Independent Wealth Network Inc. Decreases Stake in Eli Lilly and Company (NYSE:LLY)

Independent Wealth Network Inc. reduced its holdings in Eli Lilly and Company (NYSE:LLY) by 21.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 350 shares of the company’s stock after selling 95 shares during the quarter. Independent Wealth Network Inc.’s holdings in Eli Lilly and Company were worth $272,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. raised its stake in shares of Eli Lilly and Company by 7.0% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 3,054 shares of the company’s stock worth $1,640,000 after purchasing an additional 200 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Eli Lilly and Company by 1.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 26,029 shares of the company’s stock valued at $13,981,000 after purchasing an additional 315 shares during the period. Optiver Holding B.V. bought a new position in shares of Eli Lilly and Company in the third quarter worth about $36,000. Personal CFO Solutions LLC boosted its stake in shares of Eli Lilly and Company by 26.0% in the third quarter. Personal CFO Solutions LLC now owns 2,576 shares of the company’s stock worth $1,384,000 after acquiring an additional 532 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in Eli Lilly and Company by 81.4% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,002 shares of the company’s stock valued at $13,429,000 after buying an additional 11,217 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LLY has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on Eli Lilly and Company from $850.00 to $900.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Erste Group Bank raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. TheStreet upgraded Eli Lilly and Company from a “c+” rating to a “b” rating in a report on Friday, March 8th. Bank of America lifted their price target on Eli Lilly and Company from $800.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Citigroup boosted their target price on Eli Lilly and Company from $675.00 to $895.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Three analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $803.50.

Insider Buying and Selling at Eli Lilly and Company

In other news, major shareholder Lilly Endowment Inc sold 2,052 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $809.00, for a total value of $1,660,068.00. Following the completion of the sale, the insider now directly owns 98,554,195 shares in the company, valued at $79,730,343,755. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Lilly Endowment Inc sold 2,052 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $809.00, for a total value of $1,660,068.00. Following the completion of the transaction, the insider now directly owns 98,554,195 shares in the company, valued at $79,730,343,755. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johna Norton sold 7,056 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $819.38, for a total value of $5,781,545.28. Following the completion of the transaction, the executive vice president now owns 25,428 shares of the company’s stock, valued at $20,835,194.64. The disclosure for this sale can be found here. Insiders sold 762,804 shares of company stock valued at $648,109,138 over the last quarter. 0.13% of the stock is currently owned by insiders.

Eli Lilly and Company Stock Performance

Shares of LLY stock opened at $883.88 on Friday. The stock has a market cap of $840.05 billion, a PE ratio of 130.17, a price-to-earnings-growth ratio of 1.93 and a beta of 0.36. Eli Lilly and Company has a 52-week low of $434.34 and a 52-week high of $905.45. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 1.90. The business has a 50-day simple moving average of $798.59 and a 200-day simple moving average of $728.91.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Monday, May 6th. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.94 billion. Eli Lilly and Company had a return on equity of 56.98% and a net margin of 17.08%. Eli Lilly and Company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. On average, equities analysts expect that Eli Lilly and Company will post 13.76 EPS for the current year.

Eli Lilly and Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 16th were issued a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.59%. Eli Lilly and Company’s payout ratio is currently 76.58%.

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.