Covington Investment Advisors Inc. Boosts Holdings in Eli Lilly and Company (NYSE:LLY)

Covington Investment Advisors Inc. raised its position in Eli Lilly and Company (NYSE:LLY) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,645 shares of the company’s stock after acquiring an additional 16 shares during the quarter. Eli Lilly and Company accounts for about 1.4% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 13th largest holding. Covington Investment Advisors Inc.’s holdings in Eli Lilly and Company were worth $15,938,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC boosted its stake in Eli Lilly and Company by 80.0% during the fourth quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock valued at $35,000 after buying an additional 20 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its position in Eli Lilly and Company by 117.1% in the third quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after purchasing an additional 24,879 shares during the period. FPC Investment Advisory Inc. grew its stake in Eli Lilly and Company by 358.3% during the fourth quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after buying an additional 43 shares during the last quarter. Compass Financial Services Inc bought a new position in Eli Lilly and Company in the 4th quarter valued at $50,000. Finally, Fiduciary Advisors Inc. acquired a new stake in shares of Eli Lilly and Company in the 4th quarter valued at approximately $58,000. 82.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $818.24, for a total transaction of $818,240.00. Following the transaction, the chief accounting officer now directly owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. The trade was a 14.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Eli Lilly and Company Price Performance

Shares of NYSE:LLY opened at $822.14 on Friday. The firm’s 50 day moving average is $842.43 and its two-hundred day moving average is $837.43. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $779.52 billion, a P/E ratio of 70.21, a PEG ratio of 1.40 and a beta of 0.34. Eli Lilly and Company has a 52 week low of $711.40 and a 52 week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last issued its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing analysts’ consensus estimates 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%. Analysts anticipate that Eli Lilly and Company will post 23.48 earnings per share for the current year.

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

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.