GSK (NYSE:GSK) Stock Price Up 6.9% Following Dividend Announcement

GSK PLC Sponsored ADR (NYSE:GSK)’s stock price was up 6.9% on Tuesday following a dividend announcement from the company. The stock traded as high as $55.62 and last traded at $55.5750. Approximately 1,685,655 shares were traded during trading, a decline of 64% from the average daily volume of 4,652,362 shares. The stock had previously closed at $51.98.

The newly announced dividend which will be paid on Thursday, October 8th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.4515 per share. The ex-dividend date is Friday, August 14th. This represents a $1.81 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from GSK’s previous quarterly dividend of $0.44. GSK’s dividend payout ratio is 46.49%.

Wall Street Analysts Forecast Growth

GSK has been the subject of several research analyst reports. Jefferies Financial Group raised shares of GSK to a “strong-buy” rating in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of GSK in a report on Thursday, July 9th. HSBC upgraded shares of GSK from a “reduce” rating to a “hold” rating in a research report on Monday, July 6th. Citigroup began coverage on GSK in a research report on Friday, July 24th. They issued a “neutral” rating on the stock. Finally, Weiss Ratings lowered GSK from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $53.00.

GSK Price Performance

The firm has a market capitalization of $107.50 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 3.42 and a beta of 0.35. The company’s 50 day moving average is $51.72 and its 200 day moving average is $53.48. The company has a quick ratio of 0.52, a current ratio of 0.79 and a debt-to-equity ratio of 0.80.

Institutional Investors Weigh In On GSK

Large investors have recently added to or reduced their stakes in the stock. First Horizon Corp increased its stake in GSK by 78.7% during the 4th quarter. First Horizon Corp now owns 536 shares of the pharmaceutical company’s stock worth $26,000 after acquiring an additional 236 shares during the period. Elyxium Wealth LLC bought a new stake in shares of GSK during the 4th quarter valued at $30,000. Triumph Capital Management acquired a new stake in shares of GSK during the 3rd quarter worth $40,000. Coston McIsaac & Partners grew its holdings in shares of GSK by 17.3% during the 4th quarter. Coston McIsaac & Partners now owns 1,395 shares of the pharmaceutical company’s stock worth $68,000 after purchasing an additional 206 shares in the last quarter. Finally, Bogart Wealth LLC increased its position in shares of GSK by 15.3% in the first quarter. Bogart Wealth LLC now owns 1,508 shares of the pharmaceutical company’s stock worth $83,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 15.74% of the company’s stock.

GSK Company Profile

GSK (GlaxoSmithKline plc) is a London-headquartered, multinational pharmaceutical and healthcare company formed through the 2000 merger of Glaxo Wellcome and SmithKline Beecham. The company is dual-listed and operates globally, developing, manufacturing and commercializing prescription medicines, vaccines and specialty treatments. Over its history GSK has evolved through portfolio reshaping and strategic transactions to focus on science-led pharmaceuticals and vaccines.

GSK’s core activities include research and development of therapies and vaccines across a range of therapeutic areas, commercial manufacturing, and global marketing.