Retirement Systems of Alabama Trims Holdings in Eli Lilly and Company (NYSE:LLY)

Retirement Systems of Alabama reduced its stake in Eli Lilly and Company (NYSE:LLYFree Report) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 170,688 shares of the company’s stock after selling 5,417 shares during the quarter. Eli Lilly and Company makes up approximately 0.6% of Retirement Systems of Alabama’s investment portfolio, making the stock its 27th largest position. Retirement Systems of Alabama’s holdings in Eli Lilly and Company were worth $151,219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of LLY. Peterson Financial Group Inc. purchased a new position in Eli Lilly and Company during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Eli Lilly and Company during the 3rd quarter worth approximately $30,000. LGT Financial Advisors LLC purchased a new stake in shares of Eli Lilly and Company during the 2nd quarter valued at approximately $36,000. Morton Brown Family Wealth LLC lifted its holdings in Eli Lilly and Company by 45.5% in the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock valued at $41,000 after acquiring an additional 15 shares during the last quarter. Finally, Cedar Mountain Advisors LLC grew its position in Eli Lilly and Company by 53.3% in the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock worth $41,000 after acquiring an additional 16 shares during the period. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Performance

Shares of LLY stock opened at $782.50 on Friday. The stock’s 50-day moving average price is $835.43 and its 200 day moving average price is $870.78. The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. The stock has a market capitalization of $742.84 billion, a PE ratio of 84.58, a price-to-earnings-growth ratio of 3.02 and a beta of 0.41. Eli Lilly and Company has a 52-week low of $561.65 and a 52-week high of $972.53.

Eli Lilly and Company (NYSE:LLYGet Free Report) last released its earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The business had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. During the same quarter in the previous year, the firm posted $0.10 EPS. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts forecast that Eli Lilly and Company will post 13.18 EPS for the current year.

Eli Lilly and Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a $1.50 dividend. The ex-dividend date is Friday, February 14th. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.77%. Eli Lilly and Company’s payout ratio is currently 56.22%.

Eli Lilly and Company announced that its board has approved a share repurchase program on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft decreased their price target on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Guggenheim boosted their price target on shares of Eli Lilly and Company from $884.00 to $1,030.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Wolfe Research began coverage on Eli Lilly and Company in a research note on Friday, November 15th. They set an “outperform” rating and a $1,000.00 target price on the stock. Truist Financial lifted their target price on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $885.00 price target on shares of Eli Lilly and Company in a research report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,002.22.

Check Out Our Latest Stock Report on Eli Lilly and Company

Insider Activity

In related news, CAO Donald A. Zakrowski sold 900 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $803.38, for a total value of $723,042.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,480 shares in the company, valued at approximately $4,402,522.40. This represents a 14.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.13% of the company’s stock.

About Eli Lilly and Company

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Eli Lilly and Company (NYSE:LLY)

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