Addenda Capital Inc. Increases Holdings in Barrick Gold Corp (NYSE:GOLD)

Addenda Capital Inc. lifted its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,401,445 shares of the gold and copper producer’s stock after buying an additional 107,270 shares during the period. Barrick Gold comprises 2.0% of Addenda Capital Inc.’s investment portfolio, making the stock its 14th largest position. Addenda Capital Inc. owned 0.14% of Barrick Gold worth $40,056,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Barrick Gold by 58.4% during the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after buying an additional 37,128,653 shares during the period. Van ECK Associates Corp increased its stake in shares of Barrick Gold by 9.7% during the fourth quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after buying an additional 7,150,142 shares during the period. Vanguard Group Inc. increased its stake in shares of Barrick Gold by 1.7% during the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares during the period. First Eagle Investment Management LLC increased its stake 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 period. Finally, Capital World Investors increased its stake in shares of Barrick Gold by 16.4% during the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after buying an additional 6,417,244 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. CIBC boosted their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Jefferies Financial Group lifted their price target on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, BMO Capital Markets dropped their price target on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.20.

Barrick Gold Price Performance

Shares of NYSE GOLD traded up $0.02 during mid-day trading on Wednesday, reaching $19.15. The company’s stock had a trading volume of 25,544,391 shares, compared to its average volume of 21,852,924. The firm has a market capitalization of $33.56 billion, a PE ratio of 23.35, a P/E/G ratio of 0.48 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49. The stock has a fifty day moving average of $17.43 and a two-hundred day moving average of $16.65. Barrick Gold Corp has a 52 week low of $13.76 and a 52 week high of $19.45.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. As a group, sell-side analysts anticipate that Barrick Gold Corp will post 1.16 EPS for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is 48.78%.

Barrick Gold 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.