Arrow Financial Corp Lowers Holdings in Eli Lilly and Company (NYSE:LLY)

Arrow Financial Corp cut its holdings in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 40.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,141 shares of the company's stock after selling 3,428 shares during the period. Arrow Financial Corp's holdings in Eli Lilly and Company were worth $4,246,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in LLY. Crestwood Advisors Group LLC increased its stake in Eli Lilly and Company by 2.5% during the 1st quarter. Crestwood Advisors Group LLC now owns 36,946 shares of the company's stock valued at $30,514,000 after purchasing an additional 896 shares in the last quarter. Hazlett Burt & Watson Inc. increased its stake in Eli Lilly and Company by 1.7% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 1,524 shares of the company's stock valued at $1,263,000 after purchasing an additional 26 shares in the last quarter. Kingsman Wealth Management Inc. bought a new stake in Eli Lilly and Company during the 1st quarter valued at $1,702,000. GW&K Investment Management LLC increased its stake in Eli Lilly and Company by 2.4% during the 1st quarter. GW&K Investment Management LLC now owns 24,889 shares of the company's stock valued at $20,556,000 after purchasing an additional 583 shares in the last quarter. Finally, Wealth Dimensions Group Ltd. increased its stake in Eli Lilly and Company by 4.9% during the 1st quarter. Wealth Dimensions Group Ltd. now owns 3,690 shares of the company's stock valued at $3,047,000 after purchasing an additional 172 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LLY has been the subject of a number of recent research reports. Guggenheim boosted their price target on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Erste Group Bank lowered shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Wells Fargo & Company reiterated an "overweight" rating on shares of Eli Lilly and Company in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group raised shares of Eli Lilly and Company from a "neutral" rating to a "buy" rating and cut their price target for the stock from $892.00 to $888.00 in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Eli Lilly and Company currently has an average rating of "Moderate Buy" and a consensus target price of $1,012.56.

Eli Lilly and Company Trading Up 1.9%

LLY stock traded up $14.29 on Tuesday, reaching $776.47. The company's stock had a trading volume of 2,495,477 shares, compared to its average volume of 3,657,371. The business has a fifty day simple moving average of $767.03 and a two-hundred day simple moving average of $800.17. Eli Lilly and Company has a 12-month low of $677.09 and a 12-month high of $972.53. The firm has a market cap of $735.89 billion, a PE ratio of 63.18, a PEG ratio of 1.12 and a beta of 0.40. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.06 and a current ratio of 1.37.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $3.34 EPS for the quarter, missing the consensus estimate of $4.64 by ($1.30). Eli Lilly and Company had a net margin of 22.67% and a return on equity of 85.51%. The firm had revenue of $12.73 billion for the quarter, compared to analysts' expectations of $12.77 billion. During the same period in the prior year, the business posted $2.58 EPS. The business's quarterly revenue was up 45.2% compared to the same quarter last year. As a group, research analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be paid a dividend of $1.50 per share. The ex-dividend date is Friday, August 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.77%. Eli Lilly and Company's dividend payout ratio is currently 48.82%.

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.