Covea Finance Takes $25.69 Million Position in Eli Lilly and Company (NYSE:LLY)

Covea Finance purchased a new stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 31,100 shares of the company's stock, valued at approximately $25,686,000. Eli Lilly and Company makes up 1.2% of Covea Finance's investment portfolio, making the stock its 28th largest position.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Eli Lilly and Company by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 74,248,997 shares of the company's stock worth $57,320,226,000 after acquiring an additional 475,530 shares in the last quarter. Geode Capital Management LLC grew its position in Eli Lilly and Company by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 17,382,846 shares of the company's stock worth $13,389,651,000 after acquiring an additional 291,875 shares in the last quarter. GAMMA Investing LLC grew its position 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 worth $12,278,292,000 after acquiring an additional 14,852,076 shares in the last quarter. Wellington Management Group LLP grew its position in Eli Lilly and Company by 19.0% in the fourth quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company's stock worth $9,747,214,000 after acquiring an additional 2,012,129 shares in the last quarter. Finally, Norges Bank purchased a new position in Eli Lilly and Company in the fourth quarter worth $8,407,908,000. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Eli Lilly and Company Stock Performance

Shares of NYSE:LLY opened at $763.43 on Friday. The company has a market cap of $723.53 billion, a price-to-earnings ratio of 62.12, a price-to-earnings-growth ratio of 1.15 and a beta of 0.40. The company has a 50-day moving average price of $780.48 and a 200-day moving average price of $801.13. The company has a current ratio of 1.37, a quick ratio of 1.06 and a debt-to-equity ratio of 2.18. Eli Lilly and Company has a 12 month low of $677.09 and a 12 month high of $972.53.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $3.34 earnings per share (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 company had revenue of $12.73 billion for the quarter, compared to analysts' expectations of $12.77 billion. During the same quarter in the prior year, the firm earned $2.58 EPS. Eli Lilly and Company's quarterly revenue was up 45.2% compared to the same quarter last year. As a group, equities analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 16th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 0.79%. The ex-dividend date was Friday, May 16th. Eli Lilly and Company's dividend payout ratio is currently 48.82%.

Analyst Ratings Changes

Several brokerages recently issued reports on LLY. Wall Street Zen upgraded shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. The Goldman Sachs Group upgraded shares of Eli Lilly and Company from a "neutral" rating to a "buy" rating and cut their target price for the stock from $892.00 to $888.00 in a research report on Tuesday, April 8th. Cantor Fitzgerald began coverage on shares of Eli Lilly and Company in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $975.00 target price for the company. UBS Group cut their target price 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 report on Friday, May 2nd. Finally, Morgan Stanley reissued an "overweight" rating on shares of Eli Lilly and Company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,011.79.

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.

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