Cornerstone Advisors LLC Sells 3,300 Shares of Eli Lilly and Company (NYSE:LLY)

Key Points

• Cornerstone Advisors LLC has reduced its stake in Eli Lilly and Company by 7.6%, now holding 40,300 shares worth approximately $33.3 million.
• Analysts have given mixed reviews on Eli Lilly, with price targets ranging from $700 to $1,135, while the average consensus rating remains a "Moderate Buy."
• The company has announced a quarterly dividend of $1.50 per share, equating to an annual yield of 0.8%, with the payout ratio currently at 48.82%.

Cornerstone Advisors LLC decreased its holdings in Eli Lilly and Company (NYSE:LLY - Free Report) by 7.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,300 shares of the company's stock after selling 3,300 shares during the period. Eli Lilly and Company comprises about 1.4% of Cornerstone Advisors LLC's investment portfolio, making the stock its 12th biggest holding. Cornerstone Advisors LLC's holdings in Eli Lilly and Company were worth $33,284,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Knightsbridge Asset Management LLC raised its position in Eli Lilly and Company by 1.9% in the fourth quarter. Knightsbridge Asset Management LLC now owns 813 shares of the company's stock worth $628,000 after acquiring an additional 15 shares during the period. LS Investment Advisors LLC increased its stake in shares of Eli Lilly and Company by 1.7% in the 1st quarter. LS Investment Advisors LLC now owns 2,340 shares of the company's stock worth $1,933,000 after purchasing an additional 40 shares in the last quarter. Prism Advisors Inc. bought a new position in Eli Lilly and Company in the 1st quarter worth $207,000. CSM Advisors LLC increased its position in Eli Lilly and Company by 30.6% in the fourth quarter. CSM Advisors LLC now owns 1,045 shares of the company's stock worth $807,000 after buying an additional 245 shares in the last quarter. Finally, Hemington Wealth Management raised its stake in shares of Eli Lilly and Company by 14.4% in the first quarter. Hemington Wealth Management now owns 985 shares of the company's stock worth $813,000 after buying an additional 124 shares during the period. Hedge funds and other institutional investors own 82.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LLY shares. Wells Fargo & Company reissued an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. UBS Group reduced their price objective on shares of Eli Lilly and Company from $1,100.00 to $1,050.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Hsbc Global Res downgraded shares of Eli Lilly and Company from a "strong-buy" rating to a "moderate sell" rating in a research report on Monday, April 28th. Leerink Partners reaffirmed a "market perform" rating and issued a $715.00 target price on shares of Eli Lilly and Company in a report on Thursday. Finally, Erste Group Bank cut Eli Lilly and Company from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Eli Lilly and Company presently has an average rating of "Moderate Buy" and an average price target of $999.50.

Eli Lilly and Company Trading Down 14.2%

NYSE LLY traded down $106.20 during trading hours on Thursday, hitting $640.17. 26,056,463 shares of the company were exchanged, compared to its average volume of 3,684,957. Eli Lilly and Company has a 52 week low of $633.20 and a 52 week high of $972.53. The company has a quick ratio of 1.06, a current ratio of 1.37 and a debt-to-equity ratio of 2.18. The stock has a 50-day moving average price of $776.36 and a 200 day moving average price of $799.60. The stock has a market cap of $606.71 billion, a PE ratio of 52.09, a price-to-earnings-growth ratio of 1.06 and a beta of 0.44.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last released its quarterly 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. The firm had revenue of $15.56 billion during the quarter, compared to analysts' expectations of $14.40 billion. Eli Lilly and Company had a net margin of 22.67% and a return on equity of 85.51%. The firm's revenue for the quarter was up 37.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.92 EPS. Analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company Dividend Announcement

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 issued a $1.50 dividend. The ex-dividend date is Friday, August 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.9%. Eli Lilly and Company's dividend payout ratio is presently 48.82%.

Eli Lilly and 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.