Fred Alger Management LLC Sells 17,037 Shares of Eli Lilly and Company (NYSE:LLY)

Fred Alger Management LLC lowered its stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 6.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 260,797 shares of the company's stock after selling 17,037 shares during the period. Eli Lilly and Company accounts for 1.1% of Fred Alger Management LLC's investment portfolio, making the stock its 17th biggest holding. Fred Alger Management LLC's holdings in Eli Lilly and Company were worth $231,050,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of LLY. Peterson Financial Group Inc. bought a new stake in Eli Lilly and Company during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new position in Eli Lilly and Company during the 3rd quarter valued at about $30,000. Lynx Investment Advisory bought a new stake in shares of Eli Lilly and Company during the second quarter valued at about $32,000. LGT Financial Advisors LLC purchased a new stake in shares of Eli Lilly and Company in the second quarter worth about $36,000. Finally, Morton Brown Family Wealth LLC boosted its position in shares of Eli Lilly and Company by 45.5% in the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company's stock valued at $41,000 after acquiring an additional 15 shares during the period. Institutional investors own 82.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LLY. JPMorgan Chase & Co. upped their target price on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the stock an "overweight" rating in a report on Friday, September 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $885.00 price objective on shares of Eli Lilly and Company in a research report on Monday, September 16th. Wolfe Research began coverage on Eli Lilly and Company in a research report on Friday, November 15th. They set an "outperform" rating and a $1,000.00 price target for the company. Citigroup lifted their price objective on shares of Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Barclays lowered their price target 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. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat.com, Eli Lilly and Company currently has an average rating of "Moderate Buy" and a consensus target price of $1,007.94.

Eli Lilly and Company Stock Up 0.9 %

LLY traded up $7.16 during trading on Friday, reaching $795.35. The stock had a trading volume of 2,206,918 shares, compared to its average volume of 3,213,011. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. The company has a market capitalization of $755.04 billion, a price-to-earnings ratio of 85.98, a P/E/G ratio of 2.99 and a beta of 0.43. The stock's 50 day moving average is $854.42 and its two-hundred day moving average is $869.27. Eli Lilly and Company has a one year low of $561.65 and a one year high of $972.53.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The business had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the previous year, the business earned $0.10 earnings per share. The firm's revenue was up 20.4% compared to the same quarter last year. As a group, analysts expect that Eli Lilly and Company will post 13.2 earnings per share for the current year.

Eli Lilly and Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date is Friday, November 15th. Eli Lilly and Company's dividend payout ratio (DPR) is presently 56.22%.

Insider Transactions at Eli Lilly and Company

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.13% of the stock is owned by insiders.

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.