Meridian Wealth Management LLC Acquires Shares of 15,004 Barrick Gold Corp (NYSE:GOLD)

Meridian Wealth Management LLC bought a new position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,004 shares of the gold and copper producer’s stock, valued at approximately $298,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. EdgePoint Investment Group Inc. boosted its stake in 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 period. CIBC Asset Management Inc lifted its holdings in shares of Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after buying an additional 461,406 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Barrick Gold by 16.5% in the second quarter. Dimensional Fund Advisors LP now owns 7,471,407 shares of the gold and copper producer’s stock valued at $124,635,000 after acquiring an additional 1,057,886 shares in the last quarter. Finally, Mondrian Investment Partners LTD increased its position in Barrick Gold by 1.5% during the second quarter. Mondrian Investment Partners LTD now owns 5,975,918 shares of the gold and copper producer’s stock worth $110,614,000 after acquiring an additional 88,008 shares during the period. Institutional investors own 62.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Scotiabank cut their price objective on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Monday. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Royal Bank of Canada raised their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Finally, TD Securities reduced their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.70.

Barrick Gold Price Performance

Barrick Gold stock opened at $17.69 on Tuesday. The stock has a fifty day moving average of $19.42 and a 200-day moving average of $18.53. The stock has a market capitalization of $30.92 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. 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 52 week low of $13.76 and a 52 week high of $21.35.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.26%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

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.