Fred Alger Management LLC Sells 88,546 Shares of Eli Lilly and Company (NYSE:LLY)

Fred Alger Management LLC cut its holdings in Eli Lilly and Company (NYSE:LLY) by 34.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 172,251 shares of the company’s stock after selling 88,546 shares during the quarter. Eli Lilly and Company accounts for 0.6% of Fred Alger Management LLC’s investment portfolio, making the stock its 26th largest holding. Fred Alger Management LLC’s holdings in Eli Lilly and Company were worth $132,978,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Fullcircle Wealth LLC bought a new position in Eli Lilly and Company in the fourth quarter worth approximately $895,000. Coastal Bridge Advisors LLC grew its position in Eli Lilly and Company by 21.3% in the 4th quarter. Coastal Bridge Advisors LLC now owns 660 shares of the company’s stock worth $510,000 after purchasing an additional 116 shares in the last quarter. Duquesne Family Office LLC purchased a new stake in shares of Eli Lilly and Company during the fourth quarter valued at approximately $48,011,000. EP Wealth Advisors LLC raised its stake in shares of Eli Lilly and Company by 0.3% during the 4th quarter. EP Wealth Advisors LLC now owns 33,937 shares of the company’s stock worth $26,200,000 after purchasing an additional 105 shares during the period. Finally, Colonial Trust Co SC raised its position in Eli Lilly and Company by 1.4% in the fourth quarter. Colonial Trust Co SC now owns 18,136 shares of the company’s stock worth $14,001,000 after acquiring an additional 254 shares during the period. 82.53% of the stock is currently owned by institutional investors.

Insider Activity at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $818.24, for a total value of $818,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,840 shares in the company, valued at $4,778,521.60. This trade represents a 14.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LLY. Leerink Partners set a $950.00 price target on Eli Lilly and Company in a research note on Friday, January 17th. UBS Group reduced their target price on shares of Eli Lilly and Company from $1,100.00 to $1,050.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. StockNews.com upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Truist Financial boosted their price objective on Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Guggenheim reaffirmed a “buy” rating on shares of Eli Lilly and Company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,002.80.

Eli Lilly and Company Trading Up 0.2 %

NYSE:LLY opened at $776.94 on Thursday. The firm has a market capitalization of $736.33 billion, a P/E ratio of 66.35, a P/E/G ratio of 1.40 and a beta of 0.48. The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The company has a fifty day moving average of $818.04 and a 200 day moving average of $813.77. Eli Lilly and Company has a 52 week low of $677.09 and a 52 week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Thursday, May 1st. The company reported $3.34 earnings per share for the quarter, missing analysts’ consensus estimates of $4.64 by ($1.30). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. The firm had revenue of $12.73 billion for the quarter, compared to analysts’ expectations of $12.77 billion. During the same quarter in the prior year, the company posted $2.58 earnings per share. The business’s revenue for the quarter was up 45.2% on a year-over-year basis. On average, research analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 16th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 0.77%. The ex-dividend date is Friday, May 16th. Eli Lilly and Company’s dividend payout ratio is currently 48.82%.

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.