Meyer Handelman Co. Cuts Position in Eli Lilly and Company (NYSE:LLY)

Meyer Handelman Co. lowered its position in Eli Lilly and Company (NYSE:LLY) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,016 shares of the company’s stock after selling 748 shares during the quarter. Meyer Handelman Co.’s holdings in Eli Lilly and Company were worth $25,706,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Lynx Investment Advisory purchased a new position in Eli Lilly and Company in the second quarter valued at $32,000. LGT Financial Advisors LLC acquired a new position in shares of Eli Lilly and Company during the 2nd quarter worth about $36,000. Morton Brown Family Wealth LLC raised its position in shares of Eli Lilly and Company by 45.5% during the 2nd quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after acquiring an additional 15 shares in the last quarter. Unique Wealth Strategies LLC purchased a new stake in Eli Lilly and Company during the second quarter worth approximately $45,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Eli Lilly and Company in the first quarter valued at approximately $40,000. 82.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LLY. Citigroup began coverage on shares of Eli Lilly and Company in a report on Friday, September 13th. They set a “buy” rating and a $1,060.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Bank of America raised their price objective on Eli Lilly and Company from $1,000.00 to $1,125.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a report on Monday, September 16th. Finally, Morgan Stanley restated an “overweight” rating and set a $1,106.00 price target on shares of Eli Lilly and Company in a research note on Tuesday, August 27th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $979.29.

Eli Lilly and Company Stock Up 2.3 %

Shares of NYSE:LLY opened at $932.06 on Friday. Eli Lilly and Company has a fifty-two week low of $547.61 and a fifty-two week high of $972.53. The company has a quick ratio of 0.87, a current ratio of 1.11 and a debt-to-equity ratio of 1.74. The firm’s 50-day simple moving average is $910.84 and its 200-day simple moving average is $852.32. The company has a market cap of $885.83 billion, a price-to-earnings ratio of 137.27, a PEG ratio of 2.79 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, August 8th. The company reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $1.28. The company had revenue of $11.30 billion for the quarter, compared to analyst estimates of $9.83 billion. Eli Lilly and Company had a return on equity of 67.52% and a net margin of 18.86%. As a group, equities research analysts predict that Eli Lilly and Company will post 16.49 earnings per share for the current year.

About Eli Lilly and Company

Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.