Kornitzer Capital Management Inc. KS Lowers Position in Eli Lilly and Company (NYSE:LLY)

Kornitzer Capital Management Inc. KS reduced its position in Eli Lilly and Company (NYSE:LLY) by 1.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 129,940 shares of the company’s stock after selling 2,260 shares during the period. Eli Lilly and Company makes up approximately 2.1% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 3rd largest holding. Kornitzer Capital Management Inc. KS’s holdings in Eli Lilly and Company were worth $115,119,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LLY. Ascent Wealth Partners LLC lifted its stake in Eli Lilly and Company by 18.2% in the 3rd quarter. Ascent Wealth Partners LLC now owns 3,890 shares of the company’s stock worth $3,446,000 after purchasing an additional 599 shares in the last quarter. Jmac Enterprises LLC raised its position in shares of Eli Lilly and Company by 2.9% in the third quarter. Jmac Enterprises LLC now owns 1,686 shares of the company’s stock worth $1,494,000 after buying an additional 48 shares in the last quarter. Principal Financial Group Inc. grew its position in Eli Lilly and Company by 5.3% during the third quarter. Principal Financial Group Inc. now owns 1,208,545 shares of the company’s stock worth $1,070,698,000 after buying an additional 60,306 shares in the last quarter. Montecito Bank & Trust boosted its position in shares of Eli Lilly and Company by 7.7% during the 3rd quarter. Montecito Bank & Trust now owns 10,731 shares of the company’s stock valued at $9,507,000 after acquiring an additional 766 shares during the last quarter. Finally, Cozad Asset Management Inc. grew its stake in Eli Lilly and Company by 13.8% in the 3rd quarter. Cozad Asset Management Inc. now owns 18,066 shares of the company’s stock worth $16,005,000 after buying an additional 2,193 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors.

Eli Lilly and Company Stock Performance

Shares of LLY stock traded up $7.75 during trading hours on Thursday, reaching $784.13. 745,117 shares of the company traded hands, compared to its average volume of 3,076,519. The firm has a 50-day moving average price of $901.75 and a 200 day moving average price of $867.32. The company has a market cap of $744.39 billion, a P/E ratio of 83.94, a P/E/G ratio of 3.05 and a beta of 0.43. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97. Eli Lilly and Company has a 12-month low of $561.65 and a 12-month high of $972.53.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the previous year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, sell-side analysts predict that Eli Lilly and Company will post 13.21 earnings per share for the current fiscal year.

Eli Lilly and Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a $1.30 dividend. The ex-dividend date is Friday, November 15th. This represents a $5.20 annualized dividend and a dividend yield of 0.66%. Eli Lilly and Company’s payout ratio is 56.22%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Evercore ISI raised shares of Eli Lilly and Company to a “hold” rating in a report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research report on Monday. Berenberg Bank increased their target price on Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Guggenheim boosted their price objective on shares of Eli Lilly and Company from $884.00 to $1,030.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Finally, Truist Financial upped their target price on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,008.41.

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.