Westpac Banking Corp Sells 2,828 Shares of Eli Lilly and Company (NYSE:LLY)

Westpac Banking Corp reduced its position in shares of Eli Lilly and Company (NYSE:LLY) by 9.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 26,046 shares of the company’s stock after selling 2,828 shares during the period. Eli Lilly and Company makes up about 1.3% of Westpac Banking Corp’s portfolio, making the stock its 8th biggest holding. Westpac Banking Corp’s holdings in Eli Lilly and Company were worth $20,108,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LLY. Norges Bank purchased a new position in Eli Lilly and Company during the 4th quarter valued at about $8,407,908,000. Proficio Capital Partners LLC boosted its stake in shares of Eli Lilly and Company by 100,387.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock valued at $4,016,110,000 after purchasing an additional 5,197,038 shares during the period. Wellington Management Group LLP boosted its stake in shares of Eli Lilly and Company by 19.0% in the fourth quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock valued at $9,747,214,000 after purchasing an additional 2,012,129 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Eli Lilly and Company in the fourth quarter valued at approximately $1,240,653,000. Finally, Parnassus Investments LLC increased its stake in Eli Lilly and Company by 38,959.8% during the 4th quarter. Parnassus Investments LLC now owns 934,702 shares of the company’s stock worth $721,590,000 after buying an additional 932,309 shares during the period. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Up 1.8 %

LLY opened at $819.57 on Thursday. Eli Lilly and Company has a one year low of $711.40 and a one year high of $972.53. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15. The stock has a market capitalization of $777.09 billion, a P/E ratio of 69.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The business’s 50-day simple moving average is $848.85 and its 200-day simple moving average is $834.05.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. Analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company announced that its board has approved a stock buyback program on Monday, December 9th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $818.24, for a total value of $818,240.00. Following the transaction, the chief accounting officer now owns 5,840 shares in the company, valued at $4,778,521.60. The trade was a 14.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.13% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley set a $1,146.00 price target on shares of Eli Lilly and Company in a research note on Thursday, March 6th. Leerink Partners set a $950.00 target price on Eli Lilly and Company in a report on Friday, January 17th. StockNews.com upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Bank of America reaffirmed a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Finally, Wells Fargo & Company boosted their price objective on Eli Lilly and Company from $970.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,009.72.

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.