Eli Lilly and Company (NYSE:LLY) Holdings Boosted by M&T Bank Corp

M&T Bank Corp grew its stake in shares of Eli Lilly and Company (NYSE:LLY) by 0.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 266,822 shares of the company’s stock after acquiring an additional 1,867 shares during the period. Eli Lilly and Company accounts for 0.7% of M&T Bank Corp’s holdings, making the stock its 28th biggest position. M&T Bank Corp’s holdings in Eli Lilly and Company were worth $236,389,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Peterson Financial Group Inc. purchased a new position in shares of Eli Lilly and Company during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Eli Lilly and Company during the 3rd quarter valued at $30,000. LGT Financial Advisors LLC purchased a new position in shares of Eli Lilly and Company during the 2nd quarter valued at $36,000. Morton Brown Family Wealth LLC grew its holdings in shares of Eli Lilly and Company by 45.5% during the 2nd 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 in the last quarter. Finally, Cedar Mountain Advisors LLC grew its holdings in shares of Eli Lilly and Company by 53.3% during the 3rd quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock valued at $41,000 after acquiring an additional 16 shares in the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $803.38, for a total transaction of $723,042.00. Following the sale, the chief accounting officer now directly owns 5,480 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this link. 0.13% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

LLY has been the topic of several research analyst reports. 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 report on Friday, August 16th. Barclays decreased their price objective on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Wolfe Research started coverage on shares of Eli Lilly and Company in a research report on Friday, November 15th. They set an “outperform” rating and a $1,000.00 target price for the company. Finally, Berenberg Bank boosted their target price on shares of Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus target price of $1,007.94.

Eli Lilly and Company Price Performance

Shares of Eli Lilly and Company stock opened at $802.94 on Tuesday. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. The stock has a market capitalization of $762.25 billion, a price-to-earnings ratio of 86.80, a P/E/G ratio of 3.13 and a beta of 0.41. Eli Lilly and Company has a 1-year low of $561.65 and a 1-year high of $972.53. The firm’s 50-day moving average price is $841.04 and its two-hundred day moving average price is $871.97.

Eli Lilly and Company (NYSE:LLY) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.34). The firm had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. Eli Lilly and Company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 earnings per share. On average, equities analysts predict that Eli Lilly and Company will post 13.21 earnings per share for the current fiscal year.

Eli Lilly and Company declared that its Board of Directors has authorized a stock buyback plan on Monday, December 9th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 0.75%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s dividend payout ratio is currently 56.22%.

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.