3,500 Shares in Eli Lilly and Company (NYSE:LLY) Acquired by Advent Capital Management DE

Key Points

• Advent Capital Management DE has acquired a new position in Eli Lilly and Company, purchasing 3,500 shares valued at approximately $2.89 million in the first quarter.
• Eli Lilly's stock has seen a decline of 2.5%, opening at $625.15, significantly down from its 12-month high of $972.53.
• The company reported a 37.6% year-over-year revenue increase with quarterly earnings of $15.56 billion, beating analysts' expectations of $14.40 billion.

Advent Capital Management DE purchased a new position in Eli Lilly and Company (NYSE:LLY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,500 shares of the company's stock, valued at approximately $2,891,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in shares of Eli Lilly and Company by 97.5% during the first quarter. PNC Financial Services Group Inc. now owns 101,305,650 shares of the company's stock worth $83,669,349,000 after purchasing an additional 50,002,551 shares during the last quarter. GAMMA Investing LLC increased its holdings in Eli Lilly and Company by 103,831.6% in the first quarter. GAMMA Investing LLC now owns 14,866,380 shares of the company's stock valued at $12,278,292,000 after buying an additional 14,852,076 shares in the last quarter. Vanguard Group Inc. increased its holdings in Eli Lilly and Company by 6.7% in the first quarter. Vanguard Group Inc. now owns 79,224,392 shares of the company's stock valued at $65,432,218,000 after buying an additional 4,975,395 shares in the last quarter. Capital International Investors increased its holdings in Eli Lilly and Company by 23.2% in the fourth quarter. Capital International Investors now owns 8,730,758 shares of the company's stock valued at $6,740,272,000 after buying an additional 1,645,222 shares in the last quarter. Finally, Capital Research Global Investors increased its holdings in Eli Lilly and Company by 16.1% in the fourth quarter. Capital Research Global Investors now owns 10,757,511 shares of the company's stock valued at $8,304,811,000 after buying an additional 1,493,673 shares in the last quarter. Hedge funds and other institutional investors own 82.53% of the company's stock.

Analysts Set New Price Targets

LLY has been the subject of a number of recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $1,135.00 price objective (up previously from $1,133.00) on shares of Eli Lilly and Company in a report on Thursday, July 10th. HSBC cut shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and cut their price objective for the company from $1,150.00 to $700.00 in a report on Monday, April 28th. Leerink Partners reaffirmed a "market perform" rating and issued a $715.00 price objective on shares of Eli Lilly and Company in a report on Thursday. Hsbc Global Res cut shares of Eli Lilly and Company from a "strong-buy" rating to a "moderate sell" rating in a report on Monday, April 28th. Finally, UBS Group dropped their target price on shares of Eli Lilly and Company from $1,050.00 to $895.00 and set a "buy" rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Eli Lilly and Company currently has a consensus rating of "Moderate Buy" and an average target price of $984.41.

Insider Activity

In related news, Director Jamere Jackson purchased 200 shares of Eli Lilly and Company stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $639.56 per share, with a total value of $127,912.00. Following the purchase, the director owned 9,402 shares of the company's stock, valued at approximately $6,013,143.12. The trade was a 2.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.14% of the company's stock.

Eli Lilly and Company Trading Down 2.5%

LLY stock traded down $15.71 during trading on Friday, reaching $625.15. 14,089,857 shares of the stock were exchanged, compared to its average volume of 5,397,104. The company has a current ratio of 1.28, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86. The business has a 50 day moving average price of $774.10 and a 200-day moving average price of $799.34. Eli Lilly and Company has a 1 year low of $623.78 and a 1 year high of $972.53. The firm has a market capitalization of $591.68 billion, a price-to-earnings ratio of 40.86, a P/E/G ratio of 0.87 and a beta of 0.44.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $6.31 EPS for the quarter, topping analysts' consensus estimates of $5.59 by $0.72. Eli Lilly and Company had a net margin of 25.91% and a return on equity of 92.72%. The company had revenue of $15.56 billion for the quarter, compared to the consensus estimate of $14.40 billion. During the same period in the previous year, the firm earned $3.92 earnings per share. Eli Lilly and Company's quarterly revenue was up 37.6% compared to the same quarter last year. On average, research analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 15th. Eli Lilly and Company's payout ratio is 48.82%.

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.