Parsons Capital Management Inc. RI Boosts Stake in Eli Lilly and Company (NYSE:LLY)

Parsons Capital Management Inc. RI boosted its position in Eli Lilly and Company (NYSE:LLY) by 8.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,280 shares of the company’s stock after acquiring an additional 2,060 shares during the quarter. Eli Lilly and Company accounts for approximately 1.1% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 15th largest holding. Parsons Capital Management Inc. RI’s holdings in Eli Lilly and Company were worth $21,060,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Algert Global LLC raised its holdings in shares of Eli Lilly and Company by 27.9% during the 2nd quarter. Algert Global LLC now owns 504 shares of the company’s stock valued at $456,000 after buying an additional 110 shares in the last quarter. Granite Bay Wealth Management LLC purchased a new position in shares of Eli Lilly and Company during the second quarter worth approximately $323,000. RiverFront Investment Group LLC bought a new stake in shares of Eli Lilly and Company in the 2nd quarter worth approximately $256,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Eli Lilly and Company in the 2nd quarter valued at $565,000. Finally, Clear Rock Advisors LLC bought a new position in shares of Eli Lilly and Company during the 2nd quarter valued at $229,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Insider Buying and Selling

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of Eli Lilly and Company stock in a transaction on Friday, November 8th. The stock was 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 approximately $4,402,522.40. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.13% of the stock is owned by company insiders.

Eli Lilly and Company Price Performance

Shares of LLY opened at $803.01 on Thursday. 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 stock has a market cap of $762.31 billion, a PE ratio of 86.81, a price-to-earnings-growth ratio of 1.59 and a beta of 0.41. The firm’s 50-day simple moving average is $779.81 and its two-hundred day simple moving average is $846.28. Eli Lilly and Company has a fifty-two week low of $637.00 and a fifty-two week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The firm had revenue of $11.44 billion during 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%. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 EPS. Analysts anticipate that Eli Lilly and Company will post 12.98 earnings per share for the current fiscal year.

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

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. The ex-dividend date is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.75%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s dividend payout ratio (DPR) is 56.22%.

Wall Street Analysts Forecast Growth

LLY has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a report on Monday, November 4th. Wolfe Research started coverage on shares of Eli Lilly and Company in a report on Friday, November 15th. They issued an “outperform” rating and a $1,000.00 target price on the stock. Bank of America reaffirmed a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Sanford C. Bernstein initiated coverage on shares of Eli Lilly and Company in a research report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 price target for the company. Finally, Citigroup decreased their price objective on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $997.22.

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.