Eastern Bank Grows Stock Holdings in Eli Lilly and Company (NYSE:LLY)

Key Points

• Eastern Bank increased its stock holdings in Eli Lilly and Company (NYSE:LLY) by 20.1% in the first quarter, bringing its total to 108,381 shares valued at approximately $89.5 million.
• Analysts have mixed ratings for Eli Lilly, with a consensus rating of “Moderate Buy” and a price target averaging $1,012.56, while the stock experienced a recent trading drop to $759.76.
• Eli Lilly has announced a quarterly dividend of $1.50 per share, with an annualized yield of 0.79%, set to be paid to stockholders of record on August 15th.

Eastern Bank increased its holdings in Eli Lilly and Company (NYSE:LLY - Free Report) by 20.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,381 shares of the company's stock after buying an additional 18,102 shares during the period. Eli Lilly and Company accounts for 1.8% of Eastern Bank's holdings, making the stock its 15th largest position. Eastern Bank's holdings in Eli Lilly and Company were worth $89,513,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LLY. WestEnd Advisors LLC grew its stake in shares of Eli Lilly and Company by 210.0% in the first quarter. WestEnd Advisors LLC now owns 31 shares of the company's stock worth $26,000 after purchasing an additional 21 shares during the last quarter. Citizens National Bank Trust Department grew its stake in shares of Eli Lilly and Company by 180.0% in the first quarter. Citizens National Bank Trust Department now owns 42 shares of the company's stock worth $35,000 after purchasing an additional 27 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Eli Lilly and Company in the first quarter worth $40,000. Mascagni Wealth Management Inc. bought a new stake in shares of Eli Lilly and Company in the fourth quarter worth $43,000. Finally, O Brien Wealth Partners LLC grew its stake in shares of Eli Lilly and Company by 25.5% in the first quarter. O Brien Wealth Partners LLC now owns 59 shares of the company's stock worth $49,000 after purchasing an additional 12 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LLY has been the topic of a number of research analyst reports. 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 company from $892.00 to $888.00 in a research report on Tuesday, April 8th. Erste Group Bank cut shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Morgan Stanley reiterated an "overweight" rating and set 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 lowered shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and dropped their price objective for the company from $1,150.00 to $700.00 in a report on Monday, April 28th. Finally, Guggenheim upped their target price on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the stock a "buy" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,012.56.

Eli Lilly and Company Price Performance

NYSE:LLY traded down $3.19 during trading hours on Wednesday, hitting $759.76. The stock had a trading volume of 4,331,834 shares, compared to its average volume of 2,949,040. The company has a 50 day simple moving average of $774.07 and a two-hundred day simple moving average of $800.13. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.37 and a quick ratio of 1.06. Eli Lilly and Company has a one year low of $677.09 and a one year high of $972.53. The firm has a market capitalization of $720.05 billion, a price-to-earnings ratio of 61.82, a P/E/G ratio of 1.08 and a beta of 0.40.

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

Eli Lilly and Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company's dividend payout ratio is currently 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.