Meritage Portfolio Management Cuts Stock Holdings in Eli Lilly and Company (NYSE:LLY)

Meritage Portfolio Management reduced its position in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 52.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,078 shares of the company's stock after selling 3,352 shares during the period. Meritage Portfolio Management's holdings in Eli Lilly and Company were worth $2,542,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. WestEnd Advisors LLC boosted its stake in shares of Eli Lilly and Company by 210.0% during the first quarter. WestEnd Advisors LLC now owns 31 shares of the company's stock valued at $26,000 after purchasing an additional 21 shares in the last quarter. Citizens National Bank Trust Department raised its holdings in Eli Lilly and Company by 180.0% in the 1st quarter. Citizens National Bank Trust Department now owns 42 shares of the company's stock valued at $35,000 after buying an additional 27 shares during the last quarter. Mascagni Wealth Management Inc. bought a new stake in Eli Lilly and Company during the 4th quarter worth approximately $43,000. Prudent Man Investment Management Inc. acquired a new position in Eli Lilly and Company in the 4th quarter valued at approximately $48,000. Finally, O Brien Wealth Partners LLC raised its stake in shares of Eli Lilly and Company by 25.5% during the first quarter. O Brien Wealth Partners LLC now owns 59 shares of the company's stock valued at $49,000 after acquiring an additional 12 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors.

Eli Lilly and Company Stock Performance

Shares of LLY traded up $0.32 on Friday, reaching $779.60. 1,450,772 shares of the company's stock traded hands, compared to its average volume of 3,664,838. The stock has a market cap of $738.85 billion, a PE ratio of 63.43, a PEG ratio of 1.14 and a beta of 0.40. Eli Lilly and Company has a 52-week low of $677.09 and a 52-week high of $972.53. The company has a current ratio of 1.37, a quick ratio of 1.06 and a debt-to-equity ratio of 2.18. The stock's 50 day simple moving average is $775.72 and its two-hundred day simple moving average is $799.71.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $3.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.64 by ($1.30). Eli Lilly and Company had a return on equity of 85.51% and a net margin of 22.67%. The firm had revenue of $12.73 billion during the quarter, compared to analysts' expectations of $12.77 billion. During the same period in the prior year, the business earned $2.58 earnings per share. The business's quarterly revenue was up 45.2% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders 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 dividend on an annualized basis and a yield of 0.77%. Eli Lilly and Company's payout ratio is 48.82%.

Analyst Upgrades and Downgrades

LLY has been the topic of a number of analyst reports. The Goldman Sachs Group upgraded Eli Lilly and Company from a "neutral" rating to a "buy" rating and reduced their price target for the company from $892.00 to $888.00 in a research report on Tuesday, April 8th. Hsbc Global Res lowered shares of Eli Lilly and Company from a "strong-buy" rating to a "moderate sell" rating in a research note on Monday, April 28th. Wells Fargo & Company restated an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. Morgan Stanley reissued an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. Finally, HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and reduced their target price for the company from $1,150.00 to $700.00 in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,011.61.

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.