M&T Bank Corp Sells 5,998 Shares of Eli Lilly and Company (NYSE:LLY)

M&T Bank Corp cut its stake in shares of Eli Lilly and Company (NYSE:LLY) by 2.2% during the 4th quarter, HoldingsChannel reports. The firm owned 260,824 shares of the company’s stock after selling 5,998 shares during the period. M&T Bank Corp’s holdings in Eli Lilly and Company were worth $201,356,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Peterson Financial Group Inc. bought a new stake in Eli Lilly and Company during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in Eli Lilly and Company during the 3rd quarter worth approximately $30,000. Highline Wealth Partners LLC grew its holdings in Eli Lilly and Company by 80.0% during the 4th quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock worth $35,000 after acquiring an additional 20 shares during the last quarter. Kovitz Investment Group Partners LLC grew its holdings in Eli Lilly and Company by 117.1% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after acquiring an additional 24,879 shares during the last quarter. Finally, FPC Investment Advisory Inc. grew its holdings in Eli Lilly and Company by 358.3% during the 4th quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after acquiring an additional 43 shares during the last quarter. 82.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LLY. Truist Financial boosted their price target on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Citigroup dropped their price target on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. StockNews.com upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Wolfe Research initiated 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 price target on the stock. Finally, 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 on the stock in a research report on Tuesday, January 28th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and an average price target of $1,000.28.

Eli Lilly and Company Stock Down 2.0 %

NYSE LLY opened at $910.92 on Wednesday. The stock’s 50 day moving average is $819.86 and its 200 day moving average is $848.03. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. Eli Lilly and Company has a 12 month low of $711.40 and a 12 month high of $972.53. The stock has a market cap of $863.70 billion, a PE ratio of 77.79, a P/E/G ratio of 1.40 and a beta of 0.42.

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

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 0.66%. This is a boost 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 dividend payout ratio is 51.24%.

Eli Lilly and Company announced that its Board of Directors has initiated a stock buyback program on Monday, December 9th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.