BTC Capital Management Inc. Trims Stake in Eli Lilly and Company (NYSE:LLY)

BTC Capital Management Inc. lessened its stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 13.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,237 shares of the company's stock after selling 1,390 shares during the quarter. BTC Capital Management Inc.'s holdings in Eli Lilly and Company were worth $7,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Eli Lilly and Company by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 17,090,971 shares of the company's stock valued at $15,089,563,000 after buying an additional 85,823 shares during the period. International Assets Investment Management LLC grew its holdings in Eli Lilly and Company by 87,091.7% in the third quarter. International Assets Investment Management LLC now owns 12,463,182 shares of the company's stock valued at $11,041,631,000 after purchasing an additional 12,448,888 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Eli Lilly and Company by 2.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,115,504 shares of the company's stock worth $5,417,970,000 after purchasing an additional 157,741 shares during the last quarter. Fisher Asset Management LLC raised its stake in Eli Lilly and Company by 3.5% during the third quarter. Fisher Asset Management LLC now owns 5,058,101 shares of the company's stock worth $4,481,175,000 after purchasing an additional 169,391 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Eli Lilly and Company by 0.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,954,047 shares of the company's stock worth $1,731,168,000 after buying an additional 12,044 shares during the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Donald A. Zakrowski sold 900 shares of the business's stock in a transaction that occurred 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 directly owns 5,480 shares in the company, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Truist Financial lifted their target price on Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a "buy" rating in a report on Monday. Bank of America reaffirmed a "buy" rating and issued a $997.00 price objective on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Wells Fargo & Company lowered their price target on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Redburn Atlantic upgraded Eli Lilly and Company to a "hold" rating in a research note on Monday, November 4th. Finally, StockNews.com cut Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Thursday, January 30th. Five analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, Eli Lilly and Company has a consensus rating of "Moderate Buy" and an average target price of $997.50.

Eli Lilly and Company Stock Up 2.1 %

Eli Lilly and Company stock traded up $17.75 during midday trading on Wednesday, reaching $843.82. The stock had a trading volume of 4,566,568 shares, compared to its average volume of 3,859,708. The firm's fifty day simple moving average is $785.46 and its 200-day simple moving average is $843.28. Eli Lilly and Company has a 1-year low of $691.10 and a 1-year 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 stock has a market capitalization of $801.05 billion, a P/E ratio of 91.22, a price-to-earnings-growth ratio of 1.72 and a beta of 0.42.

Eli Lilly and Company announced that its board has authorized a stock 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 reacquire up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.50 dividend. This is an increase from Eli Lilly and Company's previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Friday, February 14th. Eli Lilly and Company's payout ratio is currently 64.86%.

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.