State of Michigan Retirement System Sells 12,100 Shares of Eli Lilly and Company (NYSE:LLY)

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

Several other institutional investors and hedge funds also recently made changes to their positions in LLY. Vanguard Group Inc. increased its position in shares of Eli Lilly and Company by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 74,248,997 shares of the company's stock valued at $57,320,226,000 after buying an additional 475,530 shares in the last quarter. Geode Capital Management LLC increased its position 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 buying an additional 291,875 shares in the last quarter. GAMMA Investing LLC increased its position 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 buying an additional 14,852,076 shares in the last quarter. Wellington Management Group LLP increased its position 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 buying an additional 2,012,129 shares in the last quarter. Finally, Norges Bank acquired a new position in Eli Lilly and Company in the 4th quarter worth $8,407,908,000. Institutional investors own 82.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LLY. 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. UBS Group reduced their target price 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 note on Friday, May 2nd. Wall Street Zen lowered shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Morgan Stanley reaffirmed an "overweight" rating and issued a $1,135.00 target price (up from $1,133.00) on shares of Eli Lilly and Company in a research note on Thursday. Finally, Guggenheim reaffirmed a "buy" rating and issued a $936.00 target price on shares of Eli Lilly and Company in a research note on Friday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,012.22.

Eli Lilly and Company Trading Up 0.4%

Shares of NYSE:LLY opened at $790.23 on Friday. Eli Lilly and Company has a 52-week low of $677.09 and a 52-week high of $972.53. The company has a market capitalization of $748.93 billion, a P/E ratio of 64.30, a price-to-earnings-growth ratio of 1.15 and a beta of 0.40. The company has a 50-day simple moving average of $767.03 and a 200 day simple moving average of $800.01. 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 for the quarter, missing the consensus estimate of $4.64 by ($1.30). The company had revenue of $12.73 billion during the quarter, compared to the consensus estimate of $12.77 billion. Eli Lilly and Company had a net margin of 22.67% and a return on equity of 85.51%. The firm's revenue was up 45.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.58 earnings per share. Sell-side analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The business 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 $1.50 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $6.00 annualized dividend and a yield of 0.76%. Eli Lilly and Company's dividend payout ratio is currently 48.82%.

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.

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