Eli Lilly and Company (NYSE:LLY) is Covington Investment Advisors Inc.'s 9th Largest Position

Key Points

• Covington Investment Advisors Inc. has increased its holdings in Eli Lilly by 3.1% to a total of 21,285 shares, making it the company's 9th largest position.
• Recent analysts' ratings for Eli Lilly have shown mixed signals, with UBS Group reducing its price target from $1,050 to $895, while other firms maintain either hold or buy ratings.
• Eli Lilly reported earnings of $6.31 per share for the last quarter, exceeding estimates and showing a 37.6% year-over-year revenue growth to $15.56 billion.

Covington Investment Advisors Inc. raised its stake in Eli Lilly and Company (NYSE:LLY - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,285 shares of the company's stock after acquiring an additional 640 shares during the quarter. Eli Lilly and Company makes up 2.7% of Covington Investment Advisors Inc.'s holdings, making the stock its 9th biggest position. Covington Investment Advisors Inc.'s holdings in Eli Lilly and Company were worth $17,579,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LLY. WestEnd Advisors LLC boosted its stake in Eli Lilly and Company by 210.0% in the first quarter. WestEnd Advisors LLC now owns 31 shares of the company's stock valued at $26,000 after acquiring an additional 21 shares during the last quarter. Citizens National Bank Trust Department raised its position 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 valued at $35,000 after purchasing an additional 27 shares during the period. Financial Gravity Asset Management Inc. bought a new stake in shares of Eli Lilly and Company in the first quarter valued at approximately $40,000. Mascagni Wealth Management Inc. bought a new stake in shares of Eli Lilly and Company in the fourth quarter valued at approximately $43,000. Finally, O Brien Wealth Partners LLC raised its position 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 valued at $49,000 after purchasing an additional 12 shares during the period. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eli Lilly and Company

In other Eli Lilly and Company news, Director Jamere Jackson acquired 200 shares of the business's stock in a transaction dated Friday, August 8th. The stock was bought at an average price 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. This trade represents a 2.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on LLY shares. Leerink Partnrs lowered shares of Eli Lilly and Company from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Wall Street Zen raised shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. 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 report on Friday, July 11th. Leerink Partners reissued a "market perform" rating and issued a $715.00 price target on shares of Eli Lilly and Company in a research report on Thursday. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Eli Lilly and Company presently has a consensus rating of "Moderate Buy" and an average target price of $984.41.

Eli Lilly and Company Price Performance

Shares of NYSE:LLY traded down $15.71 during trading on Friday, reaching $625.15. The company had a trading volume of 14,089,857 shares, compared to its average volume of 5,397,104. The company has a fifty day moving average of $774.10 and a two-hundred day moving average of $799.34. The stock has a market capitalization of $591.68 billion, a P/E ratio of 40.86, a price-to-earnings-growth ratio of 0.87 and a beta of 0.44. Eli Lilly and Company has a 12 month low of $623.78 and a 12 month high of $972.53. The company has a current ratio of 1.28, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $14.40 billion. Eli Lilly and Company had a net margin of 25.91% and a return on equity of 92.72%. The business's revenue for the quarter was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.92 EPS. Equities research analysts forecast 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 issued a $1.50 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.0%. Eli Lilly and Company's dividend payout ratio is presently 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.