Summit Financial Strategies Inc. Cuts Stock Holdings in Eli Lilly and Company (NYSE:LLY)

Summit Financial Strategies Inc. lowered its position in Eli Lilly and Company (NYSE:LLY) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,049 shares of the company’s stock after selling 56 shares during the period. Summit Financial Strategies Inc.’s holdings in Eli Lilly and Company were worth $1,582,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Algert Global LLC grew its position in Eli Lilly and Company by 27.9% during the second quarter. Algert Global LLC now owns 504 shares of the company’s stock valued at $456,000 after buying an additional 110 shares during the period. Granite Bay Wealth Management LLC purchased a new stake in shares of Eli Lilly and Company during the 2nd quarter worth approximately $323,000. RiverFront Investment Group LLC bought a new stake in shares of Eli Lilly and Company in the 2nd quarter worth approximately $256,000. Strategic Investment Solutions Inc. IL purchased a new position in Eli Lilly and Company in the second quarter valued at approximately $565,000. Finally, Clear Rock Advisors LLC bought a new position in Eli Lilly and Company during the second quarter valued at $229,000. 82.53% of the stock is owned by institutional investors.

Insider Transactions at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction that occurred 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 owns 5,480 shares of the company’s stock, valued at approximately $4,402,522.40. This represents a 14.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LLY. Deutsche Bank Aktiengesellschaft dropped 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 report on Monday, November 4th. Sanford C. Bernstein began coverage on shares of Eli Lilly and Company in a research report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 target price for the company. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Barclays dropped their target price on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Finally, StockNews.com downgraded Eli Lilly and Company from a “buy” rating to a “hold” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $997.22.

Eli Lilly and Company Trading Down 0.2 %

Shares of LLY opened at $803.01 on Thursday. Eli Lilly and Company has a twelve month low of $637.00 and a twelve month high of $972.53. 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 firm has a fifty day simple moving average of $779.81 and a two-hundred day simple moving average of $846.28. The stock has a market capitalization of $762.31 billion, a P/E ratio of 86.81, a PEG ratio of 1.59 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last announced its earnings results on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The business had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. Eli Lilly and Company’s revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS. On average, research analysts anticipate that Eli Lilly and Company will post 12.98 EPS for the current year.

Eli Lilly and Company declared that its Board of Directors has approved a stock repurchase plan on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.50 dividend. The ex-dividend date of this dividend 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 yield of 0.75%. Eli Lilly and Company’s dividend payout ratio is 56.22%.

Eli Lilly and Company 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.