Manchester Capital Management LLC Cuts Stake in Eli Lilly and Company (NYSE:LLY)

Key Points

• Manchester Capital Management LLC has reduced its stake in Eli Lilly and Company (NYSE: LLY) by 8.9%, selling 491 shares during the first quarter, and now holds 5,025 shares valued at approximately $4.15 million.
• Eli Lilly reported earnings per share of $3.34 for the last quarter, missing expectations of $4.64, while its revenue increased by 45.2% year-over-year.
• The company announced a quarterly dividend of $1.50 per share, which translates to an annual payout of $6.00 and a dividend yield of 0.8%.

Manchester Capital Management LLC reduced its position in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 8.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,025 shares of the company's stock after selling 491 shares during the quarter. Manchester Capital Management LLC's holdings in Eli Lilly and Company were worth $4,150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of LLY. Delta Financial Group Inc. boosted its holdings in shares of Eli Lilly and Company by 2.1% during the 1st quarter. Delta Financial Group Inc. now owns 6,871 shares of the company's stock worth $5,942,000 after buying an additional 141 shares during the period. Scotia Capital Inc. grew its position in shares of Eli Lilly and Company by 9.7% in the first quarter. Scotia Capital Inc. now owns 89,242 shares of the company's stock valued at $73,706,000 after purchasing an additional 7,886 shares during the last quarter. Liberty Wealth Management LLC boosted its stake in Eli Lilly and Company by 5,150.4% in the 1st quarter. Liberty Wealth Management LLC now owns 83,271 shares of the company's stock valued at $68,774,000 after purchasing an additional 81,685 shares during the period. Bank of Nova Scotia Trust Co. bought a new position in Eli Lilly and Company during the 1st quarter worth $406,000. Finally, Pathway Financial Advisers LLC grew its stake in shares of Eli Lilly and Company by 40.3% in the first quarter. Pathway Financial Advisers LLC now owns 1,664 shares of the company's stock valued at $1,375,000 after acquiring an additional 478 shares in the last quarter. Institutional investors own 82.53% of the company's stock.

Eli Lilly and Company Stock Down 2.6%

Shares of Eli Lilly and Company stock traded down $19.78 on Wednesday, hitting $746.17. The company had a trading volume of 4,715,869 shares, compared to its average volume of 3,810,507. The stock has a 50 day moving average of $777.42 and a 200-day moving average of $800.57. Eli Lilly and Company has a 1 year low of $677.09 and a 1 year high of $972.53. The stock has a market capitalization of $707.17 billion, a price-to-earnings ratio of 60.71, a P/E/G ratio of 1.09 and a beta of 0.44. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, August 15th. This represents a $6.00 annualized dividend and a yield of 0.8%. Eli Lilly and Company's payout ratio is 48.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Erste Group Bank downgraded shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Guggenheim raised their target price on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the company a "buy" rating in a report on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and set a $1,135.00 price target (up previously from $1,133.00) on shares of Eli Lilly and Company in a research report on Thursday, July 10th. Hsbc Global Res cut Eli Lilly and Company from a "strong-buy" rating to a "moderate sell" rating in a research note on Monday, April 28th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.