CVS HEALTH Corp bought a new position in shares of SPDR Gold Shares (NYSEARCA:GLD – Free Report) during the third quarter, HoldingsChannel reports. The firm bought 8,000 shares of the exchange traded fund’s stock, valued at approximately $3,047,000. SPDR Gold Shares makes up about 0.7% of CVS HEALTH Corp’s holdings, making the stock its 27th biggest holding.
Several other hedge funds also recently made changes to their positions in the company. First Eagle Investment Management LLC increased its holdings in shares of SPDR Gold Shares by 1.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,491,623 shares of the exchange traded fund’s stock valued at $917,864,000 after acquiring an additional 35,882 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in SPDR Gold Shares by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 1,169,683 shares of the exchange traded fund’s stock worth $430,888,000 after purchasing an additional 5,793 shares during the last quarter. PPSC Investment Service Corp boosted its holdings in SPDR Gold Shares by 2.2% in the third quarter. PPSC Investment Service Corp now owns 789,050 shares of the exchange traded fund’s stock worth $300,502,000 after purchasing an additional 16,678 shares during the period. PNC Financial Services Group Inc. boosted its holdings in SPDR Gold Shares by 1.8% in the first quarter. PNC Financial Services Group Inc. now owns 707,998 shares of the exchange traded fund’s stock worth $304,644,000 after purchasing an additional 12,415 shares during the period. Finally, Bank of Korea acquired a new position in SPDR Gold Shares in the second quarter worth $250,411,831. Institutional investors and hedge funds own 42.19% of the company’s stock.
Recent SPDR Gold Shares Headlines
Investors following GLD have been watching these headlines:
- Positive Sentiment: Some analysts still see scope for a recovery: Standard Chartered expects gold to reach $4,650 by year-end, while early-session bargain buying and short covering briefly supported prices. Gold prices find solid support at $4,000 as Standard Chartered sees rally to $4,650 by year-end
- Neutral Sentiment: Ongoing central-bank gold purchases, including China’s continued reserve increases, may provide longer-term support, though they have not offset current selling pressure. China buys gold for two straight years as central bank demand remains a key pillar of support
- Negative Sentiment: Investor flows have also been a headwind: SPDR Gold Shares reportedly saw about $1.8 billion in outflows in October, while Indian gold ETF inflows fell 22% that month. Forget the ETF Outflows: Gold Miners Offer 3X Leverage As Cash Flow Surges
SPDR Gold Shares Price Performance
GLD stock opened at $365.17 on Thursday. SPDR Gold Shares has a 1-year low of $354.67 and a 1-year high of $509.70. The firm has a fifty day moving average price of $382.96 and a two-hundred day moving average price of $410.33. The firm has a market cap of $128.69 billion, a price-to-earnings ratio of -32.43 and a beta of 0.20.
SPDR Gold Shares Profile
SPDR Gold Trust (the Trust) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust’s business activity is the investment of gold. The Trust creates and redeems Shares from time to time, but in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of various Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.
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