Ramirez Asset Management Inc. Invests $778,000 in Eli Lilly and Company (NYSE:LLY)

Key Points

• Ramirez Asset Management Inc. has purchased a new stake in Eli Lilly and Company, acquiring 942 shares valued at approximately $778,000.
• The company declared a quarterly dividend of $1.50 per share, with a 0.74% yield, set to be paid on September 10th.
• Eli Lilly's recent quarterly earnings fell short of expectations, with an EPS of $3.34 compared to a consensus estimate of $4.64.

Ramirez Asset Management Inc. acquired a new position in shares of Eli Lilly and Company (NYSE:LLY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 942 shares of the company's stock, valued at approximately $778,000.

Several other hedge funds and other institutional investors also recently modified their holdings of LLY. Garner Asset Management Corp boosted its holdings in Eli Lilly and Company by 2.3% in the fourth quarter. Garner Asset Management Corp now owns 532 shares of the company's stock valued at $411,000 after acquiring an additional 12 shares in the last quarter. Applied Finance Capital Management LLC lifted its position in Eli Lilly and Company by 1.4% during the fourth quarter. Applied Finance Capital Management LLC now owns 855 shares of the company's stock valued at $660,000 after buying an additional 12 shares during the period. Tobias Financial Advisors Inc. lifted its position in Eli Lilly and Company by 4.1% during the fourth quarter. Tobias Financial Advisors Inc. now owns 307 shares of the company's stock valued at $237,000 after buying an additional 12 shares during the period. Redwood Investments LLC lifted its position in Eli Lilly and Company by 0.5% during the fourth quarter. Redwood Investments LLC now owns 2,209 shares of the company's stock valued at $1,705,000 after buying an additional 12 shares during the period. Finally, Hobbs Wealth Management LLC lifted its position in Eli Lilly and Company by 0.8% during the first quarter. Hobbs Wealth Management LLC now owns 1,459 shares of the company's stock valued at $1,205,000 after buying an additional 12 shares during the period. Hedge funds and other institutional investors own 82.53% of the company's stock.

Eli Lilly and Company Stock Down 0.4%

Shares of NYSE LLY traded down $3.19 during mid-day trading on Wednesday, reaching $759.76. 4,331,834 shares of the company were exchanged, compared to its average volume of 3,787,427. 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 cap of $720.05 billion, a price-to-earnings ratio of 61.82, a P/E/G ratio of 1.15 and a beta of 0.40. 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 firm has a 50-day moving average of $773.36 and a 200 day moving average of $800.41.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $12.73 billion during the quarter, compared to analyst estimates of $12.77 billion. During the same period in the previous year, the business posted $2.58 earnings per share. The firm's revenue for the quarter was up 45.2% on a year-over-year basis. On average, research analysts expect that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a $1.50 dividend. The ex-dividend date of this dividend 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 presently 48.82%.

Analyst Ratings Changes

Several brokerages have commented on LLY. Wells Fargo & Company reissued an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. Morgan Stanley reissued an "overweight" rating and set a $1,135.00 price objective (up previously from $1,133.00) on shares of Eli Lilly and Company in a research report on Thursday, July 10th. HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and reduced their price target for the company from $1,150.00 to $700.00 in a report on Monday, April 28th. Cantor Fitzgerald started coverage on Eli Lilly and Company in a report on Tuesday, April 22nd. They set an "overweight" rating and a $975.00 price target for the company. 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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Eli Lilly and Company currently has an average 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.