Cairn Investment Group Inc. Trims Position in Eli Lilly and Company (NYSE:LLY)

Cairn Investment Group Inc. trimmed its holdings in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 14.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,035 shares of the company's stock after selling 495 shares during the quarter. Eli Lilly and Company accounts for approximately 1.4% of Cairn Investment Group Inc.'s portfolio, making the stock its 25th biggest position. Cairn Investment Group Inc.'s holdings in Eli Lilly and Company were worth $2,343,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LLY. Geode Capital Management LLC lifted its stake in Eli Lilly and Company by 0.5% during the third quarter. Geode Capital Management LLC now owns 17,090,971 shares of the company's stock worth $15,089,563,000 after purchasing an additional 85,823 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Eli Lilly and Company by 87,091.7% during the third quarter. International Assets Investment Management LLC now owns 12,463,182 shares of the company's stock worth $11,041,631,000 after purchasing an additional 12,448,888 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings 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 acquiring an additional 157,741 shares during the period. Fisher Asset Management LLC grew its holdings 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 acquiring an additional 169,391 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Eli Lilly and Company by 0.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,954,047 shares of the company's stock worth $1,731,168,000 after acquiring an additional 12,044 shares during the period. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Price Performance

Shares of NYSE:LLY traded up $17.75 during trading on Wednesday, hitting $843.82. 4,566,568 shares of the company were exchanged, compared to its average volume of 3,859,708. The business's 50 day moving average is $785.46 and its 200-day moving average is $843.28. The company 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. 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 1-year low of $691.10 and a 1-year high of $972.53.

Eli Lilly and Company announced that its Board of Directors has initiated a stock buyback program on Monday, December 9th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the company to buy up to 2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a yield of 0.71%. This is a boost from Eli Lilly and Company's previous quarterly dividend of $1.30. Eli Lilly and Company's dividend payout ratio is 64.86%.

Insider Buying and Selling at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 900 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $803.38, for a total value of $723,042.00. Following the sale, the chief accounting officer now owns 5,480 shares in the company, valued at $4,402,522.40. This represents a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.13% of the company's stock.

Analysts Set New Price Targets

LLY has been the topic of several research reports. Wells Fargo & Company lowered their target price on Eli Lilly and Company from $1,000.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Barclays reduced their target price on 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. StockNews.com downgraded Eli Lilly and Company from a "buy" rating to a "hold" rating in a report on Thursday, January 30th. Bank of America restated a "buy" rating and issued a $997.00 price objective on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Finally, Sanford C. Bernstein started coverage on Eli Lilly and Company in a research note on Thursday, October 17th. They issued an "outperform" rating and a $1,100.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.