing an additional 1,231,184 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Barrick Gold by 3.3% in the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock valued at $242,491,000 after purchasing an additional 461,406 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

GOLD stock traded up $0.34 during midday trading on Tuesday, reaching $21.20. The stock had a trading volume of 9,933,246 shares, compared to its average volume of 21,001,521. The company’s fifty day simple moving average is $20.08 and its 200 day simple moving average is $18.26. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The company has a market cap of $37.16 billion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the firm posted $0.19 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, sell-side analysts predict that Barrick Gold Corp will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.89%. Barrick Gold’s dividend payout ratio is presently 48.78%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GOLD shares. Royal Bank of Canada increased their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. CIBC increased their price target on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Raymond James cut their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. UBS Group increased their price target on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.60.

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.