VeraBank N.A. Trims Stock Holdings in Eli Lilly and Company (NYSE:LLY)

Key Points

• VeraBank N.A. reduced its holdings in Eli Lilly by 20.3% in Q1, now owning 2,939 shares which account for 0.7% of its portfolio, valued at $2,427,000.
• Shares of Eli Lilly traded down 14.2% to $640.17, with significant trading volume exceeding 26 million shares, far above its average of 3.7 million.
• The company announced a quarterly dividend of $1.50 per share, reflecting an annualized dividend of $6.00 and a yield of 0.9%.

VeraBank N.A. lessened its holdings in Eli Lilly and Company (NYSE:LLY - Free Report) by 20.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,939 shares of the company's stock after selling 750 shares during the quarter. Eli Lilly and Company accounts for 0.7% of VeraBank N.A.'s investment portfolio, making the stock its 29th largest position. VeraBank N.A.'s holdings in Eli Lilly and Company were worth $2,427,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LLY. Garner Asset Management Corp grew its stake in shares of Eli Lilly and Company by 2.3% during the 4th quarter. Garner Asset Management Corp now owns 532 shares of the company's stock worth $411,000 after acquiring an additional 12 shares during the period. Brighton Jones LLC grew its stake in shares of Eli Lilly and Company by 22.0% during the 4th quarter. Brighton Jones LLC now owns 9,597 shares of the company's stock worth $7,409,000 after acquiring an additional 1,730 shares during the period. Revolve Wealth Partners LLC grew its stake in shares of Eli Lilly and Company by 2.8% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,471 shares of the company's stock worth $1,136,000 after acquiring an additional 40 shares during the period. Orion Capital Management LLC grew its stake in shares of Eli Lilly and Company by 2.5% during the 4th quarter. Orion Capital Management LLC now owns 1,610 shares of the company's stock worth $1,243,000 after acquiring an additional 40 shares during the period. Finally, Bank Pictet & Cie Europe AG grew its stake in shares of Eli Lilly and Company by 4.1% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 64,758 shares of the company's stock worth $49,993,000 after acquiring an additional 2,568 shares during the period. Institutional investors own 82.53% of the company's stock.

Eli Lilly and Company Price Performance

Shares of NYSE LLY traded down $15.71 during trading hours on Friday, reaching $625.15. 14,089,857 shares of the stock traded hands, compared to its average volume of 4,833,475. The company has a market capitalization of $592.48 billion, a P/E ratio of 40.86, a price-to-earnings-growth ratio of 0.91 and a beta of 0.44. The company has a quick ratio of 1.06, a current ratio of 1.37 and a debt-to-equity ratio of 2.18. Eli Lilly and Company has a 52-week low of $623.78 and a 52-week high of $972.53. The company's 50-day simple moving average is $774.10 and its two-hundred day simple moving average is $798.80.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $6.31 earnings per share for the quarter, beating analysts' consensus estimates of $5.59 by $0.72. The company had revenue of $15.56 billion for the quarter, compared to analysts' expectations of $14.40 billion. Eli Lilly and Company had a return on equity of 98.25% and a net margin of 25.91%. Eli Lilly and Company's revenue for the quarter was up 37.6% compared to the same quarter last year. During the same period last year, the firm posted $3.92 EPS. Equities research analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Dividend Announcement

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 dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 15th. Eli Lilly and Company's dividend payout ratio (DPR) is currently 48.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. HSBC downgraded Eli Lilly and Company from a "buy" rating to a "reduce" rating and cut their price target for the stock from $1,150.00 to $700.00 in a research note on Monday, April 28th. Erste Group Bank downgraded Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Wells Fargo & Company restated an "overweight" rating on shares of Eli Lilly and Company in a research note on Thursday, May 1st. Guggenheim raised their target price on Eli Lilly and Company from $936.00 to $942.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Leerink Partners restated a "market perform" rating and issued a $715.00 target price on shares of Eli Lilly and Company in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued 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 an average target price of $990.89.

Insider Buying and Selling at Eli Lilly and Company

In other news, Director Jamere Jackson acquired 200 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $639.56 per share, with a total value of $127,912.00. Following the acquisition, the director owned 9,402 shares in the company, valued at approximately $6,013,143.12. This represents a 2.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.13% of the company's stock.

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.