Means Investment CO. Inc. Cuts Stock Holdings in Eli Lilly and Company (NYSE:LLY)

Means Investment CO. Inc. cut its stake in Eli Lilly and Company (NYSE:LLY) by 9.4% in the second quarter, HoldingsChannel reports. The firm owned 2,973 shares of the company’s stock after selling 309 shares during the quarter. Means Investment CO. Inc.’s holdings in Eli Lilly and Company were worth $2,692,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Eli Lilly and Company by 1.6% in the first quarter. Vanguard Group Inc. now owns 72,745,011 shares of the company’s stock valued at $56,592,709,000 after buying an additional 1,133,810 shares during the last quarter. Capital World Investors increased its holdings in shares of Eli Lilly and Company by 0.3% in the 4th quarter. Capital World Investors now owns 26,949,773 shares of the company’s stock valued at $15,709,466,000 after acquiring an additional 89,720 shares during the last quarter. Norges Bank acquired a new stake in shares of Eli Lilly and Company during the 4th quarter worth about $5,992,890,000. Capital Research Global Investors raised its position in shares of Eli Lilly and Company by 6.0% during the 1st quarter. Capital Research Global Investors now owns 8,031,531 shares of the company’s stock worth $6,248,210,000 after acquiring an additional 453,939 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Eli Lilly and Company by 5.1% in the first quarter. Capital International Investors now owns 6,972,393 shares of the company’s stock valued at $5,424,243,000 after purchasing an additional 335,560 shares in the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Performance

Shares of NYSE LLY traded down $0.31 during mid-day trading on Monday, hitting $921.81. 2,371,181 shares of the company were exchanged, compared to its average volume of 3,093,590. The stock has a 50 day simple moving average of $878.93 and a 200-day simple moving average of $806.28. Eli Lilly and Company has a 1-year low of $516.57 and a 1-year high of $966.10. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 1.90. The firm has a market cap of $876.09 billion, a price-to-earnings ratio of 135.64, a price-to-earnings-growth ratio of 1.81 and a beta of 0.41.

Eli Lilly and Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Thursday, August 15th. Eli Lilly and Company’s payout ratio is 76.58%.

Insider Transactions at Eli Lilly and Company

In related news, major shareholder Lilly Endowment Inc sold 92,563 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $809.21, for a total value of $74,902,905.23. Following the completion of the sale, the insider now owns 98,556,247 shares in the company, valued at $79,752,700,634.87. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Johna Norton sold 7,056 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $819.38, for a total transaction of $5,781,545.28. Following the transaction, the executive vice president now owns 25,428 shares of the company’s stock, valued at $20,835,194.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Lilly Endowment Inc sold 92,563 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $809.21, for a total value of $74,902,905.23. Following the sale, the insider now owns 98,556,247 shares in the company, valued at approximately $79,752,700,634.87. The disclosure for this sale can be found here. Insiders have sold a total of 1,214,704 shares of company stock worth $1,066,841,316 over the last ninety days. 0.13% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LLY shares. Barclays raised their price objective on shares of Eli Lilly and Company from $913.00 to $1,025.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Jefferies Financial Group lifted their price target on shares of Eli Lilly and Company from $994.00 to $1,015.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Berenberg Bank boosted their price target on shares of Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft raised Eli Lilly and Company from a “hold” rating to a “buy” rating and raised their price objective for the stock from $725.00 to $1,025.00 in a report on Monday, August 12th. Finally, Bank of America boosted their target price on Eli Lilly and Company from $1,000.00 to $1,125.00 and gave the company a “buy” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $956.88.

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.