Eli Lilly and Company (NYSE:LLY) Stock Position Lowered by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. lessened its holdings in Eli Lilly and Company (NYSE:LLY) by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,425 shares of the company’s stock after selling 120 shares during the period. Eli Lilly and Company comprises approximately 2.4% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 8th biggest holding. Pinnacle West Asset Management Inc.’s holdings in Eli Lilly and Company were worth $3,416,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. AMF Tjanstepension AB increased its stake in Eli Lilly and Company by 113.7% during the 3rd quarter. AMF Tjanstepension AB now owns 331,786 shares of the company’s stock worth $293,964,000 after buying an additional 176,552 shares during the period. Values Added Financial LLC increased its stake in Eli Lilly and Company by 4.9% during the 3rd quarter. Values Added Financial LLC now owns 366 shares of the company’s stock worth $324,000 after buying an additional 17 shares during the period. Cavalier Investments LLC increased its stake in Eli Lilly and Company by 211.1% during the 3rd quarter. Cavalier Investments LLC now owns 32,556 shares of the company’s stock worth $28,843,000 after buying an additional 22,090 shares during the period. Peterson Wealth Advisors LLC increased its stake in Eli Lilly and Company by 8.5% during the 3rd quarter. Peterson Wealth Advisors LLC now owns 716 shares of the company’s stock worth $634,000 after buying an additional 56 shares during the period. Finally, Kercheville Advisors LLC increased its stake in Eli Lilly and Company by 10.3% during the 3rd quarter. Kercheville Advisors LLC now owns 8,540 shares of the company’s stock worth $7,566,000 after buying an additional 795 shares during the period. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on LLY. Bank of America reissued a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Wolfe Research began coverage on shares of Eli Lilly and Company in a research report on Friday, November 15th. They issued an “outperform” rating and a $1,000.00 target price for the company. StockNews.com raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Wells Fargo & Company dropped their target price on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, Barclays dropped their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,000.28.

Eli Lilly and Company Trading Up 2.4 %

Eli Lilly and Company stock opened at $902.47 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The firm has a 50-day moving average price of $805.87 and a two-hundred day moving average price of $847.99. The firm has a market capitalization of $855.69 billion, a price-to-earnings ratio of 77.07, a PEG ratio of 1.40 and a beta of 0.42. Eli Lilly and Company has a 52-week low of $711.40 and a 52-week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. Sell-side analysts expect that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company announced that its board has approved a share repurchase program on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Eli Lilly and Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 0.66%. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date is Friday, February 14th. Eli Lilly and Company’s payout ratio is presently 51.24%.

Eli Lilly and Company Profile

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.