State of Michigan Retirement System Lowers Stake in Eli Lilly and Company (NYSE:LLY)

State of Michigan Retirement System lowered its position in Eli Lilly and Company (NYSE:LLY - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 263,804 shares of the company's stock after selling 12,100 shares during the quarter. Eli Lilly and Company comprises approximately 1.3% of State of Michigan Retirement System's portfolio, making the stock its 14th largest holding. State of Michigan Retirement System's holdings in Eli Lilly and Company were worth $217,878,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in LLY. WestEnd Advisors LLC raised its position in 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 boosted its holdings in shares of 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 worth $35,000 after purchasing an additional 27 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Eli Lilly and Company during the 1st quarter valued at about $40,000. Mascagni Wealth Management Inc. purchased a new position in shares of Eli Lilly and Company during the 4th quarter valued at about $43,000. Finally, Prudent Man Investment Management Inc. bought a new stake in Eli Lilly and Company in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 82.53% of the company's stock.

Eli Lilly and Company Trading Up 0.3%

Shares of Eli Lilly and Company stock traded up $2.69 during midday trading on Friday, reaching $793.34. 2,851,585 shares of the company's stock traded hands, compared to its average volume of 3,670,273. The stock has a 50 day moving average of $767.03 and a 200-day moving average of $800.01. Eli Lilly and Company has a 12 month low of $677.09 and a 12 month high of $972.53. The company has a market cap of $751.88 billion, a PE ratio of 64.55, a price-to-earnings-growth ratio of 1.16 and a beta of 0.40. 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 (NYSE:LLY - Get Free Report) last released its quarterly 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 company had revenue of $12.73 billion during the quarter, compared to the consensus estimate of $12.77 billion. During the same period in the previous year, the company earned $2.58 earnings per share. Eli Lilly and Company's quarterly revenue was up 45.2% on a year-over-year basis. As a group, equities analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company's payout ratio is presently 48.82%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. The Goldman Sachs Group upgraded shares of 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. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. Guggenheim lifted their target price on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the stock a "buy" rating in a research report on Friday. UBS Group cut their price target on shares of 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. Finally, HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and decreased their price objective for the stock from $1,150.00 to $700.00 in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Eli Lilly and Company presently has an average rating of "Moderate Buy" and an average 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.