Institute for Wealth Management LLC. Reduces Stock Position in Eli Lilly and Company (NYSE:LLY)

Institute for Wealth Management LLC. cut its stake in shares of Eli Lilly and Company (NYSE:LLY - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,380 shares of the company's stock after selling 318 shares during the period. Eli Lilly and Company makes up 0.6% of Institute for Wealth Management LLC.'s holdings, making the stock its 28th biggest holding. Institute for Wealth Management LLC.'s holdings in Eli Lilly and Company were worth $4,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in LLY. CWA Asset Management Group LLC boosted its stake in shares of Eli Lilly and Company by 11.9% in the fourth quarter. CWA Asset Management Group LLC now owns 6,794 shares of the company's stock valued at $5,245,000 after purchasing an additional 724 shares during the period. M&T Bank Corp grew its stake in shares of Eli Lilly and Company by 0.7% in the third quarter. M&T Bank Corp now owns 266,822 shares of the company's stock worth $236,389,000 after acquiring an additional 1,867 shares in the last quarter. Cooper Financial Group increased its position in shares of Eli Lilly and Company by 35.5% during the fourth quarter. Cooper Financial Group now owns 2,655 shares of the company's stock worth $2,050,000 after acquiring an additional 695 shares during the period. Everence Capital Management Inc. raised its stake in shares of Eli Lilly and Company by 3.2% in the fourth quarter. Everence Capital Management Inc. now owns 22,340 shares of the company's stock valued at $17,246,000 after acquiring an additional 690 shares in the last quarter. Finally, Jacobs & Co. CA boosted its holdings in Eli Lilly and Company by 35.2% in the fourth quarter. Jacobs & Co. CA now owns 29,391 shares of the company's stock valued at $22,690,000 after purchasing an additional 7,646 shares during the period. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Performance

NYSE LLY traded up $17.75 during trading on Wednesday, reaching $843.82. The company's stock had a trading volume of 4,566,568 shares, compared to its average volume of 3,859,708. Eli Lilly and Company has a twelve month low of $691.10 and a twelve month high of $972.53. The firm has a market cap of $801.05 billion, a price-to-earnings ratio of 91.22, a P/E/G ratio of 1.72 and a beta of 0.42. The business's fifty day moving average price is $785.46 and its 200-day moving average price is $843.28. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.97 and a current ratio of 1.27.

Eli Lilly and Company announced that its Board of Directors has authorized a share buyback plan on Monday, December 9th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are 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 paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Friday, February 14th. 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 yield of 0.71%. Eli Lilly and Company's dividend payout ratio is currently 64.86%.

Insiders Place Their Bets

In other news, CAO Donald A. Zakrowski sold 900 shares of the firm's stock in a transaction on Friday, November 8th. The shares were 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 owns 5,480 shares in the company, valued at approximately $4,402,522.40. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.13% of the stock is owned by insiders.

Wall Street Analyst Weigh In

LLY has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft cut their price target on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a "buy" rating on the stock in a report on Monday, November 4th. StockNews.com downgraded shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Thursday, January 30th. Sanford C. Bernstein began coverage on shares of Eli Lilly and Company in a report on Thursday, October 17th. They issued an "outperform" rating and a $1,100.00 price objective on the stock. Barclays lowered their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an "overweight" rating for the company in a research note on Thursday, October 31st. Finally, Truist Financial raised their price target 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. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $997.50.

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.