Kornitzer Capital Management Inc. KS Sells 5,958 Shares of Eli Lilly and Company (NYSE:LLY)

Kornitzer Capital Management Inc. KS lowered its holdings in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,595 shares of the company's stock after selling 5,958 shares during the period. Eli Lilly and Company comprises 2.1% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 3rd largest holding. Kornitzer Capital Management Inc. KS's holdings in Eli Lilly and Company were worth $100,427,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Garner Asset Management Corp lifted its stake in shares of Eli Lilly and Company by 2.3% during the 4th quarter. Garner Asset Management Corp now owns 532 shares of the company's stock worth $411,000 after purchasing an additional 12 shares during the period. Brighton Jones LLC increased its holdings in shares of Eli Lilly and Company by 22.0% during the 4th quarter. Brighton Jones LLC now owns 9,597 shares of the company's stock worth $7,409,000 after buying an additional 1,730 shares during the last quarter. Revolve Wealth Partners LLC boosted its position in Eli Lilly and Company by 2.8% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,471 shares of the company's stock worth $1,136,000 after purchasing an additional 40 shares during the period. Orion Capital Management LLC lifted its holdings in Eli Lilly and Company by 2.5% in the 4th quarter. Orion Capital Management LLC now owns 1,610 shares of the company's stock worth $1,243,000 after buying an additional 40 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG increased its position in shares of Eli Lilly and Company by 4.1% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 64,758 shares of the company's stock worth $49,993,000 after purchasing an additional 2,568 shares during the last quarter. Institutional investors and hedge funds own 82.53% of the company's stock.

Eli Lilly and Company Stock Performance

LLY stock traded up $10.28 during midday trading on Friday, hitting $771.78. 3,319,018 shares of the company traded hands, compared to its average volume of 3,680,642. Eli Lilly and Company has a twelve month low of $677.09 and a twelve month 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 business has a 50 day simple moving average of $766.32 and a 200-day simple moving average of $799.83. The stock has a market capitalization of $731.45 billion, a price-to-earnings ratio of 62.80, a price-to-earnings-growth ratio of 1.15 and a beta of 0.40.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $3.34 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 analyst estimates of $12.77 billion. During the same quarter last year, the business earned $2.58 EPS. The company's revenue for the quarter was up 45.2% on a year-over-year basis. As a group, equities research analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 0.78%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company's dividend payout ratio is currently 48.82%.

Analysts Set New Price Targets

A number of brokerages have commented on LLY. Morgan Stanley restated an "overweight" rating and issued a $1,135.00 target price (up from $1,133.00) on shares of Eli Lilly and Company in a research note on Thursday, July 10th. HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and decreased their target price for the company from $1,150.00 to $700.00 in a research note on Monday, April 28th. Wall Street Zen downgraded Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Cantor Fitzgerald initiated 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 price objective on the stock. Finally, UBS Group cut their price objective on shares of Eli Lilly and Company from $1,100.00 to $1,050.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued 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 $1,012.56.

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.