Kornitzer Capital Management Inc. KS Sells 4,283 Shares of Eli Lilly and Company $LLY

Key Points

• Kornitzer Capital Management cut its Eli Lilly stake by 4,283 shares, or 3.9%, in the third quarter, retaining 104,731 shares valued at about $121.2 million.
• Analyst sentiment remains broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $1,404.14.
• Eli Lilly beat quarterly earnings and revenue estimates, reporting EPS of $7.48 and revenue of $24.4 billion; revenue rose 38.6% year over year.

Kornitzer Capital Management Inc. KS trimmed its position in Eli Lilly and Company (NYSE:LLY - Free Report) by 3.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,731 shares of the company's stock after selling 4,283 shares during the quarter. Eli Lilly and Company makes up approximately 2.3% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 6th largest position. Kornitzer Capital Management Inc. KS's holdings in Eli Lilly and Company were worth $121,182,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Bank of America Corp DE acquired a new stake in Eli Lilly and Company during the 2nd quarter worth about $13,522,666,000. Jupiter Topco LLC acquired a new position in shares of Eli Lilly and Company in the 2nd quarter valued at about $4,667,180,000. Fifth Third Bancorp increased its holdings in shares of Eli Lilly and Company by 321.3% in the 1st quarter. Fifth Third Bancorp now owns 1,963,490 shares of the company's stock valued at $1,805,959,000 after purchasing an additional 1,497,423 shares during the period. Corient Private Wealth LP purchased a new stake in shares of Eli Lilly and Company in the second quarter worth approximately $764,116,000. Finally, BlackRock Inc. lifted its position in shares of Eli Lilly and Company by 1.6% in the second quarter. BlackRock Inc. now owns 67,540,400 shares of the company's stock worth $81,009,981,000 after purchasing an additional 1,046,558 shares in the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LLY. TD Cowen restated a "buy" rating and set a $1,250.00 price target on shares of Eli Lilly and Company in a report on Tuesday, September 22nd. Berenberg Bank upgraded shares of Eli Lilly and Company from a "hold" rating to a "buy" rating and set a $1,400.00 price objective on the stock in a research note on Tuesday, September 15th. Wells Fargo & Company increased their target price on shares of Eli Lilly and Company from $1,330.00 to $1,500.00 and gave the stock an "overweight" rating in a research report on Friday, October 30th. JPMorgan Chase & Co. lifted their target price on shares of Eli Lilly and Company from $1,500.00 to $1,650.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Finally, Scotiabank lifted their target price on shares of Eli Lilly and Company from $1,300.00 to $1,605.00 and gave the company a "sector outperform" rating in a research note on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eli Lilly and Company presently has an average rating of "Moderate Buy" and a consensus target price of $1,404.14.

Eli Lilly and Company Trading Up 0.5%

Shares of LLY stock opened at $1,372.15 on Friday. The firm has a fifty day moving average of $1,215.24 and a 200-day moving average of $1,101.16. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 44.54, a P/E/G ratio of 1.69 and a beta of 0.40. Eli Lilly and Company has a 52-week low of $850.51 and a 52-week high of $1,453.00. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.39.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $7.48 earnings per share for the quarter, beating the consensus estimate of $5.71 by $1.77. The business had revenue of $24.40 billion for the quarter, compared to analyst estimates of $22.58 billion. Eli Lilly and Company had a net margin of 31.90% and a return on equity of 86.76%. The firm's revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the business earned $7.02 EPS. On average, equities research analysts forecast that Eli Lilly and Company will post 35.70 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 Thursday, December 10th. Stockholders of record on Friday, November 13th will be paid a $1.73 dividend. This represents a $6.92 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, November 13th. Eli Lilly and Company's dividend payout ratio is currently 22.46%.

Key Eli Lilly and Company News

Here are the key news stories impacting Eli Lilly and Company this week:

• Positive Sentiment: Lilly and Hims & Hers agreed to offer FDA-approved Zepbound and Foundayo through Hims & Hers’ telehealth platform. Eligible patients with a prescription can access Lilly’s self-pay prices—reportedly starting at $149—without leaving the platform. The deal could widen patient access and Lilly’s reach in the competitive obesity-treatment market. Lilly and Hims & Hers expand access to FDA-approved Lilly medicines
• Positive Sentiment: New Phase 3 results for investigational retatrutide showed substantial reductions in weight and knee pain among adults with obesity and knee osteoarthritis. Lilly also reported positive Phase 3b results for combining Taltz and Zepbound in people with psoriatic arthritis and obesity, supporting the potential of its medicines in additional patient groups. Lilly to showcase new retatrutide, Taltz and Zepbound data
• Negative Sentiment: Price competition across the GLP-1 market remains a risk to Lilly’s growth and drug margins, as branded treatments compete with lower-priced options and providers seek self-pay patients. Eli Lilly’s GLP-1 franchise faces growing price competition

Insider Activity

In other news, EVP Anat Hakim sold 5,000 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $1,402.52, for a total value of $7,012,600.00. Following the completion of the transaction, the executive vice president directly owned 4,137 shares of the company's stock, valued at approximately $5,802,225.24. This represents a 54.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Donald Zakrowski sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $1,185.01, for a total value of $2,370,020.00. Following the transaction, the chief accounting officer owned 1,526 shares of the company's stock, valued at $1,808,325.26. This trade represents a 56.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 13,500 shares of company stock worth $17,020,770. Company insiders own 0.14% of the company's stock.

Eli Lilly and Company Company Profile

Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures and markets medicines for people and animals. Its work spans areas including diabetes and obesity, cancer, immunology, neuroscience and pain management.

The company's medicines include treatments for diabetes and obesity, such as Mounjaro and Zepbound, as well as products for cancer and other conditions. Lilly also conducts research into new medicines and invests in the development of treatments across its therapeutic areas.

Founded in Indianapolis in 1876 by Colonel Eli Lilly, the company is headquartered in the city and serves patients in markets around the world.

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