Convergence Financial LLC Has $2.82 Million Position in Eli Lilly and Company (NYSE:LLY)

Convergence Financial LLC grew its position in shares of Eli Lilly and Company (NYSE:LLY) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,652 shares of the company’s stock after purchasing an additional 56 shares during the quarter. Convergence Financial LLC’s holdings in Eli Lilly and Company were worth $2,819,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nwam LLC grew its stake in shares of Eli Lilly and Company by 3.9% in the fourth quarter. Nwam LLC now owns 13,704 shares of the company’s stock worth $10,580,000 after purchasing an additional 510 shares during the last quarter. Heritage Investors Management Corp grew its position in shares of Eli Lilly and Company by 13.0% in the 4th quarter. Heritage Investors Management Corp now owns 1,298 shares of the company’s stock valued at $1,002,000 after buying an additional 149 shares during the last quarter. SRN Advisors LLC bought a new stake in shares of Eli Lilly and Company in the 4th quarter valued at about $838,000. Whipplewood Advisors LLC acquired a new stake in shares of Eli Lilly and Company in the fourth quarter valued at about $272,000. Finally, NewEdge Wealth LLC raised its position in shares of Eli Lilly and Company by 8.2% during the fourth quarter. NewEdge Wealth LLC now owns 80,399 shares of the company’s stock worth $62,068,000 after acquiring an additional 6,103 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors.

Eli Lilly and Company Stock Up 1.5 %

Eli Lilly and Company stock opened at $915.47 on Thursday. The firm has a market capitalization of $868.02 billion, a price-to-earnings ratio of 78.18, a price-to-earnings-growth ratio of 1.40 and a beta of 0.42. The firm’s fifty day moving average price is $808.88 and its two-hundred day moving average price is $848.46. Eli Lilly and Company has a 1-year low of $711.40 and a 1-year high of $972.53. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. On average, equities research analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Friday, February 14th. Eli Lilly and Company’s dividend payout ratio (DPR) is presently 51.24%.

Eli Lilly and Company announced that its Board of Directors has approved a share buyback program on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Berenberg Bank set a $970.00 price objective on shares of Eli Lilly and Company in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Bank of America reiterated a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Finally, Citigroup lowered their price objective on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,000.28.

Eli Lilly and 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.