Lord Abbett & CO. LLC Has $334.89 Million Position in Eli Lilly and Company (NYSE:LLY)

Lord Abbett & CO. LLC lessened its stake in shares of Eli Lilly and Company (NYSE:LLY) by 16.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 378,010 shares of the company’s stock after selling 71,978 shares during the quarter. Eli Lilly and Company accounts for about 1.0% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 13th largest position. Lord Abbett & CO. LLC’s holdings in Eli Lilly and Company were worth $334,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Oddo BHF Asset Management Sas acquired a new stake in shares of Eli Lilly and Company during the 3rd quarter worth about $34,328,000. Chesley Taft & Associates LLC increased its holdings in shares of Eli Lilly and Company by 5.4% during the second quarter. Chesley Taft & Associates LLC now owns 22,553 shares of the company’s stock worth $20,419,000 after buying an additional 1,163 shares in the last quarter. OMNI 360 Wealth Inc. acquired a new position in shares of Eli Lilly and Company in the 2nd quarter worth approximately $239,000. Long Run Wealth Advisors LLC acquired a new position in shares of Eli Lilly and Company in the 2nd quarter worth approximately $209,000. Finally, Essex Financial Services Inc. grew its position in Eli Lilly and Company by 5.8% during the 2nd quarter. Essex Financial Services Inc. now owns 28,183 shares of the company’s stock worth $25,517,000 after acquiring an additional 1,556 shares during the last quarter. Institutional investors and hedge funds own 82.53% of the company’s stock.

Insider Transactions at Eli Lilly and Company

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $803.38, for a total value of $723,042.00. Following the completion of the sale, the chief accounting officer now owns 5,480 shares of the company’s stock, valued at $4,402,522.40. The trade was a 14.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.13% of the stock is owned by corporate insiders.

Eli Lilly and Company Trading Up 0.9 %

Shares of NYSE:LLY opened at $789.27 on Friday. Eli Lilly and Company has a 52-week low of $561.65 and a 52-week high of $972.53. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.97 and a current ratio of 1.27. The company has a market capitalization of $749.27 billion, a P/E ratio of 85.33, a price-to-earnings-growth ratio of 3.02 and a beta of 0.41. The company has a 50-day simple moving average of $833.49 and a 200 day simple moving average of $870.65.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The business had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 earnings per share. Sell-side analysts forecast that Eli Lilly and Company will post 13.18 earnings per share for the current year.

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

Eli Lilly and Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a $1.50 dividend. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.76%. Eli Lilly and Company’s dividend payout ratio is presently 56.22%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on LLY shares. JPMorgan Chase & Co. boosted their price objective on Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Barclays decreased their price objective on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Truist Financial upped their target price on shares of Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Bank of America reissued a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday. Finally, Guggenheim boosted their target price on Eli Lilly and Company from $884.00 to $1,030.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Four 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 has an average rating of “Moderate Buy” and an average target price of $1,002.22.

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.