Cannon Financial Strategists Inc. Makes New Investment in Eli Lilly and Company (NYSE:LLY)

Cannon Financial Strategists Inc. purchased a new position in shares of Eli Lilly and Company (NYSE:LLY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 348 shares of the company’s stock, valued at approximately $315,000.

A number of other institutional investors also recently bought and sold shares of LLY. Twelve Points Wealth Management LLC lifted its position in shares of Eli Lilly and Company by 1.4% during the second quarter. Twelve Points Wealth Management LLC now owns 811 shares of the company’s stock worth $734,000 after purchasing an additional 11 shares in the last quarter. Verum Partners LLC lifted its position in shares of Eli Lilly and Company by 1.5% during the second quarter. Verum Partners LLC now owns 731 shares of the company’s stock worth $662,000 after purchasing an additional 11 shares in the last quarter. Beaird Harris Wealth Management LLC lifted its position in shares of Eli Lilly and Company by 2.2% during the second quarter. Beaird Harris Wealth Management LLC now owns 512 shares of the company’s stock worth $464,000 after purchasing an additional 11 shares in the last quarter. Acorn Creek Capital LLC lifted its position in shares of Eli Lilly and Company by 1.3% during the second quarter. Acorn Creek Capital LLC now owns 927 shares of the company’s stock worth $840,000 after purchasing an additional 12 shares in the last quarter. Finally, Thompson Davis & CO. Inc. lifted its position in shares of Eli Lilly and Company by 0.7% during the second quarter. Thompson Davis & CO. Inc. now owns 1,687 shares of the company’s stock worth $1,527,000 after purchasing an additional 12 shares in the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Lilly Endowment Inc sold 52,369 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $915.18, for a total value of $47,927,061.42. Following the completion of the sale, the insider now directly owns 97,247,403 shares of the company’s stock, valued at $88,998,878,277.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 355,962 shares of company stock valued at $331,267,535. Insiders own 0.13% of the company’s stock.

Eli Lilly and Company Stock Performance

NYSE LLY opened at $884.55 on Wednesday. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.11 and a quick ratio of 0.87. Eli Lilly and Company has a 1 year low of $516.57 and a 1 year high of $972.53. The company has a market capitalization of $840.68 billion, a PE ratio of 130.27, a P/E/G ratio of 2.78 and a beta of 0.42. The company has a fifty day moving average of $896.62 and a two-hundred day moving average of $845.90.

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

Analyst Upgrades and Downgrades

LLY has been the topic of several research reports. BMO Capital Markets increased their price target on shares of Eli Lilly and Company from $1,001.00 to $1,101.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Morgan Stanley reissued an “overweight” rating and set a $1,106.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, August 27th. Citigroup started coverage on shares of Eli Lilly and Company in a research report on Friday, September 13th. They set a “buy” rating and a $1,060.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating and raised their target price for the company from $725.00 to $1,025.00 in a report on Monday, August 12th. Finally, Jefferies Financial Group raised their target price on shares of Eli Lilly and Company from $994.00 to $1,015.00 and gave the company a “buy” rating in a report on Monday, June 24th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Eli Lilly and Company has an average rating of “Moderate Buy” and a consensus target price of $977.35.

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.