Patten & Patten Inc. TN Grows Stake in Eli Lilly and Company (NYSE:LLY)

Key Points

• Patten & Patten Inc. increased its stake in Eli Lilly and Company by 4.0% during the 1st quarter, resulting in $13.97 million in holdings.
• Several hedge funds, including GAMMA Investing LLC, made significant investments in Eli Lilly, with GAMMA increasing its holdings by over 100,000%.
• Analysts have issued mixed ratings for Eli Lilly, with one downgrade and multiple upgrades, leading to an average target price of $1,012.56 and a "Moderate Buy" rating.

Patten & Patten Inc. TN boosted its stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,919 shares of the company's stock after buying an additional 644 shares during the period. Eli Lilly and Company accounts for 0.9% of Patten & Patten Inc. TN's investment portfolio, making the stock its 29th largest position. Patten & Patten Inc. TN's holdings in Eli Lilly and Company were worth $13,974,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of Eli Lilly and Company by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 17,382,846 shares of the company's stock valued at $13,389,651,000 after purchasing an additional 291,875 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Eli Lilly and Company by 103,831.6% in the 1st 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 last quarter. Wellington Management Group LLP lifted its stake in shares of Eli Lilly and Company by 19.0% in the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company's stock valued at $9,747,214,000 after purchasing an additional 2,012,129 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Eli Lilly and Company by 16.1% in the 4th 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 last quarter. Finally, Northern Trust Corp raised its holdings in shares of Eli Lilly and Company by 14.6% in the 4th quarter. Northern Trust Corp now owns 9,448,219 shares of the company's stock valued at $7,294,025,000 after buying an additional 1,204,337 shares during the period. Institutional investors and hedge funds own 82.53% of the company's stock.

Eli Lilly and Company Stock Performance

Eli Lilly and Company stock traded down $3.19 during mid-day trading on Wednesday, reaching $759.76. 4,329,299 shares of the company were exchanged, compared to its average volume of 3,787,318. Eli Lilly and Company has a twelve month low of $677.09 and a twelve month high of $972.53. The firm's 50-day simple moving average is $773.36 and its two-hundred day simple moving average is $800.41. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.06 and a current ratio of 1.37. The firm has a market cap of $720.05 billion, a PE ratio of 61.82, 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 posted its quarterly earnings data on Thursday, May 1st. The company reported $3.34 earnings per share for the quarter, missing analysts' consensus estimates of $4.64 by ($1.30). The company had revenue of $12.73 billion for the quarter, compared to analyst estimates of $12.77 billion. Eli Lilly and Company had a return on equity of 85.51% and a net margin of 22.67%. The firm's revenue was up 45.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.58 earnings per share. Equities analysts predict 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 declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued a $1.50 dividend. The ex-dividend date is Friday, August 15th. This represents a $6.00 annualized dividend and a dividend yield of 0.79%. Eli Lilly and Company's dividend payout ratio is currently 48.82%.

Analyst Ratings Changes

LLY has been the topic of several research analyst reports. Wells Fargo & Company reiterated an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. The Goldman Sachs Group raised Eli Lilly and Company from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $892.00 to $888.00 in a research report on Tuesday, April 8th. UBS Group lowered their price objective on 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. HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and dropped their price objective for the company from $1,150.00 to $700.00 in a report on Monday, April 28th. Finally, Erste Group Bank downgraded Eli Lilly and Company from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,012.56.

Eli Lilly and Company Profile

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.