Drive Wealth Management LLC Invests $410,000 in Barrick Gold Corp (NYSE:GOLD)

Drive Wealth Management LLC purchased a new stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 4th quarter, HoldingsChannel reports. The fund purchased 24,456 shares of the gold and copper producer’s stock, valued at approximately $410,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Ritholtz Wealth Management increased its holdings in Barrick Gold by 2.8% in the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after purchasing an additional 502 shares in the last quarter. Greenleaf Trust increased its holdings in Barrick Gold by 2.1% in the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock valued at $510,000 after purchasing an additional 540 shares in the last quarter. Moors & Cabot Inc. increased its holdings in Barrick Gold by 0.9% in the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after purchasing an additional 579 shares in the last quarter. Chelsea Counsel Co. increased its holdings in Barrick Gold by 1.4% in the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC increased its holdings in Barrick Gold by 1.3% in the 3rd quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock valued at $992,000 after purchasing an additional 628 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $16.08 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. Barrick Gold Corp has a one year low of $13.76 and a one year high of $21.35. The company’s 50-day simple moving average is $16.42 and its 200-day simple moving average is $18.31. The stock has a market capitalization of $27.76 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 0.30 and a beta of 0.54.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.10 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.49%. Barrick Gold’s dividend payout ratio is currently 43.01%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GOLD shares. Raymond James lowered their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday, November 25th. Scotiabank downgraded Barrick Gold from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $23.00 to $19.00 in a research note on Tuesday, January 21st. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $18.00 in a research note on Monday. Finally, CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.92.

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.