ABC Arbitrage SA Invests $269,000 in Eli Lilly and Company (NYSE:LLY)

ABC Arbitrage SA bought a new position in Eli Lilly and Company (NYSE:LLY) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 349 shares of the company’s stock, valued at approximately $269,000.

Several other institutional investors have also recently made changes to their positions in LLY. Adell Harriman & Carpenter Inc. increased its stake in Eli Lilly and Company by 8.6% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 12,667 shares of the company’s stock worth $9,779,000 after buying an additional 1,008 shares during the period. Bank Pictet & Cie Europe AG increased its stake in Eli Lilly and Company by 4.1% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 64,758 shares of the company’s stock worth $49,993,000 after buying an additional 2,568 shares during the period. Autumn Glory Partners LLC purchased a new position in Eli Lilly and Company in the 4th quarter worth about $533,000. Klingenstein Fields & Co. LP increased its stake in Eli Lilly and Company by 0.5% in the 4th quarter. Klingenstein Fields & Co. LP now owns 102,797 shares of the company’s stock worth $79,359,000 after buying an additional 520 shares during the period. Finally, Kanawha Capital Management LLC increased its stake in Eli Lilly and Company by 57.4% in the 4th quarter. Kanawha Capital Management LLC now owns 3,588 shares of the company’s stock worth $2,770,000 after buying an additional 1,308 shares during the period. Institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Down 3.1 %

LLY stock opened at $844.82 on Friday. The firm has a 50 day moving average of $794.44 and a 200 day moving average of $844.60. The stock has a market capitalization of $802.01 billion, a PE ratio of 72.15, a price-to-earnings-growth ratio of 1.87 and a beta of 0.42. The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. 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 released its earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 86.26% and a net margin of 23.51%. Sell-side analysts forecast that Eli Lilly and Company will post 23.33 earnings per share for the current year.

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

Eli Lilly and Company Increases Dividend

The firm 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 0.71%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s payout ratio is presently 44.41%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Citigroup reduced their price target 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 note on Tuesday, January 28th. Bank of America reissued a “buy” rating and set a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Wells Fargo & Company cut their target price on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Barclays cut their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research assumed 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 on the stock. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $997.50.

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.