Wellington Management Group LLP Has $996.80 Million Position in Barrick Gold Corp (NYSE:GOLD)

Wellington Management Group LLP boosted its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 17.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 64,310,800 shares of the gold and copper producer’s stock after purchasing an additional 9,598,292 shares during the quarter. Wellington Management Group LLP owned about 3.73% of Barrick Gold worth $996,802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Principal Financial Group Inc. increased its holdings in Barrick Gold by 19.9% in the third quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock valued at $9,630,000 after purchasing an additional 80,366 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Barrick Gold by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,073,717 shares of the gold and copper producer’s stock valued at $78,637,000 after acquiring an additional 128,203 shares during the period. Crocodile Capital Partners GmbH boosted its stake in Barrick Gold by 97.3% during the 4th quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock worth $22,630,000 after acquiring an additional 720,000 shares during the last quarter. Chiron Investment Management LLC grew its holdings in Barrick Gold by 36.5% during the third quarter. Chiron Investment Management LLC now owns 604,199 shares of the gold and copper producer’s stock valued at $12,018,000 after purchasing an additional 161,688 shares during the period. Finally, Legend Financial Advisors Inc. bought a new stake in Barrick Gold in the fourth quarter valued at approximately $700,000. Institutional investors own 62.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GOLD shares. 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. Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the company from $21.00 to $18.00 in a research note on Monday, January 27th. Stifel Canada raised Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Raymond James lifted their target price on Barrick Gold from $23.00 to $23.50 and gave the company an “outperform” rating in a research report on Monday. Finally, Scotiabank upped their price target 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. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $23.71.

Barrick Gold Stock Up 1.4 %

Barrick Gold stock opened at $19.41 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The company’s 50-day moving average is $17.92 and its 200-day moving average is $18.02. The firm has a market capitalization of $33.49 billion, a PE ratio of 15.78, a P/E/G ratio of 0.44 and a beta of 0.58. Barrick Gold Corp has a fifty-two week low of $15.11 and a fifty-two week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) 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%. Sell-side analysts anticipate that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.06%. Barrick Gold’s dividend payout ratio (DPR) is 32.52%.

Barrick Gold announced that its board has initiated 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 often an indication that the company’s board believes its stock is undervalued.

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.