Summit Global Investments Reduces Stock Position in Eli Lilly and Company (NYSE:LLY)

Summit Global Investments cut its stake in Eli Lilly and Company (NYSE:LLY - Free Report) by 39.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,697 shares of the company's stock after selling 6,368 shares during the period. Summit Global Investments' holdings in Eli Lilly and Company were worth $7,486,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in LLY. Geode Capital Management LLC raised its holdings in Eli Lilly and Company by 0.5% in 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Eli Lilly and Company by 2.6% in the 3rd 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 buying an additional 157,741 shares during the period. Fisher Asset Management LLC increased its stake in shares of Eli Lilly and Company by 3.5% in the 4th quarter. Fisher Asset Management LLC now owns 5,236,108 shares of the company's stock worth $4,042,276,000 after acquiring an additional 178,007 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Eli Lilly and Company by 100,387.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company's stock worth $4,016,110,000 after acquiring an additional 5,197,038 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Eli Lilly and Company by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,035,084 shares of the company's stock valued at $3,887,085,000 after acquiring an additional 199,864 shares during the period. Hedge funds and other institutional investors own 82.53% of the company's stock.

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Insiders Place Their Bets

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 1,000 shares of Eli Lilly and Company stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the transaction, the chief accounting officer now owns 5,840 shares of the company's stock, valued at $4,778,521.60. The trade was a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on LLY shares. Wells Fargo & Company lifted their price objective on Eli Lilly and Company from $970.00 to $1,100.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. StockNews.com upgraded shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a research note on Friday, February 7th. Citigroup cut their price objective on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Bank of America reaffirmed a "buy" rating and issued a $997.00 target price on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Finally, Truist Financial increased their price target on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,009.72.

Eli Lilly and Company Stock Performance

LLY stock traded down $25.51 during midday trading on Wednesday, reaching $826.84. 2,561,764 shares of the company's stock traded hands, compared to its average volume of 3,149,060. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. Eli Lilly and Company has a 52-week low of $711.40 and a 52-week high of $972.53. The stock has a market cap of $783.98 billion, a P/E ratio of 70.61, a PEG ratio of 1.40 and a beta of 0.34. The stock's 50-day moving average is $839.56 and its 200 day moving average is $837.61.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. As a group, analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company declared that its Board of Directors has authorized a share buyback plan on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.