Hartford Investment Management Co. Trims Position in Eli Lilly and Company (NYSE:LLY)

Key Points

• Hartford Investment Management Co. reduced its stake in Eli Lilly and Company (NYSE:LLY) by 1.3% in the first quarter, now holding 48,079 shares valued at approximately $39.7 million.
• Eli Lilly reported earnings of $3.34 per share for the last quarter, missing analysts' expectations of $4.64, despite a year-over-year revenue increase of 45.2% to $12.73 billion.
• The company recently announced a quarterly dividend of $1.50, translating to an annualized payout of $6.00, which represents a yield of 0.8% based on its current stock price.

Hartford Investment Management Co. reduced its stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 1.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,079 shares of the company's stock after selling 629 shares during the period. Eli Lilly and Company makes up approximately 1.4% of Hartford Investment Management Co.'s investment portfolio, making the stock its 12th biggest holding. Hartford Investment Management Co.'s holdings in Eli Lilly and Company were worth $39,709,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in LLY. GAMMA Investing LLC lifted its position in Eli Lilly and Company by 103,831.6% during the first quarter. GAMMA Investing LLC now owns 14,866,380 shares of the company's stock valued at $12,278,292,000 after purchasing an additional 14,852,076 shares during the period. Capital Research Global Investors lifted its position in Eli Lilly and Company by 16.1% during the fourth quarter. Capital Research Global Investors now owns 10,757,511 shares of the company's stock valued at $8,304,811,000 after purchasing an additional 1,493,673 shares during the period. Northern Trust Corp lifted its position in Eli Lilly and Company by 14.6% during the fourth quarter. Northern Trust Corp now owns 9,448,219 shares of the company's stock valued at $7,294,025,000 after purchasing an additional 1,204,337 shares during the period. Capital International Investors lifted its position in Eli Lilly and Company by 23.2% during the fourth quarter. Capital International Investors now owns 8,730,758 shares of the company's stock valued at $6,740,272,000 after purchasing an additional 1,645,222 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Eli Lilly and Company by 15.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,084,880 shares of the company's stock valued at $5,469,527,000 after purchasing an additional 969,376 shares during the period. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on LLY. 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. HSBC downgraded shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and decreased their price objective for the stock from $1,150.00 to $700.00 in a research report on Monday, April 28th. UBS Group decreased 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 report on Friday, May 2nd. Wells Fargo & Company reiterated an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. Finally, Guggenheim upped their price objective on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,012.56.

Eli Lilly and Company Price Performance

Shares of LLY stock traded up $21.40 on Friday, reaching $761.47. 4,857,388 shares of the company were exchanged, compared to its average volume of 3,285,034. The company has a market cap of $721.67 billion, a price-to-earnings ratio of 61.96, a P/E/G ratio of 1.05 and a beta of 0.44. The business has a 50-day moving average price of $775.51 and a 200 day moving average price of $799.86. 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 has a 1 year low of $677.09 and a 1 year high of $972.53.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings data 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 business 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 company posted $2.58 EPS. The firm's revenue was up 45.2% on a year-over-year basis. Equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. 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.