Resona Asset Management Co. Ltd. Raises Stock Position in Eli Lilly and Company (NYSE:LLY)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Eli Lilly and Company by 7.7% by acquiring an additional 19,165 shares, bringing its total ownership to 267,921 shares worth approximately $221 million.
• Eli Lilly reported a strong quarterly earnings per share (EPS) of $6.31, surpassing expectations and showing a year-over-year revenue growth of 37.6% to $15.56 billion.
• The company announced a quarterly dividend of $1.50 per share, representing a 0.9% yield, with the dividend payment set for September 10th.

Resona Asset Management Co. Ltd. boosted its position in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 7.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 267,921 shares of the company's stock after purchasing an additional 19,165 shares during the period. Eli Lilly and Company makes up 1.3% of Resona Asset Management Co. Ltd.'s holdings, making the stock its 13th biggest holding. Resona Asset Management Co. Ltd.'s holdings in Eli Lilly and Company were worth $221,137,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of LLY. PNC Financial Services Group Inc. raised its stake in Eli Lilly and Company by 97.5% during the first quarter. PNC Financial Services Group Inc. now owns 101,305,650 shares of the company's stock worth $83,669,349,000 after purchasing an additional 50,002,551 shares during the period. GAMMA Investing LLC increased its position in shares of Eli Lilly and Company by 103,831.6% during the first quarter. GAMMA Investing LLC now owns 14,866,380 shares of the company's stock valued at $12,278,292,000 after acquiring an additional 14,852,076 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Eli Lilly and Company during the first quarter valued at about $4,613,912,000. Vanguard Group Inc. increased its position in shares of Eli Lilly and Company by 6.7% during the first quarter. Vanguard Group Inc. now owns 79,224,392 shares of the company's stock valued at $65,432,218,000 after acquiring an additional 4,975,395 shares during the last quarter. Finally, Capital International Investors increased its position in shares of Eli Lilly and Company by 23.2% during the fourth quarter. Capital International Investors now owns 8,730,758 shares of the company's stock valued at $6,740,272,000 after acquiring an additional 1,645,222 shares during the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on LLY. Cantor Fitzgerald set a $825.00 price target on shares of Eli Lilly and Company and gave the company an "overweight" rating in a research report on Wednesday. UBS Group dropped their price target on shares of Eli Lilly and Company from $1,050.00 to $895.00 and set a "buy" rating for the company in a research report on Friday, August 8th. HSBC cut shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and dropped their price target for the company from $1,150.00 to $700.00 in a research report on Monday, April 28th. Erste Group Bank cut shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Eli Lilly and Company currently has an average rating of "Moderate Buy" and a consensus target price of $964.88.

Eli Lilly and Company Stock Up 3.8%

NYSE LLY traded up $24.78 on Thursday, hitting $685.27. 8,333,591 shares of the stock were exchanged, compared to its average volume of 4,136,195. The company has a quick ratio of 1.00, a current ratio of 1.28 and a debt-to-equity ratio of 1.86. Eli Lilly and Company has a fifty-two week low of $623.78 and a fifty-two week high of $972.53. The company has a market cap of $648.58 billion, a PE ratio of 44.79, a PEG ratio of 0.90 and a beta of 0.44. The company has a 50-day moving average price of $767.52 and a 200-day moving average price of $796.25.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $6.31 EPS for the quarter, topping the consensus estimate of $5.59 by $0.72. Eli Lilly and Company had a net margin of 25.91% and a return on equity of 92.72%. The company had revenue of $15.56 billion during the quarter, compared to analysts' expectations of $14.40 billion. During the same quarter in the previous year, the business posted $3.92 EPS. The firm's revenue was up 37.6% on a year-over-year basis. Sell-side analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Announces Dividend

The company also recently declared 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. This represents a $6.00 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company's payout ratio is 39.22%.

Insider Activity at Eli Lilly and Company

In other news, Director J Erik Fyrwald purchased 1,565 shares of the stock in a transaction on Tuesday, August 12th. The stock was bought at an average price of $642.33 per share, for a total transaction of $1,005,246.45. Following the acquisition, the director directly owned 74,578 shares of the company's stock, valued at approximately $47,903,686.74. The trade was a 2.14% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jamere Jackson purchased 200 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $639.56 per share, with a total value of $127,912.00. Following the acquisition, the director directly owned 9,402 shares in the company, valued at $6,013,143.12. This represents a 2.17% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,514 shares of company stock worth $2,894,841 over the last ninety days. 0.13% of the stock is currently owned by insiders.

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.