Yousif Capital Management LLC has reduced its stake in Eli Lilly and Company (NYSE: LLY) by 0.8% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now holds 80,504 shares of the pharmaceutical giant after selling 687 shares in that period, bringing the total value of its holdings to approximately $61.43 million. This investment represents 0.7% of Yousif Capital Management’s overall portfolio, making Eli Lilly its 14th largest position.
Other institutional investors have also adjusted their holdings in Eli Lilly recently. Wealth Preservation Advisors LLC purchased a new stake during the first quarter, valued at $27,000. Similarly, Sumitomo Mitsui Financial Group Inc. and Evolution Wealth Management Inc. acquired new positions during the second quarter, each with investments around $27,000 and $29,000 respectively. Notably, Steph & Co. increased its stake by an impressive 290% in the third quarter, now owning 39 shares valued at approximately $30,000. In total, institutional investors own 82.53% of Eli Lilly’s stock.
Eli Lilly Stock Performance and Dividend Increase
As of Thursday, Eli Lilly shares opened at $1,077.06. The stock has experienced a fifty-two week range, with a low of $623.78 and a high of $1,111.99. Financial metrics show a debt-to-equity ratio of 1.71, a current ratio of 1.55, and a quick ratio of 1.24. The company boasts a market capitalization of $1.02 trillion and a price-to-earnings (P/E) ratio of 52.69.
In addition to its stock performance, Eli Lilly recently announced an increase in its quarterly dividend. Shareholders will receive $1.73 per share, payable on March 10, 2024. The record date for this dividend is February 13, 2024, and the ex-dividend date is also February 13, 2024. This new dividend is an increase from the previous $1.50 per share, resulting in an annualized payout of $6.92 and a yield of 0.6%. The current dividend payout ratio stands at 29.35%.
Analyst Ratings and Future Outlook
Several equity analysts have recently updated their ratings for Eli Lilly shares. On October 14, 2023, Erste Group Bank upgraded the stock from a “hold” to a “buy” rating. Morgan Stanley increased its price target from $1,171.00 to $1,290.00 and maintained an “overweight” rating as of November 24, 2023. Other firms, such as Loop Capital and National Bankshares, set price objectives of $950.00 and $1,286.00 respectively.
Currently, four analysts rate Eli Lilly as a Strong Buy, while seventeen recommend a Buy, and five suggest holding the stock. The average rating stands at “Moderate Buy,” with a consensus price target of $1,155.36, according to data from MarketBeat.com.
Founded in 1876 and headquartered in Indianapolis, Indiana, Eli Lilly and Company specializes in researching, developing, manufacturing, and commercializing a diverse range of pharmaceutical products. The company operates across North America, Europe, Asia, and other regions, catering to both developed and emerging markets. Under the leadership of President and Chief Executive Officer David A., Eli Lilly continues to position itself as a leader in the global pharmaceutical industry.
