Lumbard & Kellner LLC Sells 555 Shares of Eli Lilly and Company (NYSE:LLY)

Lumbard & Kellner LLC cut its position in shares of Eli Lilly and Company (NYSE:LLY) by 14.5% in the second quarter, Holdings Channel reports. The institutional investor owned 3,280 shares of the company’s stock after selling 555 shares during the period. Lumbard & Kellner LLC’s holdings in Eli Lilly and Company were worth $2,970,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of LLY. Tidemark LLC bought a new position in shares of Eli Lilly and Company during the fourth quarter worth about $29,000. Core Wealth Advisors Inc. grew its holdings in shares of Eli Lilly and Company by 188.2% during the fourth quarter. Core Wealth Advisors Inc. now owns 49 shares of the company’s stock worth $29,000 after buying an additional 32 shares in the last quarter. Lynx Investment Advisory bought a new position in Eli Lilly and Company in the second quarter valued at approximately $32,000. LGT Financial Advisors LLC bought a new position in Eli Lilly and Company in the second quarter valued at approximately $36,000. Finally, Frank Rimerman Advisors LLC bought a new position in Eli Lilly and Company in the fourth quarter valued at approximately $37,000. 82.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Lilly Endowment Inc sold 17,229 shares of Eli Lilly and Company stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $902.38, for a total transaction of $15,547,105.02. Following the completion of the sale, the insider now directly owns 97,556,910 shares of the company’s stock, valued at approximately $88,033,404,445.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 451,900 shares of company stock valued at $418,732,178. Insiders own 0.13% of the company’s stock.

Eli Lilly and Company Stock Performance

NYSE:LLY opened at $906.17 on Wednesday. The stock has a market cap of $861.23 billion, a P/E ratio of 133.46, a PEG ratio of 2.79 and a beta of 0.42. The stock has a 50 day simple moving average of $896.70 and a 200 day simple moving average of $835.96. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 1.74. Eli Lilly and Company has a 1-year low of $516.57 and a 1-year high of $972.53.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, August 8th. The company reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.64 by $1.28. The business had revenue of $11.30 billion during the quarter, compared to analysts’ expectations of $9.83 billion. Eli Lilly and Company had a return on equity of 67.52% and a net margin of 18.86%. Research analysts anticipate that Eli Lilly and Company will post 16.49 earnings per share for the current year.

Eli Lilly and Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Thursday, August 15th were issued a dividend of $1.30 per share. The ex-dividend date was Thursday, August 15th. This represents a $5.20 annualized dividend and a yield of 0.57%. Eli Lilly and Company’s payout ratio is currently 76.58%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LLY. Cantor Fitzgerald restated an “overweight” rating and issued a $885.00 price target on shares of Eli Lilly and Company in a research note on Monday. Morgan Stanley restated an “overweight” rating and issued a $1,106.00 price target on shares of Eli Lilly and Company in a research note on Tuesday, August 27th. Evercore ISI upgraded Eli Lilly and Company to a “hold” rating in a research note on Thursday, September 5th. Citigroup began coverage on Eli Lilly and Company in a research note on Friday, September 13th. They issued a “buy” rating and a $1,060.00 price target for the company. Finally, Wells Fargo & Company raised their price target on Eli Lilly and Company from $875.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $977.35.

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.