M&T Bank Corp Has $236.39 Million Stock Position in Eli Lilly and Company (NYSE:LLY)

M&T Bank Corp boosted its position in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 0.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 266,822 shares of the company's stock after purchasing an additional 1,867 shares during the period. Eli Lilly and Company makes up 0.8% of M&T Bank Corp's portfolio, making the stock its 26th biggest position. M&T Bank Corp's holdings in Eli Lilly and Company were worth $236,389,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peterson Financial Group Inc. purchased a new stake in shares of Eli Lilly and Company during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Eli Lilly and Company during the 3rd quarter valued at approximately $30,000. LGT Financial Advisors LLC purchased a new stake in Eli Lilly and Company during the 2nd quarter worth approximately $36,000. Cedar Mountain Advisors LLC raised its position in shares of Eli Lilly and Company by 53.3% in the 3rd quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company's stock valued at $41,000 after purchasing an additional 16 shares in the last quarter. Finally, Morton Brown Family Wealth LLC boosted its stake in shares of Eli Lilly and Company by 45.5% during the 2nd quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company's stock valued at $41,000 after buying an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 82.53% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on LLY. Truist Financial lifted their price target 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 note on Thursday, October 10th. Wolfe Research assumed coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They issued an "outperform" rating and a $1,000.00 target price on the stock. Redburn Atlantic upgraded Eli Lilly and Company to a "hold" rating in a research note on Monday, November 4th. Barclays cut their price objective on Eli Lilly and Company from $1,025.00 to $975.00 and set an "overweight" rating on the stock in a research note on Thursday, October 31st. Finally, Bank of America reiterated a "buy" rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,002.22.

Eli Lilly and Company Price Performance

Eli Lilly and Company stock traded up $10.22 during trading hours on Friday, hitting $767.76. 9,497,292 shares of the company traded hands, compared to its average volume of 3,238,733. Eli Lilly and Company has a 1-year low of $567.02 and a 1-year high of $972.53. The firm has a market cap of $728.85 billion, a P/E ratio of 83.00, a P/E/G ratio of 3.02 and a beta of 0.41. The firm's 50-day simple moving average is $818.94 and its two-hundred day simple moving average is $868.98. 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 (NYSE:LLY - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing analysts' consensus estimates of $1.52 by ($0.34). The company had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. Eli Lilly and Company's revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 EPS. As a group, analysts forecast that Eli Lilly and Company will post 13.18 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.50 per share. This is a positive change from Eli Lilly and Company's previous quarterly dividend of $1.30. The ex-dividend date is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.78%. Eli Lilly and Company's dividend payout ratio (DPR) is 64.86%.

Eli Lilly and Company declared that its Board of Directors has approved a stock repurchase program on Monday, December 9th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the company to purchase up to 2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 900 shares of the 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 transaction, the chief accounting officer now owns 5,480 shares in the company, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.13% of the company's stock.

Eli Lilly and Company 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.