Eli Lilly and Company (NYSE:LLY) Position Cut by Summit Global Investments

Summit Global Investments trimmed its holdings in Eli Lilly and Company (NYSE:LLY) by 39.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,697 shares of the company’s stock after selling 6,368 shares during the quarter. Summit Global Investments’ holdings in Eli Lilly and Company were worth $7,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Highline Wealth Partners LLC lifted its position in Eli Lilly and Company by 80.0% in the fourth quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock worth $35,000 after purchasing an additional 20 shares during the period. Kovitz Investment Group Partners LLC lifted its position in Eli Lilly and Company by 117.1% in the third quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after purchasing an additional 24,879 shares during the period. FPC Investment Advisory Inc. lifted its position in Eli Lilly and Company by 358.3% in the fourth quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after purchasing an additional 43 shares during the period. Compass Financial Services Inc acquired a new stake in Eli Lilly and Company in the fourth quarter worth approximately $50,000. Finally, Fiduciary Advisors Inc. acquired a new stake in Eli Lilly and Company in the fourth quarter worth approximately $58,000. 82.53% of the stock is owned by institutional investors.

Eli Lilly and Company Trading Down 0.4 %

NYSE LLY opened at $839.44 on Friday. Eli Lilly and Company has a 1-year low of $711.40 and a 1-year high of $972.53. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $795.93 billion, a PE ratio of 71.69, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The firm’s fifty day simple moving average is $835.99 and its 200-day simple moving average is $839.87.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share 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%. As a group, sell-side analysts anticipate that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company declared that its board has approved a stock buyback program on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley set a $1,146.00 target price on Eli Lilly and Company in a research report on Thursday, March 6th. Truist Financial increased their price objective on Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Berenberg Bank set a $970.00 price objective on Eli Lilly and Company in a research report on Thursday, January 16th. Citigroup cut their price objective on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Finally, Leerink Partners set a $950.00 price objective on Eli Lilly and Company in a research report on Friday, January 17th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,009.72.

Insider Transactions at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 1,000 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total value of $818,240.00. Following the transaction, the chief accounting officer now directly owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. This represents a 14.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.13% of the stock is currently owned by company insiders.

Eli Lilly and Company 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.